Industry Initiative Set to Streamline MAS 610 Compliance

AxiomSL-led initiative will define open taxonomy and standardise interpretations for the revised MAS 610 reporting mandate. 

AxiomSL has convened an industry group to define an open data taxonomy to simplify and streamline compliance reporting for the revised MAS (Monetary Authority of Singapore) 610 reporting mandate.

The new MAS 610 reporting guidelines will see a sharp increase in the granularity and frequency of reporting, encompassing 340,000 individual data points, up from about 4,000 data points required today.

The industry-led initiative aims to reframe the required data points into a series of data relationships and standardise interpretations of MAS requirements, reducing reporting complexities and the compliance burden currently facing financial institutions. The taxonomy will also allow for increased automation of testing and change management, and drive improved data quality and governance.

The AxiomSL initiative involves partnerships with two D-SIBs (Domestic Systemically Important Authorized Institutions) and seven international lenders including four G-SIBs (Global Systemically Important Banks), PwC Singapore and BR-AG (Business Reporting – Advisory Group).

PwC will provide advisory services and manage the project, while data consultancy BR-AG will draft the data model and XBRL (eXtensible Business Reporting Language) taxonomy.

The taxonomy for MAS 610 will be made available by AxiomSL to all financial institutions in Singapore by mid-2018 through on-premise deployment or a SaaS (Software-as-a-Service) delivery option.

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