What is IReF?

The Integrated Reporting Framework (IReF) is a regulatory initiative introduced by the European Central Bank (ECB) to harmonize reporting requirements across the EU banking sector.

Following extensive preparation between 2018 and 2023, including cost-benefit analyses and stakeholder consultations, the ECB established the Joint Banking Reporting Committee (JBRC) in 2024 and will conduct a public consultation on the draft regulation. The final adoption of IReF is expected by 2025, with full implementation by 2027.


Key objectives of IReF

Standardizing data reporting across the EU

IReF aims to unify and standardize reporting frameworks across EU countries, reducing inconsistencies and ensuring all institutions report data in a harmonized format.

Reducing redundancy in reporting

The framework addresses duplication in reporting requirements by consolidating various templates and creating a single, streamlined reporting process for banks.

Enhancing data quality and comparability

By implementing stricter rules around data definitions and submission accuracy, IReF ensures that reported data is not only accurate but also comparable across different jurisdictions, fostering greater transparency. The overarching goal is to reduce the regulatory burden, improve data quality, and make the reporting process more efficient and transparent for both banks and regulators.


Who does IReF affect?

IReF impacts EU banks and financial institutions required to report data to the ECB. Key stakeholders, such as compliance officers, regulatory reporting teams, and data managers, must be prepared to adopt these changes to align with the new streamlined reporting framework.


Key challenges of IReF compliance

⇢ Data management

Banks will need to assess the impact of IReF on their current data collection processes. It is crucial to align their data sourcing with the new IReF standards. This framework offers an opportunity to explore alternative reporting solutions and make adjustments to ensure a seamless transition.

⇢ Automation and technology

The introduction of IReF will push banks towards greater automation in their reporting workflows. To handle the increased data volumes and maintain data quality, banks must invest in advanced technology solutions that streamline data collection, validation, and reporting processes.

⇢ Parallel runs

Careful planning and budgeting are required for testing and conducting parallel runs to ensure a smooth shift to the IReF system. Accurately estimating costs and allocating resources will help mitigate any financial risks associated with implementing the new framework.

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How Wolters Kluwer OneSumX can help

Wolters Kluwer's regulatory reporting solutions are designed to help financial institutions navigate the complex landscape of IReF, ensuring compliance and operational efficiency. We provide comprehensive support for IReF compliance through specialized services, including:

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