With the recent announcement by Central Bank of the requirement for submission of Data Quality Reports (DQR) and Outbound Reports (OBR), Participating Financial Institutions (PFIs) will need to incorporate the new modules in their reporting practice as follows: –
- The DQR commencing July 2019, requires PFIs to submit 3 months’ information of the Facility Type, Purpose of Loan, Industrial Sector, Customer, Location and Financing Concept.
- The OBR commencing September 2019, introduced by Central Bank as a way for them to assist PFIs in identifying and addressing gaps in CCRIS data as the official source for aggregated credit data.
Based on earlier input received from the banking fraternity, the above announcement is a move that does address concerns that PFIs have, that their databases are not reconciled with Central Bank. However, in ensuring that the DQR submitted would be accurate, some of the key challenges which would likely still affect the PFIs include: –
- Summary report data with complete integration from all data dimensions is not available for easy compilation;
- Long turnaround time for validation of data;
- Business rules that cannot be implemented;
- Migration & extraction issues from source systems.
Once the PFIs start receiving their OBRs from Central Bank, they must be able to address the differences between their databases and Central Bank’s with the necessary updates to CCRIS data. The above key challenges would similarly affect them from this perspective.
In order to be ready by July/September 2019, PFIs should conduct an audit of their internal processes & source data audit and identify gaps in ensuring their ability to provide accurate 3 months’ information of the Facility Type, Purpose of Loan, Industrial Sector, Customer, Location and Financing Concept. For gaps that require further consultation, feel free to contact us at firstname.lastname@example.org to explore how we can assist you with our UNIVERSO® DQR and OBR modules.