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Modernizing financial regulatory reporting is no easy task. Open data standards are the key: by replacing document-based reports with standardized data, regulators can spur modernization.

The U.S. regulatory reporting framework is fragmented resulting in reporting requirements that are often duplicative and overlapping. J.P. Morgan Chase has issued a call to action.

The benefits of contextualized, standardized data that can be brought about by the OPEN Government Data Act should also extend to an area that most workers and employers already have to deal with - retirement security.

On Wednesday, the House Oversight Subcommittee on Intergovernmental Affairs convened a hearing to assess the government’s management of the federal grants process. Detailed in our latest blog are key exchanges between the Subcommittee and witnesses.

The Data Coalition’s Board of Directors announce that Hudson Hollister has decided to depart from his role as Executive Director of the Data Coalition effective October 1, 2018, and that a search process has started to replace him.

The transparency of IT spending will improve greatly when TBM is implemented across the federal government. Standardization of IT data will encourage organizations to benchmark their spending compared to other federal organizations and even commercial ones.

The DATA Act was a significant piece of legislation that required the federal government to adopt a single data structure for spending information along with a goal of bringing together all spending information whether it be contract, loans or grants into one unified data set that would be easily searchable by the public.

We now have a full year’s worth of standardized spending data under the DATA Act of 2014. This has quietly been the largest federal financial data effort since the implementation of the CFO Act of 1990.

A more efficient, 21st Century approach is to retain all the data in “machine-readable form” rather than converting it into and the back out of a print format. The primary technology that enables the transfer of financial data from statement filers to users is eXtensible Business Reporting Language (XBRL).

The inaugural RegTech Data Summit’s thesis was that regulatory rules, technology, and data must be modernized in a coordinated fashion. If all three areas are modernized in tandem, new RegTech solutions will flourish, reducing reporting duplication, minimizing reporting errors, and enabling automation.