ON-POINT Insight #08 - expertise from the consulting frontline
IReF — The ECB’s Blueprint for Smarter Reporting by Hubertus Heinrich
The European Central Bank (ECB) is introducing the Integrated Reporting Framework (IReF) — a major step towards standardising and streamlining data reporting requirements across the European Union. This initiative aims to reduce the reporting burden on financial institutions while improving the quality, consistency, and transparency of regulatory data.
Why the IReF Matters
Harmonisation
IReF unifies statistical demands across EU member states, ensuring consistent definitions and reporting standards. This improves the quality and comparability of data collected across the banking sector.
Data Lineage
At the core of IReF is an emphasis on data lineage — the ability to trace data from its origin through every stage of processing. This ensures full transparency, builds trust, and supports compliance.
Simplification
By reducing redundant reports and standardising data handling, IReF simplifies compliance and frees up resources so banks can focus on their core business activities.
Collaboration
IReF has been developed in close cooperation between the ECB, national central banks, and the banking industry — a strong example of collaboration to improve regulatory processes.
BIRD: SUPPORTING IReF’s GOALS
Alongside IReF, the ECB has introduced the Banks’ Integrated Reporting Dictionary (BIRD).
BIRD provides a comprehensive, standardised description of reporting requirements and data definitions, helping banks structure their data more efficiently and reduce the complexity of compliance.
Overcoming Challenges
Implementing IReF — particularly its data lineage requirements — will demand significant technological upgrades, process redesign, and strategic change management.
While the initial effort may be substantial, the long-term benefits are clear:
Improved data quality
Increased operational efficiency
Reduced duplication in reporting processes
Looking Ahead
The shift to IReF is about more than reducing workload, it is about building a reporting environment that is seamless, traceable and reliable from start to finish.
Our team is closely monitoring developments to ensure clients are well-prepared and supported every step of the way.
At ON-POINT, we bring consulting expertise from the front line — helping you deliver complex projects with confidence. Reach out to Tobias Reuter or Frank Lehmann to start the conversation.