Two Jurisdictions, One Common Data Model
Project Ellipse explores how stakeholders can gain an understanding of the requirements needed to shift to digital reporting, without needing to commit and invest significant resources upfront. For Project Ellipse, we adopted the following approach to explore the concept of cross-border digital reporting:
- 1.Taking two authorities from different jurisdictions, to see if a common understanding of data reporting needs could be achieved cross-border and between two different reporting regimes. In this POC, the authorities were the BoE and the MAS.
- 2.Working on a narrowly defined and small use case for a regulated product that was common to both authorities. We used a subset of reporting requirements for retail mortgage loans.
- 3.Using an existing industry data model to test its extensibility to a different product domain to see if the components and attributes could be repurposed. We tested the Common Domain Model (CDM) developed by the ISDA, which is an open-source machine executable data model.