EBA, EIOPA and ECB establish a common governance framework

Specifically, the three entities have formed a Data Point Model (DPM) alliance to establish a unified governance framework for collaborating on the DPM 2.0 Standard. This alliance, in conjunction with the establishment of a Joint Bank Reporting Committee (JBRC) between the EBA and ECB, represents progress toward constructing an integrated reporting system. 

After the release of the DPM 2.0 standard by the EBA and EIOPA in June 2023, the two European Supervisory Authorities (ESAs), along with the ECB, have reached consensus on the mutual arrangements governing their cooperation on DPM 2.0, termed as the DPM alliance. 

Under the DPM alliance, the EBA, EIOPA, and ECB will collectively oversee the DPM 2.0 standard and collaborate on the DPM methodology for modelling reporting requirements, the metamodel for populating reporting requirements, and the associated documentation. 

The objectives of the DPM alliance include facilitating the definition and exchange of regulatory data within the financial sector, enhancing efficiencies, preventing duplication of efforts, promoting streamlined processes for defining and communicating reporting requirements, as well as for collecting and exchanging data and metadata among reporting entities, national authorities, and European authorities. Furthermore, it aims to encourage best practices in defining and exchanging regulatory reporting data and information. The DPM alliance operates under a Memorandum of Understanding signed by the EBA, ECB, and EIOPA.

Previous ECB and EBA developments 

In March 2024, The European Central Bank (ECB) and the European Banking Authority (EBA) established a Joint Bank Reporting Committee. The primary aim of the Joint Bank Reporting Committee (JBRC) was to improve the harmonisation and integration of data reporting within the banking industry thus enhancing efficiency and mitigating associated costs.  

At the time, representatives from EBA underscored the priority of establishing a harmonised, proportionate, and fit-for-purpose reporting system, highlighting the JBRC's role in ensuring smooth governance for an integrated and efficient reporting process benefiting all stakeholders.

The European Commissioner for Financial Stability, Financial Services and the Capital Markets Union positioned this initiative as an important component of the European Commission's supervisory data strategy, aimed at modernising reporting for EU banks and reducing the burden on reporting entities.

In January 2024, the European Central Bank (ECB) announced its intention to conduct a stress test on the cyber resilience of 109 supervised banks in 2024. Through this assessment, the ECB gained the ability to evaluate the banks’ response and recovery time from cyberattacks, instead of the ability to prevent them. The scenario assumed that the cyberattack is successful and disrupts the bank’s daily operations.