In March 2018, the Monetary Authority of Singapore (MAS) announced revised standards on data collection requirements for MAS 610/100 — the core balance sheet return for MAS reporting — regulatory returns. MAS also set a 24-month period for implementing the standards. Accordingly, a diverse group of institutions set to work as a consortium to simplify and streamline MAS 610 compliance reporting.
At the outset, the consortium proposed the creation of a taxonomy — MAS 610 Open Taxonomy — that would be available to all reporting financial institutions and their technology partners. It would help achieve the primary goal of enabling compliance, encourage and catalyze broad-based adoption and innovation in related technology and services, thus amplifying industry-wide benefits and cost reductions. By creating an open taxonomy objective, the consortium ensured that banks could talk freely about how they were facing the MAS-610/1003 compliance challenge.
The project ran on an iterative basis with the nine participating banks given the opportunity to provide their feedback. After much iteration, workshops, meetings and revisions, a common ground was identified, based on which, the MAS 610 Open Taxonomy was completed in June 2018.
The MAS 610 Open Taxonomy is currently available to all the reporting firms and their respective technology partners. This encourages broad-based adoption and innovation in related technologies such as testing and analysis, and services such as auditing. Furthermore, the MAS 610 Open Taxonomy creates onward efficiencies for financial institutions, reducing compliance-related costs and improving the quality and consistency of reported data.
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