MAS 610 Open Taxonomy solution

Taxonomy is the science of classification. The MAS 610/1003 Taxonomy condenses over 300,000 data points of the MAS 610 into 1,000 reusable business concepts to provide a data-centric view of the MAS 610/1003 instead of a form-centric view. The taxonomy organises these data fields and outlines the relationships between each of the fields. Once the relationships between the data fields are established, the task of generating and maintaining any number of derived data points becomes automatic.

This makes it easier for Financial Institutions to understand the regulatory request and consequently how the same underlying data can be applied, reconfigured and reused in multiple reporting scenarios. It allows FIs to better structure and automate regulatory reporting processes regardless of the reporting technology in use as it is vendor and technology neutral.

The taxonomy facilitates:

• mapping to the MAS 610 by providing a blueprint
• gap analysis between current and revised MAS 610
• change management from now till the end of the parallel-run

• Industry defined Taxonomy assures FIs that interpretations of regulations and treatment of data will be consistent with the majority in the industry
• For educational and reference purposes – provides a good starting point to assist personnel or management gain a better understanding of the information required in the revised MAS610/1003
• Reduced project and on-going maintenance costs
• Provides the attributes for data sourcing and analysis
• Facilitates internal gap analysis
• Extension of Taxonomy to other MAS returns
• Besides regulatory reporting, FIs can use the same source data for management information strategy and business reporting which improved reconciliation and consistency
• Reduction of problem – from 340,000 data points to approximately 1000 data points
• Increased speed of implementation
• Future proofing
• Used for validation/cells referencing purpose
• May facilitate variance analysis reporting