Banking — Regulatory Taxonomy Update for Reporting Compliance

Overview

The purpose of this DAG is to maintain an up-to-date regulatory taxonomy that aligns with current reporting requirements in the banking industry. It integrates new classifications and definitions triggered by regulatory changes and internal updates. The data sources for this DAG include content management systems and internal databases that house existing taxonomy data. The ingestion pipeline begins with data extraction from these sources, followed by a series of processing steps: normalization

The purpose of this DAG is to maintain an up-to-date regulatory taxonomy that aligns with current reporting requirements in the banking industry. It integrates new classifications and definitions triggered by regulatory changes and internal updates. The data sources for this DAG include content management systems and internal databases that house existing taxonomy data. The ingestion pipeline begins with data extraction from these sources, followed by a series of processing steps: normalization of data formats, validation against regulatory standards, and finally, recording the updated taxonomy in a central repository. Quality control measures are in place to ensure accuracy, with key performance indicators (KPIs) monitored throughout the process, including update time and classification accuracy. The outputs of this DAG consist of the revised taxonomy documentation, compliance reports, and an updated central repository. By ensuring that the taxonomy is current and accurate, this DAG adds significant business value by reducing the risk of non-compliance and enhancing the reliability of financial reporting.

Part of the Recommendations solution for the Banking industry.

Use cases

• Ensures compliance with evolving regulatory requirements
• Enhances accuracy of financial reporting processes
• Reduces risk of regulatory penalties and fines
• Improves decision-making with reliable data insights
• Streamlines taxonomy management and updates