At the end of the process, erroneous reports will be automatically rejected. Each individual submission will be subjected to several thousand automated checks. Institutions must expect error messages and be able to deal with not yet standardised contents and formats.
Overarching examinations of economic, financial and large exposure data mean that institutions will need to cross-check figures down to the very last detail, even if they stem from different systems. The timeframe for corrections by institutions is being reduced. This means, inter alia, that banks’ internal correction processes need to be made more efficient and consistent, which might require more resources.