The sooner potential uses for new statistics are known and the better reporting systems are aligned with existing IT infrastructures, the lower will be the costs of compliance and reporting. 3. Improving feedback loops: Setting up and improving feedback loops not only require close coordination and communication between central banks and commercial banks supplying statistical information.
It also requires close cooperation within the private sector, involving potential suppliers of data and users of information provided in feedback loops. To compare the firms’ own data to patterns in market data, firms’ reporting entities (for example, the accounting department) and analysts need to exchange information.