What is ISO 5116-2 about?
ISO 5116 discusses methods to improve transparency in financial and business reporting. ISO 5116-2 provides guidelines for data point modelling for supervising experts. The main body of ISO 5116-2 consists of four sections. The interrogative form helps in choosing which section may best answer your question and lead you to a good understanding of the subject matter.
After this first introductory section and the section containing terms and definitions, the main part discusses basic knowledge about different types of data models and data modelling approaches. The first and the second sections provide an overview of data models in general, in contrast to the third section that highlights the necessity of data modelling for supervisory data. This third section draws on the objectives and background information of the preceding sections. Furthermore, a paragraph classifies the Data Point Model introduced by the Eurofiling Initiative and elaborated by EIOPA and EBA, where many new terms related to Data Point Model are introduced. Another paragraph explains the areas of application for the Data Point Model. The third section concludes with a paragraph introducing a subset of the technical constraints that need to be considered in the creation process of the Data Point Model. The fourth section gives step-by-step instructions on how to create a data point model. The paper concludes with remarks on the progress achieved so far, and provides an outlook on the software that is being developed at the moment to support you during the creation process.
Who is ISO 5116-2 for?
ISO 5116-2 on methods to improve transparency in financial and business reporting is useful for:
- IT specialists
- Chartered accountants
- Auditors
- Financial analysts
- National banking supervisors
Why should you use ISO 5116-2?
A Data Point Model consists of objects that reflect the supervisory metadata and their relations among each other that can be communicated and understood by computers. The aim to harmonize the European supervisory reporting is to be able to carry out more comprehensive analysis and an increase of comparability of data.
The purpose of ISO 5116-2 is to support supervisory experts in the creation of a Data Point Model. Since the supervisory agencies are already acquainted with the representation of regulations specified in the law, ISO 5116-2 introduces you to the concept of data point modelling methodology, as well as to its main terms and definitions. This will enable you to create data point models that contain all the relevant technical specifications necessary for developing an IT reporting format, on your own.
ISO 5116-2 guides your organization’s domain experts to develop a data point modelling system, for your reference, and improves it later by guiding the IT experts.
