Rebecca Jackson of PRA has spoken on how it uses supervisory and firm data. She explained the major shift in PRA strategy which started to coincide with Brexit. She noted that PRA makes use of
- structured, quantitative data it collects under its rules in the form of regulatory returns, from which it can assess whether firms continue to meet minimum prudential requirements;
- ad hoc data that supervisors collect in response to emerging risks or which it otherwise needs to support development or thematic work;
- the MI it collects from larger firms.
She looked at the evolving needs of regulators to get timely data that allows them to make appropriate decisions, but that this must be weighed against the additional burden that standardised requests put on firms. She spoke of PRA’s freedom to collect the most appropriate data in the most appropriate way post-Brexit, and how it plans to use tech to the greatest extent in both collecting and analysing the data.