Towards better banking: The ECB’s push for integrated reporting

Europe’s banking sector is preparing for one of its most significant reporting reforms in a decade. In July 2025, the European Central Bank (ECB) used its Supervision Spotlight  newsletter to focus on a key reform agenda: streamlining and harmonising the way banks report data across Europe. 

The goal is to replace fragmented, overlapping systems with a single, integrated framework that improves data quality while reducing the burden on financial institutions. 

At the heart of these reforms is the Joint Bank Reporting Committee (JBRC), a collaborative effort launched in March 2024 by the ECB and the European Banking Authority (EBA). The JBRC brings together key European authorities including the European Commission, the Single Resolution Board, and national regulators. 

Importantly, it also includes industry experts through a Reporting Contact Group (RCG), ensuring that the voice of the banking sector is heard as changes are developed and implemented. This collaborative approach is central to achieving workable reforms that balance regulatory needs with practical realities on the ground.

The ECB’s integrated reporting initiative marks a significant step toward smarter regulation in the European banking sector. While the path to full implementation will take several years, the direction of travel is clear, and it’s one that promises a more efficient and transparent supervisory environment for all stakeholders.

Implications for CFOs

The core purpose of the change is to address an area that has long been criticised for complexity and inefficiency: the data reporting frameworks banks are required to follow. By aligning templates, definitions, and reporting deadlines, the JBRC seeks to eliminate duplication and reduce operational strain on financial institutions.

For finance and regulatory leaders, the ECB’s initiative signals a shift towards a more data-driven supervisory approach. In practical terms, this means CFOs will need to examine how their organisations collect, store and validate regulatory data.

The reforms are designed to ease duplication, but in the short term they may require significant alignment of data processes, systems, and governance structures. Finance teams may need to coordinate more closely with compliance, risk and IT functions to ensure that internal reporting frameworks match the new external expectations set by the JBRC.

Beyond compliance, this integration offers an opportunity for CFOs to modernise data management and reduce operational friction across regulatory and financial reporting. By preparing early, banks can improve data quality, strengthen analytics capabilities, and gain efficiencies that extend well beyond supervisory requirements.

Next steps for implementation

Among the first tangible steps is the planned alignment of the statistical classification of economic activities in the European Community, commonly referred to as NACE.   

All EU banks will be required to adopt the revised version of NACE by January 2026, ensuring consistency across jurisdictions and reducing reporting complexity. This single taxonomy will replace the parallel use of old and new classifications, helping to avoid duplication and errors in how banks report sectoral exposures.

In parallel, a project is underway to harmonise the terminology used across different reporting regimes such as FinRep (financial reporting) and the forthcoming Integrated Reporting Framework (IReF). The development of a common data dictionary will support greater clarity, reduce ambiguity, and ensure that reported figures can be meaningfully compared across institutions and jurisdictions.

Looking ahead: towards full integration

Looking ahead, the ECB’s long-term ambition is to fully implement IReF by the end of 2029. This framework will consolidate several existing statistical regulations into a single, unified reporting system. 

It will facilitate integrated reporting to multiple European authorities, align reporting deadlines, and support additional disclosures—such as those related to sustainability and resolution planning.

The benefits are clear: Banks will face fewer overlapping requests for the same information, allowing them to focus more on risk management and customer service. Supervisors will receive cleaner, more consistent data, enabling better oversight of the financial system. 

At a broader level, the reform supports the EU’s goals of regulatory simplification and improved financial sector competitiveness.

What CFOs could do next

For CFOs and regulatory leaders, the coming reforms are more than a compliance exercise — they’re a chance to strengthen data governance and operational efficiency. Taking early, practical steps now will make the transition smoother and create value beyond regulatory reporting.

Key actions to consider:

• Map current reporting requirements across FinRep, statistical, and resolution frameworks to identify overlaps that IReF aims to consolidate.
• Engage early with national supervisors and industry groups to stay informed on evolving JBRC guidelines and implementation milestones.
• Invest in data architecture and taxonomy alignment ahead of the 2026 NACE update to minimise remediation costs later.
• Enhance cross-functional collaboration between finance, risk, and compliance teams to ensure a unified data approach.
• Review vendor dependencies and technology systems to confirm they can support the move to integrated, standardised data reporting.

Taking these steps now can help institutions reduce regulatory risk, avoid last-minute disruption, and create a more resilient reporting function ready for the IReF era.

How Grant Thornton can help

We support financial institutions of all sizes in managing evolving reporting obligations. Our regulatory reporting specialists provide practical advice, data preparation, and submission support to help organisations meet new ECB and EBA standards. 

We tailor each engagement to your needs as IReF implementation progresses — ensuring your reporting function is both compliant and future-ready.