38%
of ECB-supervised entities received observations on report quality in the last SREP cycle
A reporting error costs far more than the fine
Some 38 per cent of ECB-supervised entities received observations on COREP/FINREP quality in the last SREP cycle, triggering 200 to 600 hours of remediation per finding. Banks that automated generation with agents report 80 per cent fewer post-submission corrections and three-day faster closings. Yet 55 per cent of failed projects fail not because of technology but because regulatory calculation rules live in unversioned Excel sheets and in the heads of two people who have been on the team for 15 years.
ECB Supervisory Review and Evaluation Process, aggregate findings, 2024