| <!DOCTYPE HTML> |
| |
| <html> |
| <head> |
| <meta charset="utf-8"> |
| <meta http-equiv="X-UA-Compatible" content="IE=edge"> |
| <title>Eclipse Free BIRD Tools</title> |
| <meta name="viewport" content="width=device-width, initial-scale=1"> |
| <meta name="description" content="Eclipse Free BIRD Tools" /> |
| <meta name="keywords" content="Eclipse Free BIRD Tools" /> |
| <meta name="author" content="Neil Mackenzie" /> |
| |
| <!-- Facebook and Twitter integration --> |
| <meta property="og:title" content=""/> |
| <meta property="og:image" content=""/> |
| <meta property="og:url" content=""/> |
| <meta property="og:site_name" content=""/> |
| <meta property="og:description" content=""/> |
| <meta name="twitter:title" content="" /> |
| <meta name="twitter:image" content="" /> |
| <meta name="twitter:url" content="" /> |
| <meta name="twitter:card" content="" /> |
| |
| <link href="https://fonts.googleapis.com/css?family=Raleway:100,300,400,700" rel="stylesheet"> |
| |
| <!-- Animate.css --> |
| <link rel="stylesheet" href="css/animate.css"> |
| <!-- Icomoon Icon Fonts--> |
| <link rel="stylesheet" href="css/icomoon.css"> |
| <!-- Themify Icons--> |
| <link rel="stylesheet" href="css/themify-icons.css"> |
| <!-- Bootstrap --> |
| <link rel="stylesheet" href="css/bootstrap.css"> |
| |
| <!-- Magnific Popup --> |
| <link rel="stylesheet" href="css/magnific-popup.css"> |
| |
| <!-- Owl Carousel --> |
| <link rel="stylesheet" href="css/owl.carousel.min.css"> |
| <link rel="stylesheet" href="css/owl.theme.default.min.css"> |
| |
| <!-- Theme style --> |
| <link rel="stylesheet" href="css/style.css"> |
| |
| <!-- Modernizr JS --> |
| <script src="js/modernizr-2.6.2.min.js"></script> |
| <!-- FOR IE9 below --> |
| <!--[if lt IE 9]> |
| <script src="js/respond.min.js"></script> |
| <![endif]--> |
| |
| </head> |
| <body> |
| |
| <div class="gtco-loader"></div> |
| |
| <div id="page"> |
| |
| <nav class="gtco-nav" role="navigation"> |
| <div class="gtco-container"> |
| |
| <div class="row"> |
| <div class="col-sm-2 col-xs-12"> |
| <div id="gtco-logo"><a href="index.html">Eclipse Free BIRD Tools</a></div> |
| </div> |
| <div class="col-xs-10 text-right menu-1"> |
| <ul> |
| |
| <li><a href="aorta.html">AORTA</a></li> |
| </ul> |
| </div> |
| </div> |
| |
| </div> |
| </nav> |
| |
| <header id="gtco-header" class="gtco-cover" role="banner"> |
| <div class="gtco-container"> |
| <div class="row"> |
| <div class="col-md-12 col-md-offset-0 text-left"> |
| <div class="display-t"> |
| <div class="display-tc"> |
| <div class="row"> |
| <div class="col-md-5 text-center header-img animate-box"> |
| |
| </div> |
| <div class="col-md-7 copy animate-box"> |
| <h1>Test Driven Regulation with BIRD.</h1> |
| </div> |
| </div> |
| </div> |
| </div> |
| </div> |
| </div> |
| </div> |
| </header> |
| <!-- END #gtco-header --> |
| |
| <div class="gtco-client"> |
| |
| </div> |
| <!-- END .gtco-client --> |
| |
| <div class="gtco-services gtco-section"> |
| <div class="gtco-container"> |
| <div class="row row-pb-sm"> |
| <div class="col-md-8 col-md-offset-2 gtco-heading text-center"> |
| <h2>What is BIRD?</h2> |
| <p><a href="https://youtu.be/CUreE2REzvA" class="btn btn-special popup-vimeo">Watch The Video</a></p> |
| </div> |
| </div> |
| <h3>Introduction</h3> |
| <p>Eclipse Free BIRD Tools provides open source tools for a test driven regulation approach to the ECB's BIRD project.</p> |
| <h3> What is Test Driven Regulation?</h3> |
| <p>Test Driven Regulation is an approach where regulatory experts from banks , regulators and vendors collaborate to define openly available test suites for regulatory calculations. <br><br> |
| Such test suites contain links to the regulatory text that they are testing.<br><br> |
| Banks have the legal responsibility for the calculated numbers that they report to regulators (regardless of who wrote the technical calculations). This means that the testing of regulatory calculations is a task that banks always need to do when regulations and their technical implementations change (which is constantly). Currently each bank does this expensive task separately, creating a huge duplication of effort. <br><br> |
| Software vendors can benefit greatly being involved in such collaboration, gaining agreement from users up front on the correct implementation of regulatory calculations. <br><br> |
| Regulators can provide clarity on the correct interpretation of regulatory rules by being involved in the collaboration<p> |
| <h3> The Rise of Standard Regulatory Data Models?</h3> |
| Many regulators now are looking at the use of standard open regulatory datamodels as a way to reduce the burdens of reg reporting on banks. <br><br> |
| Open, standard data models, allow the for test driven regulation, and tools for test driven regulation, where domain experts can create test data and expected results for different scenarios, and software vendors can use these standards as the base for calculations. <br><br> |
| |
| <h3> New Rulebook Standards</h3> |
| Many regulators are investigating how rulebooks can be described in ways that enable easier digital interaction.<br><br> |
| As the representation of rules change, the general goal of calculations will likely remain the same, particularly those that are already entrenched in a banks management and risk reporting. <br><br> |
| Test driven regulation supports the transition of the description of regulatory rules to new formats, in a safe manner. <br><br> |
| |
| <h3> Fixes the Incentives Dichotomy</h3> |
| Regulatory and banking initiatives to simplify the vast duplication of effort that exists in regulatory reporting via open standards need the tech sector and the banking sector to collaborate.<br><br> |
| However, simplification , standardisation and reduction in duplication of effort in reg reporting is not always good for the regulatory tech sector.<br><br> |
| Test driven regulation allows vendors to focus on fast flexible extendible calculation engines, and in depth understanding of open datamodels. Competition in this space is good for customers (banks).<br><br> |
| Test driven regulation allows , for the first time , collaboration between banks on the costly, process of testing regulatory calculations, which is very good for banks, who (bearing the responsibility) retain the best understanding of regulatory rules.<br><br> |
| |
| |
| <div class="row row-pb-md"> |
| <div class="col-md-4 col-sm-4 service-wrap"> |
| <div class="service"> |
| <h3><i class="ti-ruler-pencil"></i> <a href="aorta.html">AORTA</a></h3> |
| <p>AORTA (An Open Regulatory Testing Architecture) provides an open standard for test driven regulation, with an initial focus on using the ECB's BIRD data model. It also provides a set of open source tools using the standard.</p> |
| </div> |
| </div> |
| |
| <div class="clearfix visible-md-block visible-sm-block"></div> |
| |
| </div> |
| </div> |
| </div> |
| <!-- END .gtco-services --> |
| <footer id="gtco-footer" class="gtco-section" role="contentinfo"> |
| |
| <div class="gtco-copyright"> |
| <div class="gtco-container"> |
| <div class="row"> |
| <div class="col-md-6 text-left"> |
| |
| </div> |
| <div class="col-md-6 text-right"> |
| |
| </div> |
| </div> |
| </div> |
| </div> |
| </footer> |
| |
| </div> |
| |
| <div class="gototop js-top"> |
| <a href="#" class="js-gotop"><i class="icon-arrow-up"></i></a> |
| </div> |
| |
| <!-- jQuery --> |
| <script src="js/jquery.min.js"></script> |
| <!-- jQuery Easing --> |
| <script src="js/jquery.easing.1.3.js"></script> |
| <!-- Bootstrap --> |
| <script src="js/bootstrap.min.js"></script> |
| <!-- Waypoints --> |
| <script src="js/jquery.waypoints.min.js"></script> |
| <!-- Carousel --> |
| <script src="js/owl.carousel.min.js"></script> |
| <!-- Magnific Popup --> |
| <script src="js/jquery.magnific-popup.min.js"></script> |
| <script src="js/magnific-popup-options.js"></script> |
| <!-- Main --> |
| <script src="js/main.js"></script> |
| |
| </body> |
| </html> |
| |
