Regulators do collect a lot of data, but they are lacking key data that is needed to understand how firms are interconnected and there are no common data and reporting standard across regulators, which makes it impossible to combine existing data in a meaningful way. By standardizing the way data is structured and collected the OFR should reduce the reporting burden placed on regulated firms and at the same time provide regulators with better and more useful data.

Redundant data collection will be avoided because the OFR will receive data directly from the regulatory agency that collects the data, if that data that is already being reported.