Washington, D.C. – Today, the Data Foundation and PwC Public Sector unveiled a new report, Standard Business Reporting: Open Data to Cut Compliance Costs.The report describes how regulatory agencies in countries like Australia and the Netherlands are replacing document-based reporting with standardized and open data formats, a concept known as Standard Business Reporting, or SBR.
In an SBR environment, different agencies work together to adopt a consistent, government-wide open data structure for the information that they collect from the private sector. The data structure has the ability to be phased-in for eventual universal use.
SBR has three main benefits:
Private companies’ software can fulfill multiple regulatory reporting requirements simultaneously and automatically, which the Dutch government calls “business reporting in zero clicks”;
More timely data allows agencies to instantly explore regulatory information across multiple reporting regimes; and
Standardization enables better, faster market insights for investors and markets.
“Standard Business Reporting creates efficient, trusted open data ecosystems”, said Hudson Hollister, Interim President of the Data Foundation and co-author of the report. “We have already seen the Dutch and Australian governments reduce public- and private-sector costs with SBR. It’s time for the U.S. government this to adopt this crucial open data transformation.”
"Standard Business Reporting is transforming the regulatory landscape outside the United States," said Joe Kull, former deputy controller at the White House Office of Management and Budget and a Director at PwC. "It's time for U.S. policymakers to take notice: by adopting an open data structure for the information regulatory agencies collect, we can relieve compliance costs for both government and the private sector."
It is estimated U.S. federal regulations cost companies $2.028 trillion, annually. SBR would significantly cut that regulatory burden.
SBR would reduce or eliminate duplicative reporting systems.
SBR saved the Australian government and private sector a combined AUD $1.1 billion for 2015-16; these savings are projected to increase substantially in future years as the SBR program further expands.
Read the full report here.
About the Data Foundation: The Data Foundation is the nation’s first industry-focused open data research organization. Through research, education, and programming, the Foundation illuminates the benefits of transforming government information into standardized, open data. For more information, visit datafoundation.org.
About PwC Public Sector: PwC's Public Sector Practice helps federal agencies solve complex business issues, manage risk, and add value through our comprehensive service offerings in financial management; program management; human capital; enterprise effectiveness; governance, risk and compliance; and technology, all of which are delivered seamlessly throughout the world. To find out more, visit www.pwc.com/publicsector.