FIDA Audit and Reporting

A FIDA audit assesses whether a financial institution meets the requirements of the EU Financial Data Access (FiDA) regulation. The regulation requires banks, insurers, and other financial service providers to share customer data through standardised APIs. The audit covers data access processes, consent management, API security, and regulatory documentation. Without regular audits, institutions risk sanctions of up to 2% of total revenue. ADVISORI develops tailored audit frameworks that systematically cover all FiDA requirements while maintaining operational efficiency.

A FIDA compliance audit covers six core areas: (1) data access and API conformity, (2) consent management and customer authorisation under GDPR, (3) security architecture including Strong Customer Authentication, (4) data quality and validation mechanisms, (5) participation in the Financial Data Sharing Scheme (FDSS), and (6) regulatory reporting to the supervisory authority. We assess each area using risk-based methods and prioritise high-risk domains to allocate resources efficiently.

Automated FIDA reporting replaces manual processes with data pipelines that extract, validate, and convert relevant information from source systems into regulatory standard formats. This includes automatic data quality checks, anomaly detection, and complete audit trails. The systems deliver reports both to the supervisory authority and to internal management in real time. ADVISORI implements such reporting architectures on existing IT infrastructure and integrates them with current compliance systems.

Preparation for a FIDA supervisory examination involves four steps: First, a gap analysis that identifies deviations between the current state and regulatory requirements. Second, creation of complete examination documentation including audit trails and control evidence. Third, simulation examinations that prepare the internal team for typical inspection questions and procedures. Fourth, development of structured communication concepts for interaction with the supervisory authority. This approach reduces examination risks and shortens the inspection duration.

After the FIDA regulation enters into force, financial institutions must join a Financial Data Sharing Scheme (FDSS) within 18 months. Within 24 months, they must meet full FiDA requirements including audit readiness and regulatory reporting. Implementation proceeds in three phases, each covering specific financial products. ADVISORI recommends starting audit readiness now, as building the necessary frameworks and systems takes 12 to 18 months.

Data quality is a central audit area under FIDA. The regulation requires binding quality rules, metadata structures, and validation mechanisms for all shared financial data. The audit examines multi-layer validation systems from source data checks to business logic controls. This includes automatic reconciliation between different data sources, data lineage tracking from origin to final report, and continuous monitoring of data quality metrics.

FIDA goes significantly beyond PSD2: while PSD2 only covers payment accounts, FIDA encompasses a customer entire balance sheet including loans, deposits, investments, pensions, and insurance. The audit scope is correspondingly broader, covering additional areas such as FDSS governance, cross-sector data management, and harmonised reporting standards. FIDA also requires machine-readable registers and stronger passporting transparency. ADVISORI helps institutions scale existing PSD2 audit processes to the expanded FIDA scope.