Global efforts to guard against systemic risk by enhancing the collection of financial sector data remain a work in progress, according to a new report from the Financial Stability Board (FSB) and the International Monetary Fund (IMF).

The FSB and the IMF published a status report today on the implementation of measures agreed to by the G20 following the financial crisis to close “data gaps” that can impede oversight of the financial services industry and markets.

An initiative to improve oversight by closing gaps in policy data collection was launched by the G20 in 2009 in the aftermath of the financial crisis.

“Data gaps limit the ability of policymakers and market participants to assess financial stability risks and economic developments in a timely and accurate manner,” the report stated.

Today’s report on international efforts to implement those recommendations finds that there has been continued progress in closing these gaps, thereby promoting the regular flow of timely and reliable statistics, but that challenges remain in fully implementing the G20’s recommendations by 2021.

“While substantial achievements have been made in promoting data sharing, continued efforts are still needed,” the report stated.

“Retaining high-level political support is essential to overcome remaining challenges,” it noted.

The report was submitted to the G20 finance ministers and central bank governors ahead of their planned meetings in mid-October.