The effort to ensure that policymakers have adequate data on the financial system in the wake of the financial crisis, remains a work in progress, according to a report published Wednesday from the Financial Stability Board (FSB) and the International Monetary Fund (IMF)

The third progress report on the implementation of the second phase of the G20 Data Gaps Initiative examines the implementation status of recommendations, which were made in the aftermath of the crisis, in order to close gaps in the data available to regulators and policymakers.

According to the report, there has been progress in various areas including shadow banking monitoring and reporting data on global systemically important banks . However, “key challenges remain,” the reports, including ensuring adequate resource allocation, maintaining data and the infrastructure for data sharing and strengthening inter-agency cooperation.

“High-level political support is crucial” to overcoming these continued challenges, the report adds.

The effort to better equip financial sector regulators by closing data gaps and strengthening data collection is due to be complete in 2021.