Principles for Effective Risk Data Aggregation and Reporting - BCBS 239
How can it be leveraged to deliver better overall internal control and oversight?
Risk managers are under more pressure than ever to find better and more cost-effective ways of complying with the principles of BCBS 239. The pressure to connect existing systems and find enabling technology that can aggregate data and produce reliable, timely and meaningful reporting is increasing.
Non-GSIB banks can perhaps afford the luxury of time and approach compliance with these principles in a more considered and business-as-usual way. But, with the timeframes given and the order in which the majority of financial institutions are required to move, there is a good chance many will miss an opportunity to fundamentally rebase the way data is stored and reported within the organisation.
This is a commendable and long-overdue initiative, but supervisors might not understand the magnitude of the task