Released in 2013, the principles covered in BCBS 239 are the global de-facto benchmark for risk data governance, aggregation, and reporting. Organizations gain a clear advantage when they adapt rapidly to new regulatory requirements like these. Continue reading Infographic: BCBS 239 Checklist
In January 2015, the Basel Committee released and published the results of a second self-assessment by the Global Systematically Important Banks (G-SIBs) in adopting the BCBS 239 principles. In that report and in my last post, I noted that 46% of the G-SIBs stated they would not be fully compliant with all 11 Principles by the 2016 deadline. This was up from 33% as reported in the first self-assessment in December 2013.
It was a little more than year ago when the Basel Committee of Banking Supervision (BCBS) released the results of a mandatory self-assessment by all 30 Global Systemically Important Banks (G-SIBs) on their progress with BCBS 239. The intent of the self-assessment was simple. The Basel Committee wanted the G-SIBs to establish a baseline and define a roadmap towards compliance. Furthermore, to ensure a consistent and effective implementation of the principles, the Committee instituted a coordinated approach with national supervisors to monitor and assess the G-SIBs progress right up to forthcoming January 1, 2016 deadline. Continue reading BCBS 239: On the Road to Compliance
We’ve just released a new white paper on regulatory compliance! Continue reading White Paper: Transforming Regulatory Burden into Business Opportunity
Our client, an international financial services firm, had little history of enabling Line-of-Business capabilities across the enterprise. They struggled with a fragmented, redundant view of data resulting from a lack of effective metadata management and data traceability and lineage challenges.
Additionally, they had few data standards, definitions, or policies in place, rarely reused common data, and followed minimal proactive data quality improvement practices. The lack of clear roles and responsibilities exacerbated these issues. Continue reading Case Study: How an International Financial Services Firm Established a Data Governance and Management Program
One of the key lessons learned from the financial crisis of 2008 was that banks’ information technology (IT) and data architectures were truly inadequate to support the broad management of financial risks. Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at the bank group level, across lines of business and between legal entities. Several were unable to manage their risks properly because of weak risk data aggregation capabilities and risk reporting practices. In the end, it led to severe consequences for the banks and, unfortunately, the global financial system as a whole Continue reading The 14 Principles of BCBS 239
The Financial Services industry has faced significant operational and business performance challenges over the past 10 years, especially since the near-collapse of the global financial system in 2008. That event led not only to the government-mandated sale of Bear Stearns and the outright bankruptcy of Lehman Brothers, but also to an unprecedented wave of rigorous regulatory mandates. While they may be well-founded, the mandates have come with soaring costs and have been the most significant contributing factor to Return on Equity (ROE) ratios, which now stand at 50% of their historical levels. Continue reading New Blog Series: How Compliance is Costing Financial Services Organizations