Accurity

BCBS 239 principles risk-data aggregation and risk reporting

Stefan Markus
| 2 min read
“One of the most significant lessons learned from the global financial crisis that began in 2007 was that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks.” (Basel Committee on Banking Supervision (BCBS))

Following the global financial crisis of 2008, it became clear that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks. The latest BCBS239 compliance self-assessment by 30 G-SIBs has shown that banks are least compliant in Principle 2: "data architecture/IT infrastructure". The main stated reason for this has been the lack of availability of data taxonomies and poor data ownership.

Simplity’s agile Business Information Modelling methodology provides a unified language for all areas across group and business lines. The integrated Accurity Glossary provides clear and comprehensive documentation for taxonomies, mappings, and, consequently, lineage and traceability, i.e. a transparent audit trail.

To comply with BCBS239, data quality management, including data profiling, data lineage, monitoring, reporting, and escalation procedures, must be established. Simplity’s Accurity Quality product enables clients to profile, monitor, control, and report data quality and related events through an integrated technology platform.

Learn more about BCBS 239 principles (PDF report).

Simplity’s outstanding business knowledge and proven IT expertise, enable its clients to address the broad issues of enterprise risk management, regulatory compliance, and data governance, whilst assisting in the preparation of viable and flexible solutions which embrace the continuously strengthening regulatory challenges.

Stefan Markus
Head of Professional Services & Managing Director of Simplity AT

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