DATA ASSURANCE TO COMPLY WITH BCBS 239

BCBS 239

Basel Committee on Banking Supervision (BCBS) issued Principles for Effective Risk Data Aggregation and Risk Reporting (BCBS 239) to enhance banks’ risk data aggregation capabilities and internal risk reporting practices. BCBS 239 was effective from 1st January 2016 for Global Systemically Important Banks (G-SIRS) while Other Systemically important Banks (0-SIRS) are expected to be compliant three years after the date they become designated. BCBS 239 Overview presents a set of principles almed at strengthening banks’ governance frameworks, enterprise-wide risk data aggregation capabilities, and internal risk reporting practkek The principles provide descriptive guidance on the Infrastructure and capacities that banks should have in place to Improve the management of data and risk reporting.

WHY TO COMPLY WITH THE BCBS239?

BCBS 239 PRINCIPLES

Governance and Infrastructure
Risk Data Aggregation Capabilities
Risk Reporting Practices
Supervisory Review Tools and Cooperation

BCBS 239 COMPLIANCE PLAN PROCESS

Recommended action plan to assess CCPA compliance and build an implementation plan.

Group 13283

BUSINESS BENEFITS

Drive Structural
Cost Reductions

 Reduce losses through a simplified portfolio of data repositories and a faster time to market, as well as minimizing the costs associated with poor-quality data (such as reporting that requires constant remediation)

Enhance Capabilities
of Risk Management

Quantifications that may result in the reduction in capital requirements and a profound liquidity and funding profile

Improve the
Decision-Making Process

Improve the decision-making process throughout the organization by enhancing the management of information across legal entities and at the group/consolidated level.

Eliminate the Probability
of Regulatory Fines

Eliminate the probability of regulatory fines caused due to unreliable and untimely submission of returns.

Reduce Compliance Risk by Monitoring Risk Reports Image
Reduce the Probability
and Severity of Losses
Reduce the probability and severity of losses Resulting from risk management weaknesses due to data inefficiency.
Improve
Transparency

Improve transparency and outcomes of regulatory scrutiny and inspections.

Improve Management
Efficiency
Improve management efficiency and the speed at which information is available.
Improve the organization’s
quality of strategic planning

Improve the organization’s quality of strategic planning and the ability to manage the risk of new products and services.

Enhance the
Infrastructure

Enhance the infrastructure for reporting key information, particularly for Board and senior management.

Improve
Risk

Improve risk management from accurate quantification models.

Faster Onboarding
Faster
Onboarding

Faster Onboarding to ensure efficient decision making.

Enable to
Cross-sell, Up-sell

Enable to cross-sell and up-sell leading to higher Profitability.

Support Strategic and Holistic Decision-Making

Support strategic and holistic decision-making on risk appetite, thereby, improving banks’ risk-return profile.

BENEFITS

Drive structural cost reductions, reduce losses through a simplified portfolio of data repositories and a faster time to market, as well as minimizing the costs associated with poor-quality data (such as reporting that requires constant remediation)

Enhance capabilities of risk management quantifications that may result in the reduction in capital requirements and a profound liquidity and funding profile

Improve the decision-making process throughout the organization by enhancing the management of information across legal entities and at the group/consolidated level.

Eliminate the probability of regulatory fines due to unreliable and untimely submission of returns

Reduce the probability and severity of losses resulting from risk management weaknesses due to data inefficiency

Improve transparency and outcomes of regulatory scrutiny and inspections

Improve management efficiency and the speed at which information is available

Improve the organization’s quality of strategic planning and the ability to manage the risk of new products and services

Enhance the infrastructure for reporting key information, particularly for Board and senior management

Improve risk management from accurate quantification models

Faster onboarding

Enable to Cross-sell, Up-sell leading to higher Profitability

DATA INSIGHTS PLATFORM(DIP) SOLUTION FOR REGULATORY COMPLIANCE

bcbs

Data Insights Platform (DIP) is a Data Governance framework designed specifically for Regulatory compliance , with pre-configured content like Policies, Controls, data categories, Sub-Categories, Critical Data Elements, workflows, reports, dashboards, and more.

Data Insights Platform (DIP) offers a centralized location where you can document, govern and collaborate around privacy and security policies to ensure they are effectively managed across the enterprise. It also allow organizations to establish a data mapping system to record processing activities and perform data Quality assessments.

Data Insights Platform (DIP) provides a sustainable approach to regulatory policies by managing the compliance through risk evaluations and assessments then take remediation actions as issues arise. Manage approvals, identify risk controls and tailor workflows to match specific business needs. Monitor compliance progress through easy-to-understand dashboards and reports which shows the regulatory violations details. 

AMURTA’s Data Insights Platform is an enterprise-level solution that enhances productivity and perform better by turning raw data into actionable insights. This platform put people and process in place which improves automating the data governance and data management to deliver the trusted data to the business users who can quickly chart out the reality of data, its lineage, and usage across the policies, processes, projects, and regulation.

SPEAK TO OUR EXPERTS TODAY

If you have queries  we are ready to discuss how our Data Insights Platform can help you in improving your organization governance process.

BCBS 239 Solutions

BCBS 239 Principles