Summary
This white paper discusses the challenges associated with achieving compliance with BCBS 239, which outlines principles for effective risk data aggregation and risk reporting. Initially published in January 2013, the principles were developed in response to the financial crisis to address the difficulties financial institutions face in aggregating risk exposures and identifying risk concentrations. The paper highlights that compliance is not solely an IT issue but a top-level business concern, necessitating integration across various departments, particularly Risk and Finance. It outlines the requirements and objectives of BCBS 239, emphasizing the need for banks to generate accurate and timely risk data. The paper also identifies key areas for successful compliance and suggests that banks can leverage these requirements to enhance their competitive advantage. The authors, Magdalena Murawska and Magda Mirica, bring extensive experience in regulatory compliance and data management, contributing to the paper's insights on navigating the complexities of BCBS 239 compliance.
