BCBS 239 Implementation
The objective of BCBS 239 is to help banks improve risk data aggregation capabilities by using the 14 principles designed to strengthen the capacity of banks to aggregate risk data and improve reporting practices of risk within institutions. Out of the 14 principles- 3 principles are for supervisors and other 11 principles are for the banks.
The scope of these principles applies on:
- Market Risk
- Counter-party Credit Risk
- Liquidity Risk
- Operational Risk and Conduct Risk
- Internal Risk Management Process
- And impact on overall Economic Capital and Capital Adequacy through the above said risks
The main goals being to encourage banks to:
- Improve the IT infrastructure used for key reporting, including the board of directors and senior management
- Improve risk management and decision-making through their institutions and entities
- Reduce losses from potential weaknesses in the risk management
- Improve the speed of information availability
- Improve the quality of strategic planning and capacity to manage risks related to developing new products and services. Including the robustness in the event of new products and activities, or changes in group structure
- Going forward, there will be many new and emerging requirements which drive change to risk data – and these vary between jurisdictions.
These objectives shall require organization-wide changes in how banks handle their risk data governance, data flow & lineage and data architecture including the ones on conceptual, logical and physical design level. This will require a broad program definition for data management transformation and would need to be broken down into achievable components. Bank will be required to develop a change management plan for both process changes within the bank and the technology changes, across divisions. The plan once executed successfully shall help banks in increasing operational efficiency, profitability, and competitiveness. Thus banks need a “Risk Data Aggregation and Reporting program” that aims at responding to the new regulation.
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