BCBS 239
First published:
ISBN: 9781782723264
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What is the Problem with Risk Data, and How Can Executive Data Governance Address it?
Kathryn Kerle
Introduction
Risk Data Aggregation and Risk Reporting: A Regulatory Perspective
A Regulatory Perspective
Delivering Compliance: Challenges and Opportunities
BCBS 239 at Commerzbank: Applying a Central Standards/De-central Implementation Approach
Data Governance: Embedding a Data Governance Process
What is the Problem with Risk Data, and How Can Executive Data Governance Address it?
Data Architecture and Aggregation
Managing Data Quality: Completeness, Accuracy and Timeliness
Risk data has historically been viewed as the poor cousin of finance data. There is no risk equivalent of the International Accounting Standards Board (IASB) or the Financial Account Standards Board (FASB) to set standards, nor is there agreement on how key risk data elements should be defined, how their generation should be governed or their quality assured. Worse, although risk data are based ultimately on the same transactions that generate finance data, the two sets of data undergo such dramatic transformations afterwards that reconciling them is very challenging, if not impossible.
As a result, regulators, ranging from the Financial Stability Board (FSB) to the Basel Committee on Banking Supervision (BCBS), have cited poor risk data as playing an important role in the financial crisis of 2007–08. Not surprisingly, improving risk data has become a priority for regulators all over the globe. This chapter will therefore discuss the symptoms of the problems financial institutions have with producing high-quality risk data and possible causes. It will also define what good risk data would look like, before examining ways in which risk data can be improved, the role executive data
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