Frustrated authorities resort to BCBS 239 ‘fire drills’
ECB and Finma lob impromptu data requests at banks, as BCBS 239 quietly permeates everyday supervision
Exasperated by the patchy uptake of the BCBS 239 principles on risk data, regulators in Europe have been conducting ‘fire drills’ to test compliance, while authorities both in Europe and the US have been quietly knitting them into expected regulatory performance.
Both the European Central Bank and the Swiss Financial Market Supervisory Authority (Finma) have been carrying out fire drills for some time, making surprise requests for risk data to see how quickly banks are able pull it together. A
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