Using compliance demands to transform management of risk data

Financial companies attempting to comply with stringent regulations governing their approach to risk may face huge difficulties. Often, a bank’s risk management functions depend on uncoordinated, inconsistent risk data management applications and platforms. Ortecha worked with a global investment bank to solve this problem, by helping the bank to create an enterprise-wide Risk Data Architecture.

These changes were needed for the bank to comply with the BCBS239 standard, published by the Basel Committee on Banking Supervision (BCBS) in 2013. The standard defines principles for effective risk data aggregation and risk reporting. Implementation was mandatory for 30 global systemically important banks by the start of 2016.

Through construction of a Risk Data Architecture Framework, Enterprise Data Modelling and a common business glossary for all data management terms used within the organisation, Ortecha has helped the bank construct a new process for the delivery of high level risk data metrics to the board, while achieving compliance with BCBS239. In addition, the bank has, in effect, created a new way to improve the management and governance of risk data elsewhere within the organisation. So the process of solving a difficult compliance challenge has been transformed into an opportunity to improve risk management across the enterprise.

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