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BCBS239: Reasons, impacts, framework and route to compliance
In January 2013, the Basel Committee on Banking Supervision (BCBS) published its BCBS239: ‘Principles for Effective Risk Data Aggregation and Risk Reporting’. The guidelines describe 14 principles that are intended to strengthen global, systemically important banks’ (G-SIBs’) risk-data aggregation capabilities and internal risk-reporting practices. The effective implementation of the principles is expected to enhance risk management and decision-making processes at banks and increase G-SIBs’ ability to cope with stress and crisis situations. This paper describes the requirement of such guidelines in light of G-SIBs’ current data problems along with the impact on these G-SIBs’ data management capabilities. It also describes the current status of these banks according to BCBS publications and how they are faring with respect to the various principles and their attainment. Finally it provides a framework for G-SIBs to achieve BCBS239 compliance with respect to defining and prioritising key data elements for risk management along with a data dictionary; data architecture including data quality framework, data lineage and data flow; physical data objects like databases, interfaces, services etc; and risk reporting and data consumption.
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Rajib Chakravorty is a global banking data management specialist and strategy leader with more than 25 years of successful delivery experience across the B2C and B2B, technology, banking and financial services market sectors. He has a wealth of expertise in data management, data strategy and solution architecture and a strong track record of delivery for internationally renowned organisations, including banks like HSBC, Lloyds and RBS and renowned vendors like Temenos, Oracle and Teradata. This has included experience of driving change management, business analysis, data management, digital transformation, migration to Cloud including hybrid cloud options and multitenants, analytics centres of excellence development, Microservices management, data storage and security including compliance, reference data, credit and market risk, stress testing and Software Development Life Cycle (waterfall and agile). His achievements include the successful launch of the first-ever Temenos Data Warehouse Module for Management Information, which is now subscribed to by a host of top banks around the world. He has also developed the Oracle Financial Services Analytical Applications (formerly Reveleus) Basel II solution framework, Credit Risk and Transfer Pricing solutions, which have become an accepted solution globally for large Tier 1 banks like Citibank, Lloyds Banking Group, Wells Fargo and Indian Banks like Axis Bank and Indusind Bank. His clients include some of the largest global and regional banks like HSBC, Lloyds Banking Group, RBS, Deutsche Bank, Barclays Capital, Nationwide — UK, African Banking Corporation — Zimbabwe, ICICI Bank — India, OCBC Bank — Singapore and Malaysia, Woori Banking Group — South Korea, Bank Islam — Malaysia, Citi Group and GE Consumer Finance — UK. Rajib is a prominent speaker on data management and risk data aggregation at conferences across the globe.