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AnaCredit: Why it matters to look at other regulations in context
In May 2016, the European Central Bank (ECB) adopted the regulation on the collection of granular credit and credit risk data known as ‘AnaCredit’. Although data management is a common thread running through multiple new regulatory requirements, when planning for AnaCredit compliance it is important to understand the requirements and potential overlaps with adjacent regulations. Banks need to find a more holistic and agile path to compliance that provides an agile end state with greater data granularity, better governance and regulatory reporting, and can accommodate future changes in market practices and regulations. From a forward-looking risk data management perspective, this means that comprehensive data structures should only be built once. They should enable the bank to capture all relevant data across business lines in a consistent and well-defined database structure that is easy to extract, analyse and report on. The end-to-end credit process will need to be consistent, deliver coherent data throughout the lifecycle of customer limits and exposures to facilitate the required data attributes without costly and time consuming manual data reconciliation.
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Michel Dorval is Senior Strategist, Regulatory Compliance at Finastra and acts as a centre of excellence for all questions regarding regulatory compliance that will need to be integrated on the technology side in Finastra solutions. This also includes internal/external advice on new or updated regulatory topics and involvement in a broad range of activities on an international level. Prior to his current role, he was Risk Practice Principal at compliance and risk provider Wolters Kluwer driving product management, strategy and marketing. Prior to this he held a number of roles within the financial industry at Dexia and Clearstream. Michel has authored different white papers and articles, and gives regulatory lectures.