DATA ASSURANCE TO COMPLY WITH BCBS 239
BCBS 239
WHY TO COMPLY WITH THE BCBS239?
- For data governance and to promote investment in frameworks and strategies. Also to show improvement in banks' stewardship of critical data, and to ensure governance around data reporting management is always established and adhered to.
- To diagnose and examine banks' data and reporting architecture. capabilities, and governance weakness at the outset of the project.
- To have a robust end-to-end data and reporting governance framework and 0 enhance automation around all finance and risk-related data and reporting management.
- Upgrading the existing IT infrastructure to be more cost-efficient.
- To establish a holistic 'data house.
- BCBS 239 will create a common language that encourages unprecedented alignment between risk and finance, drive banks towards transforming their risk management practices responding better to economic distress.
BCBS 239 PRINCIPLES
Governance and Infrastructure
- Robust governance structures should underpin risk data aggregation and report. The banks' board and senior management must understand deficiencies in internal Controls and aggregated data
- Organizational boundaries must be overcome so risk data can be accurately aggregated across business lines, Jurisdictions, and legal entitles promptly.
- Systems must support risk data aggregation and reporting, including risks during times of stress or crisis.
Risk Data Aggregation Capabilities
- Banks must demonstrate the ability to generate accurate and reliable aggregated risk data, and largely through automated solutions to minimize errors.
Risk Reporting Practices
- Banks must ensure that reconciled, validated and accurate risk reports are presented to the appropriate stakeholders on time to support the decision-making process.
- The reports must cover all material risk areas within the organization and be understandable for recipients.
- All material gaps or weaknesses are well understood and factored into the conclusion making process.
Supervisory Review Tools and Cooperation
- Supervisors will review and monitor banks’ compliance with the principles and use appropriate tools to ensure deficiencies are addressed in an effective and timely manner.
- The supervisor should have the ability to restrict growth in a bank’s risk-taking activities should it have concerns about data deficiencies.
BCBS 239 COMPLIANCE PLAN PROCESS
Recommended action plan to assess CCPA compliance and build an implementation plan.
BUSINESS BENEFITS
Drive Structural
Cost Reductions
Reduce losses through a simplified portfolio of data repositories and a faster time to market, as well as minimizing the costs associated with poor-quality data (such as reporting that requires constant remediation)
Enhance Capabilities
of Risk Management
Quantifications that may result in the reduction in capital requirements and a profound liquidity and funding profile
Improve the
Decision-Making Process
Improve the decision-making process throughout the organization by enhancing the management of information across legal entities and at the group/consolidated level.
Eliminate the Probability
of Regulatory Fines
Eliminate the probability of regulatory fines caused due to unreliable and untimely submission of returns.
Reduce the Probability
and Severity of Losses
Improve
Transparency
Improve transparency and outcomes of regulatory scrutiny and inspections.
Improve Management
Efficiency
Improve the organization’s
quality of strategic planning
Improve the organization’s quality of strategic planning and the ability to manage the risk of new products and services.
Enhance the
Infrastructure
Enhance the infrastructure for reporting key information, particularly for Board and senior management.
Improve
Risk
Improve risk management from accurate quantification models.
Faster
Onboarding
Faster Onboarding to ensure efficient decision making.
Enable to
Cross-sell, Up-sell
Enable to cross-sell and up-sell leading to higher Profitability.
Support Strategic and Holistic Decision-Making
Support strategic and holistic decision-making on risk appetite, thereby, improving banks’ risk-return profile.
BENEFITS
Drive structural cost reductions, reduce losses through a simplified portfolio of data repositories and a faster time to market, as well as minimizing the costs associated with poor-quality data (such as reporting that requires constant remediation)
Enhance capabilities of risk management quantifications that may result in the reduction in capital requirements and a profound liquidity and funding profile
Improve the decision-making process throughout the organization by enhancing the management of information across legal entities and at the group/consolidated level.
Eliminate the probability of regulatory fines due to unreliable and untimely submission of returns
Reduce the probability and severity of losses resulting from risk management weaknesses due to data inefficiency
Improve transparency and outcomes of regulatory scrutiny and inspections
Improve management efficiency and the speed at which information is available
Improve the organization’s quality of strategic planning and the ability to manage the risk of new products and services
Enhance the infrastructure for reporting key information, particularly for Board and senior management
Improve risk management from accurate quantification models
Faster onboarding
Enable to Cross-sell, Up-sell leading to higher Profitability
DATA INSIGHTS PLATFORM(DIP) SOLUTION FOR REGULATORY COMPLIANCE
Data Insights Platform (DIP) is a Data Governance framework designed specifically for Regulatory compliance , with pre-configured content like Policies, Controls, data categories, Sub-Categories, Critical Data Elements, workflows, reports, dashboards, and more.
Data Insights Platform (DIP) offers a centralized location where you can document, govern and collaborate around privacy and security policies to ensure they are effectively managed across the enterprise. It also allow organizations to establish a data mapping system to record processing activities and perform data Quality assessments.
Data Insights Platform (DIP) provides a sustainable approach to regulatory policies by managing the compliance through risk evaluations and assessments then take remediation actions as issues arise. Manage approvals, identify risk controls and tailor workflows to match specific business needs. Monitor compliance progress through easy-to-understand dashboards and reports which shows the regulatory violations details.
AMURTA’s Data Insights Platform is an enterprise-level solution that enhances productivity and perform better by turning raw data into actionable insights. This platform put people and process in place which improves automating the data governance and data management to deliver the trusted data to the business users who can quickly chart out the reality of data, its lineage, and usage across the policies, processes, projects, and regulation.
SPEAK TO OUR EXPERTS TODAY
If you have queries we are ready to discuss how our Data Insights Platform can help you in improving your organization governance process.
