Management

Enterprise Risk Management: Time for Data Excellence

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There is no doubt that the new requirements issued in January 2013 by the Basel Committee1 will be a game changer for many financial institutions across the globe. As outlined by the Committee, one of the biggest lessons of the global financial crisis that started in 2007 is the need to radically improve a bank’s data capabilities and architecture in the area of risk management, thus enabling all stakeholders to get a clear and comprehensive view of the bank’s global risk exposure.
These requirements are not only a new set of obligations for banks, but are also a tremendous opportunity for major banks to either start new programmes or strengthen existing initiatives to address shortcomings in the area of risk data management. The precise steps for such projects will differ from bank to bank, but the target should be the same: establishing a single source of truth for risk management, that all can trust and rely on.
Of course, implementing such a transformation is no small task, and might even initially look to be an overbearing burden for many institutions. The good news, however, is that such programmes have already been initiated in a number of banks, and implemented to various degrees of completeness; this will have produced valuable knowledge and experience in this area. Whether they are planning to finalise their own existing risk data transformation or are initiating a new one from the very start, banks should leverage on existing best practices and proven solutions rather than undertake the long transformation journey on their own.

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1-13

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English

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Enterprise Risk Management: Time for Data Excellen

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