Representing a sea-change for the financial sector, The Basel Committee on Banking Supervision (BCBS) has focused on strengthening risk data aggregation and reporting capabilities
at key financial institutions. The resulting paper, Principles for effective risk data aggregation and risk reporting presents fourteen principles designed to enhance risk management and decision making processes at banks. The ultimate objective is to enhance their ability to identify and manage enterprise-wide risks quickly and accurately.
The BCBS acknowledges that risk management cannot function without proper data management. Data aggregation and reporting are no longer being seen as isolated processes, but as part of an intertwined framework. With a centralized data management platform at the center of this framework, financial institutions are well positioned to address each of
the BCBS mandated requirements for risk data aggregation and reporting.