Google can help banks fix their risk data problems
Banks need to embrace radical change to satisfy Basel principles
This past January, the Basel Committee on Banking Supervision issued its second report1 on progress towards the January 1, 2016 deadline for compliance with BCBS 239 – its principles on risk data aggregation. Once again, it makes depressing reading. Some self-estimates of progress have actually fallen since the previous report, issued in October 2013, although the committee reasonably infers this may be partly attributable to improved understanding of the full scope of the requirements.
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