Overcome BCBS239 challenges with BCBSbot

Strengthen ability to accurately assess and manage risk in line with BCBS239.Get a holistic enterprise wide understanding of risk data, risk data aggregation and reporting.An Integrated solution that collaborates IT and Risk functions to bring greater consistency and control over data.

Assessment Bot

Efficient Ratings

Workflow Process

Performance Measure

Know more about BCBS239

The 2007 financial crisis taught a few fundamental lessons to all the financial institutions that Information technology and data were not able to support the management of financial risks. Banks were incapable of getting risk exposure aggregation data quickly at group or across business lines. Due to inability to monitor risks, banks were unable to take necessary decisions on risk in a timely manner. Due to this, the Basel Committee issued BCBS 239 which is ‘Principles for Effective Risk Data Aggregation and Risk Reporting’.The core objective of it was to improve risk data aggregation capabilities and internal risk reporting practices.

Why you should act now?

Financial institutions are having their own struggles to accurately assess and manage risk. People, processes and technology should work in a synchronized manner supporting each other. It is towards this direction that BCBSbot can help to support BCBS239 initiatives by delivering the competitive edge. Enhance capabilities to assess accurate data and improve risk practices as per BCBS239 to gain competitive advantages like cost reductions, improving cross-sell, risk management and client profitability and yet be compliant.Being BCBS239 compliant has its challenges and BCBSbot strengthens the capabilities with its Automated Assessment templates, automated workflows and rating processall aligned with BCBS principles. Be in control by keeping track of the yearly BCBS principles.

Today’s Challenge …………………………..BCBS239

One of the most significant lessons learned from the global financial crisis that began in 2007 was that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks. Many banks lacked the ability to aggregate risk exposures and to identify concentrations quickly and accurately at the bank group level, across business lines and between legal entities. Some banks were unable to manage their risks properly because of weak risk data aggregation capabilities and risk reporting practices. This had severe consequences to the banks themselves and to the stability of the financial system as a whole.

In response, the Basel Committee issued supplemental Pillar 2 (supervisory review process) guidance1 to enhance banks’ ability to identify and manage bank-wide risks. In particular, the Committee emphasized that a sound risk management system should have appropriate management information systems (MIS)2 at the business and bank-wide level. The Basel Committee also included references to data aggregation as part of its guidance on corporate governance.

Many in the banking industry recognize the benefits of improving their risk data aggregation capabilities and are working towards this goal.

BCBSbot Key Features

Automated Assessments:Provides pre-delivered industry best practice BCBS principles assessment templates from which to choose and enhance to fit enterprise needs, eliminating the need to start from scratch.

Efficient Rating Process:Automated workflow and rating process, standard and aligned with BCBS principles ratings process.

Performance Improvement:Provides comparative analysis report, to measure yearly performance of BCBS principle maturity within the organization. This application also helps decision makers, with guiding principles – what is needed to improve the performance of under rated principles.

This tool is a unique and helpful application designed and developed to support Basel Committee on Banking Supervision Principles assessment for effective risk data aggregation and risk reporting. Chief Risk Officers, Chief Data Officers or the Risk Data Teams can leverage this application to quickly assess the BCBS239 principles - a task that normally involves multiple meetings with various teams. Involvement of consulting services is simplified into a simple template driven process, with software automating some of the banking industry’s most stringent reporting guidelines and assessments. Most importantly, it tracks the yearly BCBS principles progress because of its predefined industry standard templates.