The Basel Committee on Banking Supervision has issued its fourth report on progress in adopting the principles for effective risk data aggregation and risk reporting. The report reviews globally systemically important banks’ (G-SIBs) progress in implementing the Basel Committee’s Principles for effective risk data aggregation and risk reporting and is based on results of a self- assessment survey completed by authorities having supervisory responsibility for G-SIBs.
The report finds that G-SIBs’ level of compliance with the Principles to be unsatisfactory. In view of this the Basel Committee has recommended that:
- banks should develop clear roadmaps to achieve full compliance with the Principles and comply with them on an ongoing basis;
- supervisors should: (i) communicate the assessment results to their banks and provide the necessary incentives to achieve full compliance with the Principles; and (ii) continue to refine their techniques to assess banks’ compliance with the Principles.