On 21 June 2018, the Basel Committee on Banking Supervision (Basel Committee) published its latest progress report on banks’ implementation of the Principles for effective risk data aggregation and reporting (the Principles). The Principles are intended to strengthen banks’ risk data aggregation and risk reporting with a view to improving their risk management, decision-making processes and resolvability.

The report notes that global systemically important banks have made, at best, marginal progress in implementing the Principles. In view of this outcome, and to promote further adoption of the Principles, the Basel Committee has made the following recommendations:

• banks should continue to implement the Principles according to the roadmaps agreed with their supervisors and consider how implementation would benefit other data-related initiatives and requirements; and
• supervisors should maintain their emphasis on ensuring that banks fully implement the Principles. This includes meeting with banks’ boards of directors and/or senior management in 2018 to receive updates on implementation progress. Supervisors should also continue to promote home-host cooperation in relation to the implementation of the Principles by global banking groups.