The Basel Committee on Banking Supervision’s (BCBS) Principles for effective risk data aggregation and risk reporting (the Principles) were issued in January 2013 and are designed to strengthen risk data aggregation and risk reporting practices at banks so that risk management practices are improved.
The BCBS and the Financial Stability Board expect banks identified as global systemically important banks (G-SIBs) to comply with the Principles by 1 January 2016. The BCBS also strongly suggests that national supervisors apply the Principles to domestic systemically important banks three years after their designation as such.
The BCBS is monitoring G-SIBs’ progress towards meeting the 2016 deadline. The BCBS has now published a report regarding the progress made in adopting the Principles which includes an update on an earlier “stocktaking” self-assessment survey completed by G-SIBs, other large banks and national supervisors. Notably, of the 31 participating banks, 14 have reported that they will be unable to fully comply with the Principles by the 2016 deadline.