The Basel Committee on Banking Supervision (BCBS) has published its third progress report on banks’ adoption of its Principles for effective risk data aggregation and risk reporting, published in January 2013.

The BCBS notes that although global systemically important banks (G-SIBs) are increasingly aware of the importance of strengthening risk data aggregation and risk reporting practices and have moved towards implementing the Principles, important challenges remain. The report makes additional recommendations to promote the adoption of the Principles, including:

• supervisors should conduct more in-depth/specialised examinations on data aggregation requirements to evaluate weaknesses;
• banks should have governance arrangements in place for manual processes; and
• banks’ compliance with the Principles should be subject to an independent evaluation in early 2016.

G-SIBs are required to implement the Principles in full by 2016.

View Progress in adopting the Principles for effective risk data aggregation and risk reporting, 16 December 2015