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BCBS 239 Accelerator

BCBS 239 Accelerator

All financial institutions are under enormous pressure in terms of their capacity to access, analyse, and report on risk exposure from their data. NovoFinity have the frameworks containing rule specifications to help financial organisations understand their exposures, meaning the sooner they can manage their risk. The maps we’ve developed define how the rule specifications connected to the critical data sources and targets specified under BCBS 239 principles and practices.

Get the most from the data you have, and make sure it stays secure. NovoFinity ensures that you’re able to operate optimally and that you are bulletproof.

Regulatory intervention

Challenges

Opportunities

Role of data

Data generated by banks has historically been viewed as a by-product of core banking activities

Ownership

Data ownership is often ill-defined and not managed as part of enterprise performance metrics. Managing data as a corporate asset was not front of mind

Investment

Banks have historically underinvested in their data capability

Role of data

Data is no longer a by-product, but a key enabler of a bank’s digital strategy. Banks who fail to invest in their data capability will be constrained in their ability to modernise

Ownership

Digitising offerings enables acquisition, retention and growth in customers and revenue, while digitising back-office functions improves operational efficiencies and drives down bottom line costs. Data provides key insight into markets and customers, enabling evidence-based decisions by risk managers

Investment

Investment into data management capabilities can provide a significant return

The role of Regulators

Tasked with ensuring banks are prudently run and customers are treated with care and fairness. Banks have typically failed to take adequate steps to modernise their data practices.

BCBS 239 guides banks on how to govern risk data within risk functions, invest in enhancing data management capabilities across systems, people, and processes, and improve the standards of their risk reporting

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