BCBS 239 Adoption

Following the 2008 financial crisis, it became clear that many banks did not have the infrastructure, data architecture and adequate resources to support the wide-ranging management of financial risks. Many banks lacked the ability to efficiently aggregate or report risk exposures and identify concentrations quickly and accurately at the bank group level, across lines of business (LOBs) and between legal entities. As a result, the Basel Committee on Banking Supervision regulation 239 (BCBS 239) was issued in 2013 by the Bank for International Settlements (BIS) to serve as an underlying ideology for Global Systematically Important Banks (G-SIBs) to improve their risk data aggregation and risk reporting capabilities, thus enhancing risk management and decision-making processes at banks.

Although initially targeted to G-SIBs, BCBS 239 has become a standard across the financial services industry both within the U.S. and internationally. Factoring in BCBS 239 and the general influx of data requirements and heightened expectations from global regulators, the financial services industry has embarked on a data journey to establish data management processes that ensure data assets can be formally managed and trusted to drive process and data efficiencies.


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