Within the industry, we notice a lot of commonality between financial institutions in their approach to establishing a Finance & Risk data capability and the challenges they face in doing so. They strive to achieve the highest possible standards, driven by their own desires to enhance decision making, but also due to regulatory requirements at national and – for banks – even European level (such as the Principles for Effective Risk Data Aggregation and Risk Reporting covered under increasing attention BCBS #239 by ECB).
Compared to the status five years ago, significant improvements have been made to enhance the F&R data management and consumption capability, further enabling timely and high-quality data at the appropriate level of granularity reports. However, in an increasingly demanding regulatory landscape, F&R must have a robust and adaptive change capability if they are to continue to meet (often ad hoc) regulatory reporting challenges that lie ahead.