Global regulators are moving forward with rigorous new standards for risk measurement and reporting that will require the world’s largest banking organizations to improve their information-technology infrastructures. The demands are substantial enough that organizations must look beyond quick fixes and instead plan for potentially costly projects that are expected to take years to complete.
Though the Basel Committee on Banking Supervision’s new principles on data aggregation and risk reporting do not apply until 2016, the timeline may not be as forgiving as it seems. The cross-functional nature of comprehensive risk reporting and the investment of time, money, and resources needed to develop an infrastructure that complies with the principles merit the attention of the executive suite, including the CEO, CFO, CRO, and CTO. Please click below to a read a Sightlines InFocus by Stacy Coleman that explains the principles and some steps companies can take to meet them.