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What are some of the practical challenges of managing the BCBS 239 project across all teams?

In RBI Group, till date, we have very different strategies and approaches towards data collection and processing. Therefore, necessary harmonization is indeed difficult to reach since existing processes should be at least partly re-worked or changed accordingly. Furthermore, in the light of opening up silos and establishing sustainable alignments in processes and architecture, it is worth every step.

Could you outline some of the additional business benefits that firms obtain in conjunction with their BCBS 239 projects?

Harmonization of processes and synchronization of cut-of-dates will lead to a reduced operational effort for reloads and late manual data adjustments in analytical and reporting systems. Therefore, BCBS 239 indirectly leads to operational cost reduction and improved data quality. Furthermore, some data infrastructure investments are now done out of BCBS 239 initiative, which will be a benefit for future projects in the areas of Finance, Risk and Regulatory Reporting.

What are some of the rewards as a result of enhanced communication between all teams involved in the BCBS 239 project?

It was crucial to identify senior representatives out of Finance, Risk, Regulatory Reporting and Group IT who took over ownership regarding BCBS 239, i.e. the Project Management Team. In close cooperation, a common understanding regarding the next steps to reach BCBS 239 compliance was elaborated. On this basis, a mutual understanding was established and alignment regarding future initiatives out of Finance, Risk and Regulatory Reporting is much easier now and allows a structured combination with various long-term goals including the role of RBIs data warehouse.

What are the key steps to synchronize your finance, risk, IT and operations teams to achieve harmony in implementation?

Our called decentralized monitoring is based on the close alignment between senior representatives out of Finance, Risk, Regulatory Reporting and Group IT which took over ownership regarding BCBS 239. The implementation is then performed in a decentral way while coordination and management of dependencies are performed by the BCBS 239 Project Management Team. This way we benefit from bundled strengths to work towards a common big picture. Additionally, a joint approach to involve our partners in the network supports the cross-divisional changes tremendously.

Speaking of synchronization of teams, what role has a harmonized data flow and availability in the context of your BCBS 239 project.

We were happy to have a sound starting point with an Enterprise Data Warehouse and various anticipatory initiatives to cover data sourcing, accuracy or integrity improvements over time and across areas. Many successfully finalized, running or planned context projects for BCBS 239 are providing us with additional prerequisites to follow the mentioned common goals, business and technical wise. Thus, the steps to BCBS 239 compliance are feasible and efficiently prepared as well as individual data needs from business areas can be covered at the same time.

What would you like to achieve by attending the 7th Edition Risk Data Aggregation and Risk Reporting conference?

I am especially interested in mutual exchange with other D-SIBs regarding the necessary steps to reach BCBS 239-compliance. I am looking forward to meeting the representatives of other banks to discuss different approaches on how to design a group data architecture.