Progress in adopting the principles for effective risk data aggregation and risk reporting
The Basel Committee on Banking Supervision today issued a second progress report on banks' adoption of the Committee's Principles for effective risk data aggregation and risk reporting. Published in 2013, the Principles aim to strengthen risk data aggregation and risk reporting at banks to improve their risk management practices and decision-making processes. Firms designated as global systemically important banks (G-SIBs) are required to implement the Principles in full by 2016.
The report published today reviews banks' progress in 2014 and updates a 2013 "stocktaking" self-assessment survey completed by G-SIBs, other large banks and supervisors. It outlines the measures G-SIBs have taken to comply with the Principles, as well as the challenges they face. Notably, of the 31 participating banks, 14 reported that they will be unable to fully comply with the Principles by the 2016 deadline, compared with 10 G-SIBs in 2013.
The Committee will continue to monitor G-SIBs' progress towards meeting the 2016 deadline.