NAFIS 2015: Panel Describes Struggle to Define BCBS 239 Risk Data Rules

With proposals more akin to guidelines than prescriptive rules, the industry must define compliance.


The Basel Committee first released regulation BCBS 239 covering Effective Risk Data Aggregation & Risk Reporting in January 2013, outlining 11 risk data aggregation principles that firms must comply with by Jan. 1, 2016, as part of a review to identify the causes of the 2008 global financial crisis, and to understand how to prevent a second crisis. 

But unlike previous mandates from the Committee, which have been highly prescriptive—for example, those around counterparty risk—BCBS 239 is more li

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