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.

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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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