Keeping Data on the Radar: BCBS 239 Principles Still a Work in Progress
As the January 2016 deadline passes the 2.5-year mark, regulators are sounding the alarm about a lack of compliance with BCBS 239's 14 RDARR principles as banks grapple with the meaning of data governance. Amelia Axelsen talks with data experts about why, when it comes to BCBS 239, the industry remains adrift.
“Where is the wisdom we have lost in knowledge? Where is the knowledge we have lost in information?” Within the Basel Committee of Banking Supervision’s (BCBS’s) 2013 report, that excerpt from T.S. Elliot’s “The Rock” is not a mechanism to inspire but rather a warning that muddled data and a lack of structure in data practices can lead to a loss of key information that may mitigate a market disaster. Based on the contents of a new RDARR progress report released in June 2018, it seems the
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