UK:
Eurozone Risk Data Aggregation And Risk Reporting Needs Strengthening
18 May 2018
Shearman & Sterling LLP
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On May 8, 2018, the European Central Bank published a report on
the thematic review on effective risk data aggregation and risk
reporting. The ECB launched the thematic review in 2016 to carry
out an in-depth assessment of credit institutions' governance,
data aggregation capabilities and reporting practices. The thematic
review was based on 25 Eurozone significant institutions and took
into account the Basel Committee on Banking Supervision's
principles for effective risk data aggregation and risk
reporting.
The ECB has ascertained that implementation of the Basel
Committee's principles is unsatisfactory and that the issues
are mostly as a result of a lack of clarity around responsibility
for data quality. The ECB considers that further efforts are needed
to enhance the effectiveness of risk data aggregation and risk
reporting.
The report is available at: https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.BCBS_239_report_201805.pdf?3a832ee84c8bc90496b943aa76a76bc4.
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