Principles for Effective Risk Data Aggregation and Risk Reporting
12 important questions on Principles for Effective Risk Data Aggregation and Risk Reporting
What is risk data aggregation?
What is the objective of FSB principles?
- Enhanced infrastructure for key information
- Improve decision-making process
- Enhance MIS across legal entities
- Reduce probability of severe loss from RM weaknesses
- Improve speed/timeliness
- Improve quality of strategic planning
Complete other efforts and provide smoother bank resolution (primarily SIBs).
Topic I - Overarching Governance and Infrastructure
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Principle 2 - Data architecture and IT infrastructure
- Business continuity planning
- Integrated data taxonomies and architecture across group
- Roles and responsibilities of ownership and data quality
- Adequate controls
- Ownership: data correctly entered, current, aligned and consistent with policies
Topic II - Risk Data Aggregation Capabilities
Principle 3 - Accuracy and Integrity
- Controls for robustness
- EUC for manual processes (to mitigate risk)
- Reconciliation, preferably with accounting
- Single authoritative source for risk data per type of risk
- Dictionary
- Balance between automated and manual (reduce risk of errors), judgment
- Documentation (e.g. workarounds)
- Measure and monitor accuracy
Topic 3 - Risk Reporting Practices
Principle 9 - Clarity and Usefulness
- Relevant recipient
- Balance on quantitative and qualitative
- Differing information needs
- Asking for and receiving info for governance
- Adherence to risk appetite
- Inventory classification
- Clear and useful
- Confirm with recipients regularly on relevance and appropriateness
Topic IV - Supervisory Review, Tools and Cooperation
Principle 13 - Remedial actions and supervisory measures
- Effectiveness and timeliness
- Increasing intensity of supervision
- Capital add-ons
- Set limits on deficiencies
- Watch new business initiatives
- Timetable for completion of deficiency and escalation procedure
Principle 14 - Home/host cooperation
- Sharing knowledge
- Within constraints of applicable laws
- Colleges
- Experiences in different parts of the group (impediments)
- Identify concerns
Topic V - Implementation and Transitional Arrangements
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
