Regulation is a key business driver and a vital part of the decision-making process. Banks dedicate a significant proportion of IT budgets to complying with regulatory reporting standards. There are a number of effective data governance programmes to help financial services institutions cope with the volume, pace and concurrency of regulatory change. To comply with MaRisk and BCBS239 regulations, GFT built a comprehensive professional data model for use in risk management at VW Financial Services.
Identify and source reliable data for use in risk assessment, in keeping with current regulations
- Limited availability of indicators required to assess risk comprehensively
- Heterogeneous databases – international subsidiaries had different data structures and granularity. Lack of unique content indicators and data clarity
- Compliance with regulatory reporting such as MaRisk and BCBS239 was not 100%
Analysis of key requirements and data warehouse design
- Analysis: audit requirements, reporting requirements, documents and processes
- Design: outline of the functional and technical architecture of a risk management data warehouse
- reconciliation and disambiguation of attributes, key figures, relationships, mappings and processes
A fully compliant and streamlined risk assessment process
- Creation of a comprehensive and professional data model for use in risk management
- Uniform semantics (key figures, characteristics catalogue and risk glossary) now make it possible to compare content
- Reduced manual effort – the risk management data warehouse has become the 'single point of truth'
- Compliance with reporting requirements laid down by regulatory authorities