A risk assessment process to comply with regulatory reporting standards

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

To learn how your business can adopt our approach, please get in touch