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The transformation towards the compliance
Since January 2016, G-SIBs have been working to deliver the remaining components of their strategy comply with the 11 principles for effective risk data aggregation and risk reporting. However, the latest annual progress report, publish by the Bank of International Settlements (hereafter BIS) in March 2017, indicated several weaknesses for the 30 G-SIBs analysed.
The questionnaire highlighted that these banks have failed to reach the target level of compliance. None of the banks analysed has been able to achieve full compliance on any of the 11 principles, and several of them are still “materially non-compliant” on most of the principles (in particular Data architecture and IT infrastructure reported the lowest score). For this reason, the Committee has requested banks to provide an updated detailed roadmap, in order to address the main challenges identified. In addition, the BIS asked D-SIBs to define and recalibrate their approach to compliance with the regulatory principles. Banks should leverage the approach used by those peers with plans in more advances state of completion and define a new path towards full compliance. Mainly they need to capitalise on the lessons learned by the industry, in order to define a reliable time for achieving significant progress and comply with the regulatory deadline.