BCBS #239: the transformation towards the compliance
Based on Deloitte’s EMEA Survey September 2017
The main dilemma that banks faced during the mobilisation and planning phase of their bespoke BCBS #239 compliance programs was the one over different approaches, “Fix” or “Build”. Banks had to choose between a "soft" program of adaptation of existing infrastructures and processes to be compliant with regulatory requirements, or more cumbersome programs with a strong innovative connotation based on several organizational, infrastructural and technological interventions.
Evolution of compliance: main challenges
The wide range of activities foreseen, and the tight timeframe available for implementing the principles of the regulations, encouraged the banks to follow mainly a tactical approach, in order to maximise the results achievable in the existing timeframe. This was mostly due to the fact that a path to full compliance considering an integrated strategic and technological approach would require a longer time horizon to implement.
In the report
In order to meet the Regulator’s requests, it’s vital to develop a plan that takes into account the entire risk reporting value chain; this means considering risk data as an asset that has to be accurate, clear, complete and easily available. Download the report to read more about the following:
- Evolution of compliance: lessons learnt
- How the Banking Sector is approaching BCBS #239
- Links with the new regulatory requirements
- The last mile towards compliance