As organisations continue to get to grips with the implementation of BCBS239, the aggregation of firm-wide financial and risk information has arguably been one of the most daunting challenges for banks and other financial institutions to overcome. Firms need to be able to aggregate risk and financial data in order to analyse, investigate and manage risk and make sound business decisions. The question is, how?
John Barclay (Managing Principal, Risk Consulting UK, GFT), Alan Morley (AML & Practice Lead USA, GFT) and Nick Weisfeld (co-Head of Data Practice UK, GFT) have recently co-authored a point-of-view entitled ‘BCBS239: the art and science of data aggregation’ which evaluates the current problems firms are facing, whilst also proposing the idea of a ‘Lingua Franca’ to help provide a potential solution. The paper also discusses in detail:
• The use (and abuse) of Extract-Transform-Load (ETL) technology and how its emergence has radically changed how data is managed
• The role of Data Governance and how the fundamental driver for implementing an enterprise-wide data-driven culture should be to improve decision-making for the entire organisation
• The debate over whether a taxonomy or ontology is required, and what a suitable ‘Lingua Franca’ must establish in order to succeed.
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