G. Sibley is well along in his BCBS 239 journey now. The requirements are challenging, and the project has far-reaching impact on every aspect of his business operations and technology. But, by breaking it out into a series of logical steps he’s found a way to make solid progress.
G. Sibley focused first on the Fundamentals:
- Data Definitions, to establish a common language within and across his organisation.
- Data Governance, to assign clear responsibility and controls around important data sets.
- Data Architecture, to provide an enterprise platform for building risk data aggregation capabilities.
- Scope, to ensure that his definitions, governance, and architecture included all of the key contributors to risk data.
Next, he developed his data management Capabilities:
- Data Quality, to ensure his data was “fit for purpose.”
- Timeliness, to allow him to react quickly to crisis situations.
- Flexibility, to allow his organisation to adapt as user and market needs evolve.
- Traceability, to give his operations, technology, and audit teams visibility into the full data supply chain.
And now, he’s finding that in the process he’s given his business some significant gifts:
- The gift of Competitiveness, to outflank his peers.
- The gift of Knowledge, to work smarter in a challenging business environment.
- The gift of Stability, to respond more effectively to the next crisis.
We appreciate your joining us in following the journey of G. Sibley.
On behalf of all of GoldenSource, we wish each one of you – our customers, our business partners, our friends - the best in your own BCBS 239 journey, a happy holiday season, and a prosperous 2015!
By Steve Engdahl, SVP, Product Strategy, Goldensource