The incoming Head of the Financial Conduct Authority (FCA), reiterated the significance of The Senior Management Regime (SMR), which became law on 7th March. This gives executive management legal responsibility for their decisions.
BCBS 239 regulates assembly of data used for these decisions. Individual managers are accountable for decisions they take and for ensuring data is fit for purpose. The FCA state: “Managers cannot delegate responsibility”.
BASEL III/CRR/CRD/COREP/FINREP reporting places heavy demands on data governance and architecture in terms of risk data aggregation and reporting for critical decisions.
From governance and architecture perspectives, these demands pale in comparison to the rigour required for Data Privacy and Information Security legislation to be implemented in 2017/2018. The personal and financial penalties are enormous:
- Corporate fines of up to 4% of global turnover
- Personal fines, disbarring from the industry and criminal sanctions
It is essential that all staff producing, transforming, consuming or controlling data are aware of the Principles and their role in the chain of producing quality data.
The EDMworks BCBS 239 Key Facts and Impacts eLearning course can be taken at your convenience. Click the following link to find out more: https://lms.edmworks.com/mod/page/view.php?id=605