Data Governance and BCBS 239: How our Service Pods can help

1. skip to main content Blog Resources Events Careers Contact Us  I N TEL L I G EN C E I N DUSTRI ES WHAT WE O F F ER ABO UT US Home » Blogs » DataManagement Choose Category Data Management (51) Data Science (22) Data Engineering (11) Intelligence (10) Cloud Services (4) Customer Experience (3) Corporate (1) featured (1) POPULAR READS Data Governance and BCBS 239: How our Service Pods can help DATAMANAGEMENT | July23,2019 How to use Informatica Power Center as a RESTful Web Service Client? ByJohnHarrington | January31,2023 Asthebankingworldbecameincreasinglydigital,andintheglareofthefinancialcrisisof2007- 2009,theimportanceofdatagovernanceandriskmanagementhasneverbeengreater.Inthe DATAMANAGEMENT | July23,2019 How to integrate Informatica Data Quality (IDQ) with Informatica MDM bankingsector,BCBS239isthesetofprinciplesissuedbytheBaselCommitteeonBanking Supervisionthataimstoimprovetheriskmanagementandgovernanceoflargeand internationallyactivebanks.Inthisblogpost,wewillexploresomeofthekeyprinciplesof DATAMANAGEMENT | July25,2019 BCBS239andhowservicepodscanhelpbanksintheUKcomplywiththeseprinciplesand Deterministic Matching versus Probabilistic Matching improvetheirdatagovernance. BCBS239focusesonfourkeyareas:governance,"riskdataaggregationandreporting","risk managementandinternalcontrols",andsupervisoryreviewandevaluation.Thefirstprincipleis DATAMANAGEMENT | July25,2019 toestablishaneffectivegovernanceframework,whichincludesensuringthattheboardof Informatica MDM MDE Batch Process in a nutshell directorsandseniormanagementarefullyinvolvedinoverseeingthebank'sriskmanagement processes.Thesecondprincipleistoascertainthatthebankhastheabilitytoaggregateand reportonriskdatainatimelyandaccuratemanner.Thethirdprincipleistoensurethatthe bankhaseffectiveriskmanagementandinternalcontrolsinplace.Thefourthprincipleisto ensurethatthebankissubjecttoappropriatesupervisoryreviewandevaluation. Thereareotherprinciples,andreaderswhowhichtodrilldownthatrabbitholecanfilltheir bootshere:BaselCommitteeonBankingSupervision InMay2018,theEuropeanCentralBanknotedthat"Thusfar,noneofthosesignificant institutions – someofwhichareclassifiedasglobalsystemicallyimportantbanks – havefully implementedtheBCBS239principles".In2020BISsaid,"Noneofthebanksarefullycompliant withthePrinciplesintermsofbuildingupthenecessarydataarchitectureand,formany,IT infrastructureremainsdifficult."InMay2022whileBISconfirmed"theimportanceofbanks implementingtheprinciplessetout",weawaitclarificationoncompliance.So,whereareyouon yourcompliancejourney? Onewaythatbankscancomplywiththeseprinciplesandimprovetheiroveralldatagovernance isbyusingservicepods.Servicepodsareaflexibleandcost-effectivesolutionthatallows bankstoinsourcecertainfunctions,suchasdatamanagementandreporting,fromathird-party provider.Thiscanhelpbankstoimprovetheirdatagovernancetalentpoolbyensuringthatthey haveaccesstothelatesttechnologyandexpertisewhilereducingtheriskoferrorsandfraud throughaconsistentandknowledgeableteam. Oneofthekeybenefitsofusingservicepodsisthattheycanhelpbankstoimprovetheirstaff retention.AtMastech,wehaveastaffretentionrateof91%,whichissignificantlyhigherthan theindustryaverage.ThisisbecauseMastechvalues,rewards,andmotivatesitsemployees, andourservicepodsmodelisdesignedtosupportourstaffandprovidethemwiththetraining anddevelopmentopportunitiestheyneedtoexcelintheirrolesand,crucially,advance.They arehappy,theyfeelnurtured,andtheystay.Thestabilityandexperiencethatcomewith longevityhelpusmakesureourstaffhastheskillsandexpertisetheyneedtodeliverhigh- qualityservicestoourclients,andtoyou.This,inturn,meansyouretainaccesstothat experienceandthoseskillslong-term. SUBSCRIBE

2. MastechspecialisesinhelpingorganisationswiththeirData-in-motion,Data-as-an-asset,andMastechspecialisesinhelpingorganisationswiththeirData-in-motion,Data-as-an-asset,and DataActivationtoleveragethevaluechainoftheirdata.Bydoingso,wecanputthedataand governancethatthebankneedsforBCBS239infrontofthekeyprocesses,people,and technology – whichhelpsthemunlockbetterreporting,governance,andultimatelydecision- making.Thisincludesanalysingcustomerdatainasecurededicatedcleanroomtoidentify exposureorusingdataanalyticstoimproveoperationalefficiencyandreducerisk.Thereare fewareasofabank'sbusinessthatwillnotbenefitfrombetterdatadecisioning.Andjustified trustindatawillhelpyoumakebetterdecisionsfaster. Towrapup,datagovernanceisacriticalaspectofthebankingsector,andBCBS239isasetof principlesthataimtoimprovetheriskmanagementandgovernanceoflargeandinternationally activebanks – thecorrelationhereshouldbeobvious.ServicepodscanhelpbanksintheUK complywiththeseprinciplesandimprovetheirdatagovernancebyprovidingaccesstothe latesttechnologyandexpertiseandreducingtheriskoferrorsandfraud.Withourservicepods, bankscanimprovetheirstaffretentionandoptimisetheirvaluechainfordata,whichinturnwill helptoensurethattheyareprovidinghigh-qualitydataintheirgovernanceandreportingand boosttheircompliance. Bibliography: 1.BaselCommitteeonBankingSupervision. (2021).BCBS239:Principlesforeffectiveriskdata aggregationandriskreporting. 2.EuropeanCentralBank. (2018).ReportontheimplementationoftheBCBS239principles. 3.BankforInternationalSettlements. (2020).ImplementationoftheBCBS239principles. JohnHarrington SeniorPrincipal MORE READS The Retail Industry and IT Data Management: A Match Made in Heaven (Or at Least in the Cloud) Next-Generation MDM - Architecting Intelligence for the Future Why MDM on Cloud is Better than Line-of-Business Operational Data Stores ByJohnHarrington | February16,2023 ByJeffPohlmann | May5,2022 ByEinsteinRuiz | April12,2022 Stay Updated On The Trending Topics On Data And Analytics. S U B S C R I B E WH O WE ARE C ARE E RS E V E N T S RE S OURC E S BLOG C ON TAC T US      MastechInfoTrellis,INC. © 2023 Sitemap TermsofUse PrivacyPolicy MastechInfoTrellisisthewholly-ownedsubsidiaryofMastechDigital SUBSCRIBE