Aligning with BCBS239 Principles can bring down cost of compliance. The Fintellix Platform and DataHub aligns with BCBS239.
Of the 14 principles of BCBS239, 11 principles apply to the Financial Institutions and lay down a foundation for the risk data aggregation and risk reporting practices that banks need to follow.
Compliance will require investments in people, process and technology as banks traverse this path. BCBS239 compliance comes with stringent timelines of a January 2016 deadline for G-SIBs. D-SIBs in turn have been asked to get compliant within three years of their being accorded this status. Criteria for identification of D-SIBs have also been clearly laid out.
Recognizing BCBS239 as a de-facto global standard/best practice for Banking Data Management with specific focus on Regulatory and Risk Reporting, Fintellix has aligned its DataHub and Data Platform with BCBS239.
Data Management is a key area of concern for Global regulators with initiatives such as XBRL and Automated Data Flow (ADF) being championed by multiple regulators. The Fintellix Platform adheres to the Automated Data Flow (ADF) standards and also provides a business configurable mapping utility to convert visual reports into XBRL seamlessly.