Risk Data Aggregation and Risk Reporting

In July 2023, ECB shared a consultation regarding prerequisites of Risk Data Aggregation and Risk Reporting. This consultation follows weaknesses identified by the Supervisory Review and Evaluation Process (SREP).

• Key deficiencies on the governance arrangements
• Low effectiveness on risk data architectures
• Lack of supporting IT architecture

Encourage organizations to implement rapidly improvement and compliance plans. Set up and develop the best practices on risk data management, governance and quality.

Objectifs:

• Enhancing financial institution’s ability to identify, monitor, and manage risks effectively by improving data quality.
• Strengthening transparency and accountability, enabling stakeholders to better understand risks and the financial health of institutions.
• Promoting financial system stability by reducing the likelihood of catastrophic events and ensuring compliance with current standards and regulations.

Aurexia expertise allows your organization to be compliant with RDARR regulation at different levels.

Data strategy:

• Diagnosis of the data maturity
• Identification of the business scope and sources of business value, breakdown into data use cases
• Definition and setting up of the strategy

Data management:

• Design and implementation of a data governance model
• Implementation of Data dictionaries
• Study and rationalization of Data Lineage
• Definition of rules and implementation of quality controls

Data technology solutions:

• Operational Model Design & Integration
• Data Management Framework Implementation & Automation
• Workflow Engineering & API Building