{"id":2949,"date":"2024-02-15T09:00:00","date_gmt":"2024-02-15T08:00:00","guid":{"rendered":"https:\/\/aurexia.com\/insights\/?p=2949"},"modified":"2024-02-14T23:04:37","modified_gmt":"2024-02-14T22:04:37","slug":"risk-data-aggregation-and-risk-reporting","status":"publish","type":"post","link":"https:\/\/aurexia.com\/insights\/risk-data-aggregation-and-risk-reporting\/","title":{"rendered":"Risk Data Aggregation and Risk Reporting"},"content":{"rendered":"\n<p>In July 2023, ECB shared a consultation regarding prerequisites of <strong>Risk Data Aggregation and Risk Reporting<\/strong>. This consultation follows <strong>weaknesses identified <\/strong>by the Supervisory Review and Evaluation Process (SREP).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Key deficiencies on the governance arrangements<\/li>\n\n\n\n<li>Low effectiveness on risk data architectures<\/li>\n\n\n\n<li>Lack of supporting IT architecture<\/li>\n<\/ul>\n\n\n\n<p>Encourage organizations to implement rapidly improvement and compliance plans. Set up and develop the best practices on risk data management, governance and quality.<\/p>\n\n\n\n<p><strong>Objectifs:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enhancing financial institution&rsquo;s ability to identify, monitor, and manage risks effectively by improving data quality.<\/li>\n\n\n\n<li>Strengthening transparency and accountability, enabling stakeholders to better understand risks and the financial health of institutions.<\/li>\n\n\n\n<li>Promoting financial system stability by reducing the likelihood of catastrophic events and ensuring compliance with current standards and regulations.<\/li>\n<\/ul>\n\n\n\n<p>Aurexia expertise allows your organization to be compliant with RDARR regulation at different levels.<\/p>\n\n\n\n<p><strong>Data strategy: <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Diagnosis of the data maturity<\/li>\n\n\n\n<li>Identification of the business scope and sources of business value, breakdown into data use cases<\/li>\n\n\n\n<li>Definition and setting up of the strategy<\/li>\n<\/ul>\n\n\n\n<p><strong>Data management:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Design and implementation of a data governance model<\/li>\n\n\n\n<li>Implementation of Data dictionaries<\/li>\n\n\n\n<li>Study and rationalization of Data Lineage<\/li>\n\n\n\n<li>Definition of rules and implementation of quality controls<\/li>\n<\/ul>\n\n\n\n<p><strong>Data technology solutions:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Operational Model Design &amp; Integration<\/li>\n\n\n\n<li>Data Management Framework Implementation &amp; Automation<\/li>\n\n\n\n<li>Workflow Engineering &amp; API Building<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-dark-blue-background-color has-background wp-element-button\" href=\"https:\/\/aurexia.com\/insights\/wp-content\/uploads\/2024\/02\/Aurexia-Data-RDARR_Regulation_TEASER.pdf\" style=\"border-radius:0px\">Download the full version<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In July 2023, ECB shared a consultation regarding prerequisites of Risk Data Aggregation and Risk Reporting. This consultation follows weaknesses&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2947,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[31,284],"tags":[129,410,179,409],"class_list":["post-2949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-management","category-risks","tag-data","tag-risk-data","tag-strategy","tag-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Risk Data Aggregation and Risk Reporting<\/title>\n<meta name=\"description\" content=\"In July 2023, ECB shared a consultation regarding prerequisites of Risk Data Aggregation and Risk Reporting.\" \/>\n<meta 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