Getting on top of BCBS 239, CCAR, FDSF, COREP and FINREP

On June 24, senior AxiomSL executives took part in a webcast about the impact of new regulatory measures, including BCBS 239 – the Basel Committee on Banking Supervision’s Principles for Effective Risk Data Aggregation and Risk Reporting.

During the event, Tony Sarkis, AxiomSL’s Head of Policy and Product Strategy, EMEA, explained BCBS 239 will require risk teams to introduce new controls because they will begin reporting externally. He outlined a number of changes banks should make in order to comply with the Basel Committee’s requirements by the January 2016 deadline.

Ed Probst, Senior Vice President, Regulatory Reporting and Risk, described the challenges of complying with the US Federal Reserve’s Comprehensive Capital Adequacy and Review (CCAR). He said the different teams required to execute CCAR calculations are inter-dependent and it is therefore important that firms carefully coordinate their operational processes.

The other topics discussed were Firm Data Submission Framework (FDSF) stress testing in the UK and the European Banking Authority’s (EBA) Common Reporting (COREP) and Financial Reporting (FINREP) requirements.

The other speakers were:

  • David Sharratt, Managing Director of Trading and Operational Risk at RBS
  • Pierre Pourquery, Partner and European Head of Risk and Regulatory Solutions at EY

To listen to a recording of the webcast, click on this link.