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The Solution to BCBS 239 Compliance

Alex: Your Modern Solution for BCBS 239 Compliance

 

Written by Ozge Mertyurek, EMEA Director | Alex Solutions.

 

The Challenge of Legacy Systems and BCBS 239

 

The Basel Committee on Banking Supervision (BCBS) introduced BCBS 239 to enhance risk data aggregation and reporting for banks. Many financial institutions struggle with legacy IT systems that weren’t designed for modern data management practices. Effectively aggregating and reporting risk data across the organization becomes a significant challenge.

 

Legacy systems can lead to two main problems:

 

Data Silos: Information is fragmented and stored in different databases and formats, hindering the ability to gather and report risk data effectively.
Data Quality Issues: Legacy data and systems can suffer from inconsistent definitions, incomplete sets, and a lack of standardized management practices. Ensuring high data quality and consistency becomes a significant burden.

 

 

The BCBS 239 Imperative: Modernization for Effective Risk Management

 

 

Achieving BCBS 239 compliance requires a shift towards modern data management practices which require modernization of data landscape and effective data governance. However, integrating new technologies with existing systems while maintaining data compatibility and integrity presents challenges. Similarly, establishing governance controls, standards and processes can be difficult, especially when aligning business objectives with risk data requirements across complex organizations.

 

 

The Alex Advantage: A Comprehensive Solution for BCBS 239

 

 

Alex offers a comprehensive solution that addresses these challenges and empowers you to achieve BCBS 239 compliance efficiently. Here’s how Alex can help:

 

  • Data Integration: Alex integrates smoothly with your existing IT landscape, eliminating data silos and enabling efficient risk data aggregation.

 

  • Improved Data Quality: Alex provides robust data quality management tools to identify and rectify errors and inconsistencies, ensuring accurate and reliable data for regulatory reporting.

 

  • Data Marketplace: Alex’s intuitive data marketplace-like interface offers industry-standard glossaries and personalisation options for discovery of critical information related to BCBS 239 principles.

 

 

Risk and Compliance

 

 

  • Simplified Data Governance: Alex simplifies data governance and CDE lifecycle management by providing ready-to-use features like RBAC, automated workflows, policy management, and pre-built templates for Business Data Flows (BDFs).

 

  • BDFs in Alex are designed to accommodate the complexity in visualization of data flows in large organizations with legacy systems where field level (too low level) information is aggregated and overlaid with compliance aspects for business users and regulators to understand with ease.

 

 

Risk and Compliance

 

  • Data Governance and Compliance Reporting: A brand-new feature that provides intuitive dashboards for tracking ownership, data lineage, quality, privacy, and policies & controls saving time and resources on compliance reporting efforts.

 

 

Partnering with Alex for BCBS 239 Compliance

 

By implementing Alex, you gain a powerful partner in your BCBS 239 compliance journey. Alex empowers you to overcome legacy system limitations, maintain a unified view of your risk data across the organization, ensure data quality, and establish effective data governance practices.

 

Next Steps

 

Contact us today to learn more about how Alex can help your organization achieve BCBS 239 compliance.