Governance, Finance, Risk and Compliance (GFRC)

Read February’s release from Wolters Kluwer on the importance of Governance, Finance, Risk and Compliance (GFRC) and how bringing critical functions together for a more comprehensive picture. Banks which adopt a Governance, Finance, Risk and Compliance (GFRC) approach to their business are able to operate more cohesively by reinforcing the connective tissue that binds critical functions together. That’s according[…]

Regulation Review – AIFMD

2016 has seen the additional regulatory burdens of BCBS-239 and Solvency II come into force, and with them additional data management demands, . But previous regulations are still causing problems, such as the Alternative Investment Fund Management Directive (AIFMD) that took effect in 2013. AIFMD was introduced by the European Union as a result of the[…]

New Industry Initiative for a Derivatives Product Identification Standard

Fundamental to providing quality price data is the accurate identification of the instrument to which it belongs. In the securities markets this has long been available through the use of industry codes such as ISINs and CUSIPs, but the OTC markets have lacked internationally accepted identifiers. This has presented PaceMetrics with complexities in enforcing a ‘golden[…]

The Financial Instrument Global Identifier (FIGI)

The Financial Instrument Global Identifier (FIGI) is an open standard, a unique identifier of financial instruments, originally introduced by Bloomberg as the Bloomberg Global Identifier. It seems to be gradually moving towards acceptance as a primary security identifier, and a potential ISO standard. What is a Financial Instrument Global Identifier? The OMG FIGI specs

The Internal Audit Function In Banks

In December 2011 the Basel Committee on Banking Supervision issued a revised supervisory guidance for assessing the effectiveness of the internal audit function in banks. It’s interesting to see the additional emphasis the BCBS placed on including oversight of regulatory functions, and within that an explicit reference to the need for data integrity: Principle 7: The internal audit function[…]

BCBS-239 Compliance

The Basel Committee on Banking Supervision issued ‘Principles for effective risk data aggregation and risk reporting’ (or, as everyone knows it as now, BCBS-239) in light of the realisation that ‘banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks’ and that this was a contributor to the global financial crisis. It[…]