The fading flame: Why data governance under BCBS 239 needs your attention now
In the last decade, nine new regulations have been added for financial services, yet the old ones remain firmly in place. Banks continue to struggle with compliance, as evidenced by the fact that only 6.5% of banks are fully compliant with BCBS 239, according to the latest BCBS report published in November 2023. So, how can banks tick all the boxes and achieve compliance with these longstanding regulations to move forward efficiently and effectively?
The report reveals not only issues the banks have with meeting regulatory requirements but also significant problems in how they manage their data. The biggest identified gaps are data governance and data quality, which could seriously affect the banking industry.
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