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What does it take to become successful?
The challenges of this day and age have further highlighted the critical role of BCBS239 in enabling banks to navigate turbulent times and stay adaptive to remain resilient in the face of changing circumstances. We see five key areas banks must focus on to make their BCBS239 journey a lasting success.
Continued board level buy-in
Secure continued buy-in from the board to support the development and implementation of a robust data foundation and related data management practices. Without this support, initiatives may not receive the necessary resources and attention to be successful. To achieve this buy-in, raising overall level of data literacy and awareness within the organization is key.
Take a strategic and agile approach
Successful organizations take a strategic approach to their BCBS239 programs and data management initiatives, linking them to business objectives and priorities and embedding it in their data strategy. By identifying key levers through which enhanced data management can grow the business, improve decision making and mitigate data risk, a rationale beyond mere compliance can be developed. This in turn can spearhead the development of a more intentional and balanced data (management) strategy, focusing on incrementally building defensive and offensive capabilities.
Data management and governance KPIs
Set clear data management priorities, linked to BCBS239 Principles, and establish KPIs to measure progress and embed them within the organization. This involves developing a comprehensive understanding of the organization's data management capabilities and organizational setup, identifying areas for improvement, and setting targets which fit the bank’s ambition levels.
Expand the scope beyond risk
While the initial scope of BCBS239 only included risk data, successful organizations will make a transition to broader data management and gradually include supervisory reporting, finance, sustainability and others. The data management foundation and lessons learned that has been laid on risk data can thereby be leveraged in other domains.
Embrace emerging technology
Embrace emerging technologies such as data virtualization, automated data quality monitoring and data lineage tooling to accelerate data management capabilities. This involves investing in technology and skilled personnel, as well as leveraging best-of-breed data management solutions to automate manual processes, reduce errors and increase observability. By embracing emerging technologies, banks can improve their data capabilities and stay ahead of the curve.