PERADARR, or the Principles for Effective Risk Data Aggregation and Risk Reporting (BCBS 239), were issued by the Basel Committee on Banking Supervision in January this year and will come into effect in 2016. The 14 principles set out how Global Systemically Important Banks (G-SIBs) should manage risk data and deliver it to regulators.
The white paper calls for close co-operation between banks, regulators and data management experts to ensure data is shared in a consistent format and in a way that can keep up with the pace of modern banking.
"While the PERDAAR principles do not come into effect until 2016, the parlous state of data infrastructure in many banks means that there is precious little time to make the changes needed to comply," the white paper concludes.
The white paper is available here.