The report, which looks at the recent Basel Committee on Banking Supervision document BCBS 239 Principles for Effective Risk Data Aggregation and Risk Reporting, finds that, as well as G-SINS, all banks should start to examine their risk operating model and data management function and 'develop a plan to move up the curve'.
"It is clear the overall intent is to set a benchmark for what is acceptable in the way a bank manages and reports risk" says Deloitte. "There are major implications for a bank’s risk operating model and, more broadly, how data is managed across the bank".
However, there is a ray of good news for those global banks who take action early, according to Deloitte: "There is an opportunity to differentiate the bank in the eyes of investors through an industry-leading risk management function....establish a data management function that can increase revenue through client insights...and decrease costs across the bank. In short, this is an opportunity to gain sustainable competitive advantage."