4 ways Collibra helps you navigate the BCBS 239 principles

collibra data governance

In 2013 the Basel Committee released the BCBS 239 principles with the goal of strengthening risk data aggregation capabilities and internal risk reporting practices. While this set of principles has brought considerable challenges to the banking industry, it has also offered an opportunity to evolve. The implementation of stronger data governance models and high data quality criteria are key to making banks stronger and more competitive.

Principle 2 states: “A bank should design, build and maintain data architecture and IT infrastructure which fully supports its risk data aggregation capabilities and risk reporting practices (…)”. A sound infrastructure is one of the key elements that enables any organization to store information and use it as support in any decision made by all business’ lines. In this context, Collibra has proved to be a powerful tool that, through the automatization of more administrative tasks, can empower banks and let stakeholders focus on providing expertise. Meanwhile, internal procedures that classically burned down resources are now set aside.

In this article we will give you 4 reasons why Collibra contributes to the implementation of BCBS 239, bringing a breakthrough on automatization for data governance and efficiency.

1. Collibra prioritizes the importance of having a solid data governance program.

Collibra delivers a platform with a structure that helps the organization prioritize the construction of a clear methodology and an operating model where all stakeholders can easily recognize their role and responsibilities. It also provides a set-up that assist  issues management. In classic banking, minor changes on internal data modelling and enforcement would cause endless streams of emails, meetings and potentially misinterpreted spreadsheets. Now Collibra cuts the administrative burden by providing agents with a dashboard and notifications requesting their involvement. The agent knows in real time what are their tasks and when to bring his expertise.


2. Collibra provides an effective visual support for internal and external reporting.

Recently, as part of the implementation of BCBS, b.fine was asked to report on the lineage of several key data elements in the scope of COREP and ALM. The idea behind this data lineage can be summarized as: to track the journey that brings the raw data contained in a master source to the final version present in regulatory reports. In a few cases, the data flow has a simple structure. In the reality of modern banking, the same piece of information travels through countless tables, functions, filters, combinations, and software suites. These entangled relationships make the whole process very hard to visualize, error-prone, and difficult to follow by an agent that is requested to shift among different models. In cases like this, the diagram feature present in Collibra comes in handy as it generates visualizations of any end-to-end lineage.

3. Collibra enhances digital collaboration.

In the digital era, there has been an increasing attention towards collaborative tools as a solution to avoid processing delays, loss of information or human error. This awareness becomes even more critical during the present COVID-19 pandemic, during which colleagues learn to relay more on IT tools and less on physical communication.

Simply searching for the right person responsible is often a time-consuming challenge. Collibra tackles this problem as any user can clearly see who is the data steward and the data custodian of each element, business process, or business term. Moreover, when an issue arises, workflows can be programmed to automatically solicitate the concerned stakeholders and to follow a flow reflecting the decision-making hierarchy of the organization.

4. Collibra provides a flexible toolbox to face future challenges.

The BCBS239 standard contains a set of principles that are the base for different regulatory reports. These guidelines foresee large differences in the actual implementation of business models. Evaluating an ever changing business strategy requires great flexibility. Today, banks look for an adaptable toolbox that allows them to match their specific business model, and to simultaneously cope with constant changes in requirements. Collibra offers the opportunity to customize the platform to each organization specificities and track any changes on data and its models through time.

There is no easy shortcut to implement the BCBS239 standard in a financial world that is constantly evolving, facing diversified challenges and becoming more complex. When there is no passe-partout answer to evolving challenges, it is of extreme importance to have a solid base strategy and an adaptable tool in your hands, such as Collibra. This is why Collibra is chosen to be included in our b.rx ecosystem. Our b.rx platform is a SaaS solution that brings a peace of mind to banking institutions and creates a efficient regulatory reporting chain.

Download the b.rx brochure here to learn more about the functionalities and advantages of the SaaS platform.

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