LONDON, July 8, 2015 /PRNewswire/ --
- Gartner Recognised Innovator Brings Financial Services Regulation Solution to Market
Diaku, a leading Data Governance software provider and Gartner Cool Vendor, today announced its accelerator for compliance with banking regulation BCBS239, "Principles for Effective risk data aggregation and Risk Reporting", also known as PERDARR, RDARR & RDA.
Compliance with these regulations has proven more challenging than banks anticipated, with the most recent update on compliance progress released by the Basel Committee for Banking Supervision stating "Only two G-SIBs reported compliance with the Governance Principle, and no G-SIBs fully comply with the Data Architecture and IT Infrastructure Principle. Of particular note, six G-SIBs downgraded their ratings for each of these Principles as compared with their self-assessment ratings from 2013 to 2014."
The report further highlights the difficulties relating to the Accuracy and Integrity Principle, namely that manual processes and activities are challenging to identify and capture, and that the ability to collaborate across business lines remains an obstacle. The report goes on to confirm that similar challenges are being seen within the D-SIBS they have engaged with. Diaku Axon for BCBS239 is designed to explicitly address the challenges in these principles to quickly bring visibility & control to risk data aggregation.
"BCBS239 challenges the silo driven structure of banks today," said Patrick Dewald, co-founder of Diaku. "It requires understanding to be captured across both business lines and functional disciplines to bring control to the risk data lifecycle. Our Diaku Axon for BCBS239 offering is focussed on collaborative documentation and management through our three stage process - Inventorise, Connect, Control. In the first stage, we inventorise core items - data, definitions, systems, EUCs, reports, processes, controls, roles, policies etc. We then connect across inventories to describe usage, dependencies, relevance and context. The resulting integrated network of knowledge and stakeholders allows for a controlled and continuous improvement process. BCBS239 does not dictate a perfect data landscape. It does however insist on banks getting a better understanding of their data landscape and how it hangs together. Our recent Cool Vendor recognition from Gartner demonstrates the market for data governance software is evolving beyond data dictionaries and into a connected understanding of data and how organisations use it. This is our core goal - to bring business, data and technology together."
About Diaku
Diaku is a Data Governance software & Consulting company, serving clients in UK, mainland Europe and the United States. Diaku operates across the Financial Services industry with recent expansions into Healthcare and Pharmaceuticals.
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Media Contact
Darius Clayton
Diaku Limited
+44(0)20-7100-1244
darius.clayton@diaku.com
See more at https://diaku.com/bcbs239/
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