Regulatory Roadmap - BCBS 239
[For the article in German follow this link.]
In 2007-2008 the global financial crisis showed the inadequacies of the IT and data architectures of systemically important institutions in the financial system.
Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at group level, across business lines and legal entities. As a result, the ability to take timely decisions was seriously impaired, with wide-ranging consequences for the banks themselves and the financial sector as a whole. For example, most institutions struggled to assess their true exposures to Lehman Brothers and other casualties of the market events in 2007–2008 as the key information required was siloed across different department systems and processes, resulting in wholesale fragmentation and a near impossible task to collate the relevant information quickly across numerous legal entities within a large investment bank.