Comments
8 Things You Probably Donít Know About BCBS 239
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BonovaAdv
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BonovaAdv,
User Rank: Apprentice
7/28/2015 | 1:02:25 PM
Great article
I have included more details for bcbs239 in the paper below https://www.slideshare.net/slideshow/embed_code/key/qIDo3wpOJY1yGJ
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
8/13/2014 | 3:24:13 PM
Re: The accounting tie-in to risk reporting in BCBS 239
Good point. It makes sense to have the risk data held to as high a standard as accounting data. After all, if the rist data isn't as sound as the accounting data, can you really trust it?
allang119
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allang119,
User Rank: Author
8/12/2014 | 5:29:24 PM
The accounting tie-in to risk reporting in BCBS 239
There is a ninth item in BCBS 239 that is as important if not more important than the eight items mentioned. BCBS has set a high water mark for the quality of risk data. It is to be as controlled as is the data entered into the books and records of the firm.  From BCBS 239:

"Controls surrounding risk data should be as robust as those applicable to accounting data."

 

"Risk data should be reconciled with bank's sources, including accounting data where appropriate, to ensure that the risk data is accurate." 

Supervisors expect banks to consider accuracy requirements analogous to accounting materiality.

 

BCBS 239 is truly a paradigm shift in risk management thinking.


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