On January 23, 2015, the Basel Committee published its second progress report on the adoption by banks of its Principles for effective risk data aggregation and risk reporting. The Principles are to be implemented by global systemically important banks (“G-SIBs”) by 2016, and aim to strengthen risk data aggregation and risk reporting at banks so that risk management and decision-making practices are improved. The report details the progress that G-SIBs have made and the measures that they have taken to comply with the Principles. Fourteen out of the thirty-one G-SIBs have stated that they will not be able to comply with the principles by the 2016 deadline. The report also states that national regulators are recommended to apply the Principles to domestic systemically important banks (known as D-SIBs) from three years after they have been identified as such.
The report is available at: http://www.bis.org/bcbs/publ/d308.pdf.