The Basel Committee on Banking Supervision has issued “Principles for effective risk data aggregation and risk reporting” which are intended to strengthen risk management at banks by providing for more effective risk data aggregation capabilities and internal risk reporting practices.

The principles complement other international initiatives in progress and will allow banks to comply effectively with them. G-SIBS will be required to implement the principles by the beginning of 2016 at the latest and the Committee will be monitoring their progress towards meeting this deadline.

The Committee has also suggested that national supervisors apply these principles to institutions identified as domestic systemically important banks three years after their designation as such.