I recently read an excellent paper on BCBS239 by McKinsey, based upon a recent survey of banks by them and the IIF.
Interestingly it states that compliance levels are decreasing as firms realise the detail of what it takes to comply. Key takeaways for me were:
- That regulatory scrutiny in this area is set to increase
- There is an expectation that costs will rise
- That the key benefits of enhanced safety and soundness need to reiterated
- That while some firms have focused on regulatory compliance a few are starting to utilise advanced analytics to support efficiencies and other business goals
Finally this quote seems very relevant “Many banks are also deepening senior-management accountability to improve program governance and data-quality awareness, as these are key topics for regulators”
If you are interested in seeing how Governor can help with BCBS239, see this article