Leveraging EIIG for BCBS 239 Compliance:
Orion Governance comprehends the challenges faced by banks and provides EIIG as a solution to expedite BCBS 239 compliance. Specifically, here’s how EIIG aids in implementing all 11 principles related to overall governance and infrastructure, risk data aggregation capabilities, and risk reporting practices:
1. Governance: EIIG offers a comprehensive data governance platform to support BCBS initiatives. EIIG’s automated metadata discovery allows banks to assess the health of their data assets, identifying valuable and risky data assets for improved governance and compliance.
2. Data Architecture: EIIG simplifies banks’ data architecture through a self-defined data fabric, promoting data aggregation, harmonization of data taxonomy, and optimized data placement, reducing redundancy, latency, and inconsistency.
3. Accuracy and Integrity: EIIG offers a federated view of all data assets in a knowledge graph, maintaining accuracy and integrity. It automates the discovery of authoritative data sources, enhancing data consistency and trust.
4. Completeness: Supporting over 70 technologies, EIIG establishes comprehensive connectivity, centralizing risk data, regardless of its source and location.
5. Timeliness: EIIG enables banks to update metadata repositories as needed, ensuring timely and accurate reports.
6. Adaptability: EIIG allows banks to generate risk data reports as required, with automated impact analysis for enhanced adaptability.
7. Accuracy: EIIG facilitates reconciliation across platforms and ensures data accuracy and compliance.
8. Comprehensiveness: EIIG provides automated data transparency for a complete and scalable compliance approach.
9. Clarity and Usefulness: EIIG automates business views, ensuring clear and meaningful risk data for reporting.
10. Frequency: Banks can customize the frequency of risk data report generation with EIIG, catering to different user personas for efficient decision-making.
11. Distribution: EIIG promotes self-service by granting users access to generate, access, and distribute risk reports with robust access control and permission management.