Customer Data Aggregation Requirement

Basel II was a comprehensive revision to the Basel I standards issued by the Basel Committee on Banking Supervision (BCBS) in 2004 and finalized in 2006. Basel II:

  • Provides more flexibility in calculating minimum regulatory capital
  • Improves risk sensitivity of regulatory capital framework, while
    maintaining current capital levels in the system
  • Broadly aligns regulatory capital rules to economic capital used in
    large banks
  • Incentivizes risk management and risk mitigation processes and
    practices

 

Basel III was issued in response to the global credit crises. It introduced new capital and liquidity standards to strengthen supervision and risk management of the financial sector.

Basel II and Basel III, together, replace most of the elements of Basel I. They place high demands on firms to measure the credit and operational risk of their portfolio. Calculating risks requires the ability to share business information across the organization.  The problem for many banks is that information is often isolated in systems from different vendors so that their customer data sets are duplicated, inconsistent and outdated. Consequently, many banks struggle to uniquely identify customers across legal entities and jurisdictions. To aggregate information on its universe of legal entities, banks need to be able to cross-reference and map entities across their multiple internal systems, departments and geographies as well to multiple external data sources.

Compliance Made Easy

Opus Reference Data facilitates the cross-referencing and mapping of customer data across multiple systems. Learn more