Company: ClusterSeven Ltd
Category: Technology Systems and Software
Published: 15 October 2012
The 2012 consultation on Risk Data Aggregation by the Basel Committee, the April 2011 report by the Fed/OCC on Model Risk Governance and the 2012 FSA Solvency II findings on the IMAP (Internal Model Approval Process) attest to how the approach to regulatory supervision is changing. It is no longer good enough to ‘just' produce the final report. Executives must attest to the figures and be able to demonstrate that the processes to produce reports are robust.
To determine the appropriate nature of end user computing controls firms should focus on the full data lineage that supports the end-to-end business process of data aggregation, rather than treating spreadsheets as isolated elements. This white paper demonstrates how this can be put into practice most effectively through using the best IT systems and architecture within a business context.