Master data solutions are designed to on-board new customers, identify them and then enable the distribution of that enriched and controlled information back out to the management reports, stress test and ad-hoc and supervisory requests.
Using the core master data capability of matching will give you automation that is critical to meet the following key principles:
Merging your customers with a reference data set gives you an incredible level of enrichment that covers the principle to capture and aggregate risk across the slices BCBS 239 identifies:
Master data solutions allow for adaptability: New sources, new customers, to data attributes. When designed by an experienced team, these solutions become the core for auditable client information and governance meta data to meet the pillars of BCBS239. Even though global systemically important banks are the focus right now, risk aggregation and the principles in BCBS 239 will be applied to a broader group as national level regulators focus their attention on domestic banks. Understanding how de-duplication and hierarchy enrichment can accelerate (and automate) risk reporting will reduce fear of the unknown within your organization and may just uncover foundational IT assets already in place, ready to be leveraged in a new way.