The recession of 2007 brought critical scrutiny and fundamental changes to the world’s leading financial institutions. One of the most far-reaching was the set of guidelines issued as Basel Committee on Banking Supervision (BCBS) 239, which articulated new principles for effective risk data aggregation and risk reporting.
As the BCBS said when it announced 239, “one of the most significant lessons learned from the global financial crisis that began in 2007 was that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks.” Further, the Committee concluded that “some banks were unable to manage their risks properly because of weak risk data aggregation capabilities and risk reporting practices. This had severe consequences to the banks themselves and to the stability of the financial system as a whole.”
IT and data architectures and aggregation capabilities clearly needed to be upgraded in order to prevent future financial crises.
Hewlett Packard Enterprise (HPE) had developed a Risk Data Aggregation and Reporting (RDAR) integrated solution that met BSBS 239 requirements and compliance deadlines. With lots of solutions to choose from, HPE selected RedPoint Data Management™ to manage and cleanse both structured and unstructured data for the HPE RDAR solution. Using RedPoint Data Management, the RDAR integrated solution provides financial institutions with a framework for the rapid enablement of BCBS 239 compliance.
RedPoint Data Management offers HPE RDAR an array of sophisticated data management features including identity resolution, master key management, data parsing, international address standardization, data quality, aggregations, transformations, and automations.
Being chosen as a key HPE RDAR partner allows RedPoint to extend our market reach into the banking community in a unique way. It puts us in position to not only work with a legendary technology institution but work with them to solve some of banking’s thorniest and most difficult data challenges.
As the BCBS said in its guideline announcement, “strong risk management capabilities are an integral part of the franchise value of a bank.” That requires exceptional capabilities from its technology and data management solutions providers. We’re proud to be part of the community selected to solve this problem.