GBIC comments on ECB’s Guide on effective risk data aggregation and risk reporting

The European Central Bank (ECB) launched a public consultation in July 2023 on its Guide on effective risk data aggregation and risk reporting. The guide details supervisory expectations for governance and risk management and shares best industry practices. Banks are expected to step up and conclude their efforts to improve their governance framework and data management process in a timely manner. In its comments GBIC especially identifies ambiguities in the draft presented by the ECB and points out where clarification is required.