In a recent blog post, Elizabeth McCaul, a Member of the Supervisory Board of the European Central Bank, explains how the regulator is ramping up its supervision of risk data aggregation and risk reporting (RDARR).
"Our banking supervisors routinely identify issues, raise any concerns they have and ask banks to take prompt and effective remedial action," McCaul writes. “In recent years, many banks have failed to fully address the weaknesses identified in risk data aggregation and risk reporting. And some banks have not made adequate progress on implementing their remediation plans. Supervisors at the ECB are taking note and reviewing escalation options.”
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