Delays have struck regulators, due to IT problems, as they assess risk at thirty of the world’s biggest banks.
The Basel Committee of supervisors said that many banks are facing difficulties when attempting to set up systems to gain an aggregate of their data. In a statement released by Basel, they said that ten of thirty identified banks would not be able to fully comply with regulations by the 2016 deadline.
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Rolf Van Roessing, past international vice president of ISACA and executive advisor at KPMG Europe, said: "Assessing risks and future systemic risks in particular, is an extremely difficult challenge for financial institutions. The recent reports on delays in implementing the comparative risk analysis are therefore not surprising."
He added: "In terms of establishing accuracy, completeness and integrity of risk data, there is a lot of work to be done in strengthening internal IT controls and processes."
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