Instituting data governance practices is a key factor to support compliance with regulations such as BCBS 239, DFAST and CCAR. Using tools such as Collibra can help inventory your models, input variables, business rules, technical rules, and so forth. Item inventories facilitate creation of Critical Data Elements, Data SLAs, and Data Sharing Agreements and assigning stewards to support those daily functions. Collibra creates roles for stewards, who oversee daily functions to ensure the business is aligned with BCBS 239, DFAST and CCAR. Stewards need not be regulatory experts, but facilitate bringing the right people together to discuss and align plans. Model governance workflows can support the entire regulatory process as well.
Data is becoming a much greater asset than ever, and companies are using much more sophisticated data analytics to drive their daily business decisions. Due to this increased sophistication and a lack of transparency on how the data is being used, the U.S. government has started to regulate industries like banks and financial institutions under the Basel Committee on Banking Supervision (BCBS 239), Dodd-Frank Act Stress Testing (DFAST), and Comprehensive Capital Analysis and Review (CCAR) regimes. They ensure financial institutions possess enough capital to survive a crashing market, stabilize, and prevent a severe depression like the financial crisis of 2008.