Risk Data Aggregation and Risk Reporting (RDARR) is critical to compliance in financial services and is manifested in several initiatives such as BCBS 239, DFAST and CCAR. I will be co-hosting a webinar with Zaloni on this topic called Governance of the Big Data Lake with a focus on RDARR for Financial Services on Tuesday, December 1 at 1 pm eastern standard time.

Data Sharing Agreements are contracts that govern how data may be shared between departments in an organization. Although not legally enforceable, Data Sharing Agreements provide a frame of reference to allow parties to determine how data may be used within the organization. Data Sharing Agreements are an invaluable tool when one party in a large financial institution needs to provide data attestation for regulatory filings but the data is sourced from multiple divisions of the organization.

Here are some of the areas that should be covered by Data Sharing Agreements:

  • —  Name of the producing division
  • —  Name of the consuming division
  • —  Inventory of the data being shared
  • —  Frequency of the batch jobs and time by which the data loads are expected to be          completed
  • —  Availability of a data dictionary for the data being shared
  • —  Acceptable thresholds regarding the quality of the data being shared
  • —  Activities that need to occur to address any data exceptions
  • —  Acceptable use for data being shared

Please read my earlier blog on Big Data Governance for RDARR in financial services.

During the webinar we will touch on these topics. Hope to see you there. In addition, in a future blog, I will go into further detail on how Zaloni’s flagship product, Bedrock, addresses these critical requirements for RDARR governance in financial services.