The report provides an update on the progress made by 31 G-SIBs (designated during 2011-21) in adopting the Principles.

Nearly a decade after the initial publication of the Principles and seven years after the expected date of compliance, banks are at different stages in terms of alignment. Additional work is required at all banks to attain or sustain full compliance. The global pandemic and recent stress events provided a stark reminder that banks’ ability to manage risk-related data is essential for sound decision-making.

Consequently, the recommendations to banks that were identified in the previous reports still apply. In addition, boards should take full responsibility for overseeing the development, implementation, and maintenance of robust data governance frameworks. Furthermore, banks should foster a culture of ownership and accountability for data quality across the organisation, adopt the Principles comprehensively in a broader context and ensure sound data quality as the basis for digitalisation projects.

Similarly, the recommendations to supervisors that were highlighted in previous reports are still valid. In addition, supervisors should consider making greater use of the more intensive targeted activities, applying more forceful measures to address long-standing risk data aggregation and reporting deficiencies, and encouraging the application of the Principles in a broader context.

The Committee will continue to monitor G-SIBs’ progress in adopting the Principles.