The Principles, issued in January 2013, aim to strengthen banks' risk data aggregation and risk reporting practices to improve their risk management practices, decision-making processes and resolvability. They are applicable to firms designated as globally systemically important banks (G-SIBs). Firms identified as G-SIBs in 2011 and 2012 were required to fully adopt the Principles by January 2016.
The report is based on the results of a self-assessment survey completed by authorities having supervisory responsibility for G-SIBs and reviews progress in implementing the Principles during 2016.
In view of the results and to promote further adoption of the Principles, the Basel Committee has made the following additional recommendations:
Banks should develop clear roadmaps to achieve full compliance with the Principles and to comply with them on an ongoing basis.
Supervisors should:
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communicate the assessment results to their banks and provide the necessary incentives to achieve full compliance with the Principles; and
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continue to refine their techniques to assess banks' compliance with the Principles.
The Committee will continue to monitor the G-SIBs' progress in adopting the Principles. The Committee also strongly suggests that national supervisors apply the Principles to institutions identified as domestic systemically important banks (D SIBs) three years after their designation as such.
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