The global financial crisis showed that traditional IT systems at banks were ill equiped to monitor and manage the daily-changing risk landscape during the global financial crisis. The sheer amount of data that needed to be crunched meant that many of the banks were day(s) behind in calculating, understanding and reporting their risk positions. Post crisis, a review by banking regulator, led the regulators to introduce a new legislation BCBS 239: Principles for effective risk data aggregation and reporting, that requires banks to meet more stringent (timeliness) requirement, in their ability to aggregate and report on their quickly-changing risk positions or risk fines to the tune of $millions. To meet these new requirements, banks have been forced to re-think their traditional IT architectures, which are unable to cope with sheer volume of risk data, and are instead turning to Apache Hadoop and Apache Spark to build out next generation of risk systems. In this talk you will discover, how some of the leading banks in the world are leveraging Apache Hadoop and Apache Spark to meet BCBS 239 regulation.
Speaker
Kunal Taneja