{"id":3369,"date":"2024-08-05T11:34:52","date_gmt":"2024-08-05T09:34:52","guid":{"rendered":"https:\/\/x1f-fink.one\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/"},"modified":"2024-08-12T17:21:32","modified_gmt":"2024-08-12T15:21:32","slug":"ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions","status":"publish","type":"blog","link":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/","title":{"rendered":"ECB publishes final RDARR Guide &#8211; what does this mean for institutions?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3369\" class=\"elementor elementor-3369 elementor-3337\" data-elementor-post-type=\"blog\">\n\t\t\t\t<div class=\"elementor-element elementor-element-259d7582 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-parent\" data-id=\"259d7582\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d5870e7 elementor-widget elementor-widget-heading\" data-id=\"5d5870e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">ECB publishes final RDARR Guide &#8211; what does this mean for institutions?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5bd3c00e e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-parent\" data-id=\"5bd3c00e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4be3b590 elementor-widget elementor-widget-spacer\" data-id=\"4be3b590\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5771e634 elementor-widget elementor-widget-spacer\" data-id=\"5771e634\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba629e7 elementor-widget elementor-widget-heading\" data-id=\"ba629e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Why the supervisory authority has specific expectations regarding the appropriate implementation of the RDARR data requirements at this particular time<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10e2bea elementor-widget elementor-widget-text-editor\" data-id=\"10e2bea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In today&#8217;s banking world, decisions based on data are central to business success. This development enables innovative ways of adding value and is essential for optimizing operational processes. Efficient management and use of this data is not only critical for operational efficiency, but also for robust risk management. Regulatory bodies have recognized the importance of these developments and have issued specific regulations, such as BCBS 239, to meet these new requirements.<\/p>\n<p>Despite the introduction of this regulatory framework back in 2013, supervisory authorities are still identifying significant structural deficiencies in implementation at many banks. In response, the European Central Bank (ECB) published the Guide to Effective Risk Data Aggregation and Reporting (RDARR) in July 2023, which contains clearly formulated implementation expectations that have already been discussed in previous best practice publications. This was aimed at improving the progress of implementation, which in the view of the supervisory authorities has so far been insufficient. The final guide was published on May 3, 2024, taking into account the feedback from the consultation phase with market participants.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-317b492 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"317b492\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-cc648b3 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"cc648b3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-92125cd elementor-widget elementor-widget-text-editor\" data-id=\"92125cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>The ECB has identified seven key areas for action in the Guide:<\/h4>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-34f70cd e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"34f70cd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6cd9ab9 elementor-widget elementor-widget-text-editor\" data-id=\"6cd9ab9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li>Tasks and responsibilities of the management body<\/li>\n<li>Sufficient scope of application<\/li>\n<li>Effective framework for data governance<\/li>\n<li>Integrated data architecture<\/li>\n<li>Group-wide data quality management and standards<\/li>\n<li>Timeliness of internal risk reporting<\/li>\n<li>Effective implementation programs<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5588de84 e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-parent\" data-id=\"5588de84\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7570351 elementor-widget elementor-widget-text-editor\" data-id=\"7570351\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For better readability, we at fink. have broken down the requirements of the supervisory authority into three central areas, which the regulator is particularly targeting with this publication: <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e0083e0 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"e0083e0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-0faff37 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"0faff37\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4bae8b4 elementor-widget elementor-widget-text-editor\" data-id=\"4bae8b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong>Establishment of robust<br \/>data governance structures<\/strong><\/h4>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d615ad elementor-widget elementor-widget-text-editor\" data-id=\"2d615ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Dedicated strategic support and relevance at Management Board level<\/strong><\/p>\n<p><em>Objective: Relevance and assertiveness to continuously improve data aggregation capabilities and data quality<\/em><\/p>\n<ul>\n<li>Sharpening the strategy for data management<\/li>\n<li>Setting up, driving forward and controlling the necessary measures (budget allocation and escalation)<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f203452 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f203452\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fedce24 elementor-widget elementor-widget-text-editor\" data-id=\"fedce24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Competence equipment of the 3-Lines-of-Defense (LoD)<\/strong><\/p>\n<p><em>Objective: Appropriate and functional governance framework<\/em><\/p>\n<ul>\n<li>Introduction or strengthening of the validation function (2nd LoD) in a clear-cut organizational structure.<\/li>\n<li>Improvement of the central DG\/data management function. Adapted resources to fulfill the strategic goals (&#8220;change-the-bank excellence&#8221;).<\/li>\n<li>Clearly defined roles and responsibilities<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10ef063 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"10ef063\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78be9f2 elementor-widget elementor-widget-text-editor\" data-id=\"78be9f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Comprehensive coverage of bank management<\/strong><\/p>\n<p><em>Objective: Group-wide uniformity of the procedures applied<\/em><\/p>\n<ul>\n<li>Determination of relevance for entities, departments, processes and along the data lifecycle.<\/li>\n<li>Clear end-to-end documentation of data for reports, models and KPIs at attribute level.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-df865d6 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"df865d6\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a5339c0 elementor-widget elementor-widget-text-editor\" data-id=\"a5339c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong>Integrated into bank management<\/strong><br \/><strong>data management methods<\/strong><\/h4>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6700b43 elementor-widget elementor-widget-text-editor\" data-id=\"6700b43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Embedding the DQ results in bank management<\/strong><\/p>\n<p><em>Objective: Consideration of the impact of DQ errors on the information quality of management-relevant key figures<\/em><\/p>\n<ul>\n<li>Determination of the influence of DQ errors on the informative value of management-relevant key figures.<\/li>\n<li>Dedicated reconciliation strategies (&#8220;by design&#8221;), clearly documented defaulting strategies for DQ errors<\/li>\n<li>Complete register of all DQ errors and clear assignment of responsibilities (data user &amp; data owner).<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a3b55b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1a3b55b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb7d650 elementor-widget elementor-widget-text-editor\" data-id=\"fb7d650\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Implementation of DQ rules and DQ reporting<\/strong><\/p>\n<p><em>Objective: Holistic, automated measurement and control of data quality<\/em><\/p>\n<ul>\n<li>As automated as possible, from the source system to the final report including all EUCs (prerequisite: adequate level of detail in technical data lineage).<\/li>\n<li>Use of rule-based and statistical test rules.<\/li>\n<li>Improvement of aggregation and drill-down capacities in DQ reporting for the presentation of DQ in management reporting.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c4b0424 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c4b0424\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72322c9 elementor-widget elementor-widget-text-editor\" data-id=\"72322c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Minimization of error susceptibility through improved process documentation and IT integration<\/strong><\/p>\n<p><em>Objective: Reduction of error susceptibility<\/em><\/p>\n<ul>\n<li>Careful documentation of manual processes and successive transfer of EUCs with a material impact on data quality into stable IT processes.<\/li>\n<li>Documented corrections using the dual control principle as a last resort<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-39a3451 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"39a3451\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-19ff90a elementor-widget elementor-widget-text-editor\" data-id=\"19ff90a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong>Future-proof fit-for-purpose architectures<\/strong><\/h4>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-892a3f5 elementor-widget elementor-widget-text-editor\" data-id=\"892a3f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Adequacy of the bank management architecture for stress situations<\/strong><\/p>\n<p><em>Objective: Modernization of the IT architecture to enable timely and granular reporting even in times of crisis<\/em><\/p>\n<ul>\n<li>Expansion of dedicated ad hoc reporting and simulation capabilities.<\/li>\n<li>Reduction of IT fragmentation and continuous digitalization and automation of data aggregation and bank management processes.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-787c29d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"787c29d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f21dd20 elementor-widget elementor-widget-text-editor\" data-id=\"f21dd20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Complete overview of the technical context of bank architecture<\/strong><\/p>\n<p><em>Objective: Disclosure of harmonization and optimization potentials as well as transparency regarding technical correlations for deriving DQ implications<\/em><\/p>\n<ul>\n<li>Developing the capacity to carry out impact analyses in the event of DQ anomalies.<\/li>\n<li>Up-to-date and complete data lineages from a technical perspective and, in particular, from a business perspective for the bank as a whole.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9bb4c02 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9bb4c02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c5209c elementor-widget elementor-widget-text-editor\" data-id=\"8c5209c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>New technologies for adaptable and efficient control<\/strong><\/p>\n<p><em>Objective: Changes can be made quickly, cost-effectively and in a modular fashion<\/em><\/p>\n<ul>\n<li>With cloud-based technologies, MVP-based data products can bring rapid improvements.<\/li>\n<li>Sandbox-based approach for successive training of the team.<\/li>\n<li>Also useful for enhancing existing bank management platforms.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3181292 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"3181292\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ecbce8d elementor-widget elementor-widget-spacer\" data-id=\"ecbce8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22b187f elementor-widget elementor-widget-text-editor\" data-id=\"22b187f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong>Classification of specific implementation expectations<\/strong><\/h4>\n<p>BCBS239 initiatives are often focused purely on the fulfillment of regulatory requirements (&#8220;check-box&#8221; mentality). The use of the scope to create concrete added value for the bank is often neglected. A long-term strategy to improve RDARR capacities while achieving cost reductions cannot be achieved through singular, uncoordinated &#8220;tactical&#8221; measures. In order to avoid such inefficiencies, holistic transformations are usually necessary, but these are rarely found in the current market or are not pursued with the necessary consistency.<\/p>\n<h4><strong>Holistic view of data: fink. helps to implement the ECB requirements for an integrated data architecture <\/strong><\/h4>\n<p>In the feedback statement also published by the ECB on the feedback from the consultation phase of the ECB draft, the supervisory authority&#8217;s expectations of a holistic approach based on an integrated data architecture are once again emphasized. As a first step, institutions should gain clarity about the key activities that are necessary for them.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d4b2663 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"d4b2663\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-830f7a2 elementor-widget elementor-widget-image\" data-id=\"830f7a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework.png\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"Transformations Framework\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6MjcxOCwidXJsIjoiaHR0cHM6XC9cL3gxZi1maW5rLm9uZVwvd3AtY29udGVudFwvdXBsb2Fkc1wvMjAyNFwvMDZcL1RyYW5zZm9ybWF0aW9ucy1GcmFtZXdvcmsucG5nIn0%3D\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"341\" src=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png\" class=\"attachment-large size-large wp-image-2718\" alt=\"\" srcset=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png 1024w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-300x128.png 300w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-768x328.png 768w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1536x655.png 1536w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework.png 1631w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Click on the picture for a better view.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0c4725 elementor-widget elementor-widget-spacer\" data-id=\"e0c4725\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d2066c e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"2d2066c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5a33c2d elementor-widget elementor-widget-text-editor\" data-id=\"5a33c2d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>At fink. we have a comprehensive transformation framework and concrete project experience in the implementation of RDARR requirements.  We support you in the classification of the RDARR requirements, the implementation of efficient measures for your institution and in the preparation and monitoring of on-site inspections (OSIs) by the supervisory authorities.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-94fc8ab e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"94fc8ab\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8907f15 elementor-widget-mobile__width-initial elementor-widget elementor-widget-heading\" data-id=\"8907f15\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contact at fink.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-532204b e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"532204b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-972e9c2 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"972e9c2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-237ee5c elementor-widget elementor-widget-image\" data-id=\"237ee5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Matthias_Mersdorf_fink_CEO-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-3013\" alt=\"\" srcset=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Matthias_Mersdorf_fink_CEO-150x150.jpg 150w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Matthias_Mersdorf_fink_CEO-300x300.jpg 300w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Matthias_Mersdorf_fink_CEO-768x768.jpg 768w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Matthias_Mersdorf_fink_CEO.jpg 800w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e7793f elementor-widget elementor-widget-text-editor\" data-id=\"4e7793f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Matthias Mersdorf<br \/><\/strong>Managing Director<\/p>\n<p><a href=\"mailto:matthias.mersdorf@x1f-fink.one\" target=\"_blank\" rel=\"noopener\">E-Mail<\/a><br \/>Tel.: +49 172 7507 479<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1585f6f e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"1585f6f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-596fce0 elementor-widget elementor-widget-image\" data-id=\"596fce0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Noemi_Schmutzer_fink-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-3028\" alt=\"\" srcset=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Noemi_Schmutzer_fink-150x150.jpg 150w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Noemi_Schmutzer_fink-300x300.jpg 300w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Noemi_Schmutzer_fink-768x768.jpg 768w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Noemi_Schmutzer_fink.jpg 800w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-598a322 elementor-widget elementor-widget-text-editor\" data-id=\"598a322\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>No\u00ebmi Schmutzer<br \/><\/strong>Managing Director<\/p>\n<p><a href=\"mailto:noemi.schmutzer@x1f-fink.one\" target=\"_blank\" rel=\"noopener\">E-Mail<\/a><br \/>Tel.: +43 676 8819 1100<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4bcac29 e-con-full e-flex wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-child\" data-id=\"4bcac29\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0e60d03 elementor-widget elementor-widget-image\" data-id=\"0e60d03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/X1F_fink_Roderick_Unterschemmann-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-3354\" alt=\"Senior Consultant f\u00fcr fink. | Part of X1F\" srcset=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/X1F_fink_Roderick_Unterschemmann-150x150.jpg 150w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/X1F_fink_Roderick_Unterschemmann-300x300.jpg 300w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/X1F_fink_Roderick_Unterschemmann-768x768.jpg 768w, https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/X1F_fink_Roderick_Unterschemmann.jpg 800w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc11233 elementor-widget elementor-widget-text-editor\" data-id=\"dc11233\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Roderick Unterschemmann<br \/><\/strong>Senior Consultant<\/p>\n<p><a href=\"mailto:roderick.unterschemmann@x1f-fink.one\" target=\"_blank\" rel=\"noopener\">E-Mail<\/a><br \/>Tel.: +49 162 2913 493<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f98e531 elementor-widget elementor-widget-spacer\" data-id=\"f98e531\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70b2a9f7 elementor-widget-mobile__width-inherit elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-post-navigation\" data-id=\"70b2a9f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-navigation.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-post-navigation\" role=\"navigation\" aria-label=\"Post Navigation\">\n\t\t\t<div class=\"elementor-post-navigation__prev elementor-post-navigation__link\">\n\t\t\t\t<a href=\"https:\/\/x1f-fink.one\/en\/blog\/data-management-as-a-success-factor-learning-from-airbnb-for-banking\/\" rel=\"prev\"><span class=\"post-navigation__arrow-wrapper post-navigation__arrow-prev\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-angle-double-left\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M223.7 239l136-136c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9L319.9 256l96.4 96.4c9.4 9.4 9.4 24.6 0 33.9L393.7 409c-9.4 9.4-24.6 9.4-33.9 0l-136-136c-9.5-9.4-9.5-24.6-.1-34zm-192 34l136 136c9.4 9.4 24.6 9.4 33.9 0l22.6-22.6c9.4-9.4 9.4-24.6 0-33.9L127.9 256l96.4-96.4c9.4-9.4 9.4-24.6 0-33.9L201.7 103c-9.4-9.4-24.6-9.4-33.9 0l-136 136c-9.5 9.4-9.5 24.6-.1 34z\"><\/path><\/svg><span class=\"elementor-screen-only\">Prev<\/span><\/span><span class=\"elementor-post-navigation__link__prev\"><span class=\"post-navigation__prev--label\">previous<\/span><span class=\"post-navigation__prev--title\">Data Management as a success factor &#8211; learning from Airbnb for banking<\/span><\/span><\/a>\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-post-navigation__next elementor-post-navigation__link\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-641b332e elementor-widget-mobile__width-inherit elementor-hidden-desktop elementor-widget elementor-widget-post-navigation\" data-id=\"641b332e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-navigation.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-post-navigation\" role=\"navigation\" aria-label=\"Post Navigation\">\n\t\t\t<div class=\"elementor-post-navigation__prev elementor-post-navigation__link\">\n\t\t\t\t<a href=\"https:\/\/x1f-fink.one\/en\/blog\/data-management-as-a-success-factor-learning-from-airbnb-for-banking\/\" rel=\"prev\"><span class=\"post-navigation__arrow-wrapper post-navigation__arrow-prev\"><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-angle-double-left\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M223.7 239l136-136c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9L319.9 256l96.4 96.4c9.4 9.4 9.4 24.6 0 33.9L393.7 409c-9.4 9.4-24.6 9.4-33.9 0l-136-136c-9.5-9.4-9.5-24.6-.1-34zm-192 34l136 136c9.4 9.4 24.6 9.4 33.9 0l22.6-22.6c9.4-9.4 9.4-24.6 0-33.9L127.9 256l96.4-96.4c9.4-9.4 9.4-24.6 0-33.9L201.7 103c-9.4-9.4-24.6-9.4-33.9 0l-136 136c-9.5 9.4-9.5 24.6-.1 34z\"><\/path><\/svg><span class=\"elementor-screen-only\">Prev<\/span><\/span><span class=\"elementor-post-navigation__link__prev\"><span class=\"post-navigation__prev--label\">previous<\/span><\/span><\/a>\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-post-navigation__next elementor-post-navigation__link\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Why the supervisory authority has specific expectations regarding the appropriate implementation of the RDARR data requirements at this particular time In today&#8217;s banking world, decisions based on data are central to business success. This development enables innovative ways of adding value and is essential for optimizing operational processes. Efficient management and use of this data is not only critical for operational efficiency, but also for robust risk management. Regulatory bodies have recognized the importance of these developments and have issued specific regulations, such as BCBS 239, to meet these new requirements. Despite the introduction of this regulatory framework back in 2013, supervisory authorities are still identifying significant structural deficiencies in implementation at many banks. In response, the European Central Bank (ECB) published the Guide to Effective Risk Data Aggregation and Reporting (RDARR) in July 2023, which contains clearly formulated implementation expectations that have already been discussed in previous best practice publications. This was aimed at improving the progress of implementation, which in the view of the supervisory authorities has so far been insufficient. The final guide was published on May 3, 2024, taking into account the feedback from the consultation phase with market participants. The ECB has identified seven key areas for action in the Guide: Tasks and responsibilities of the management body Sufficient scope of application Effective framework for data governance Integrated data architecture Group-wide data quality management and standards Timeliness of internal risk reporting Effective implementation programs For better readability, we at fink. have broken down the requirements of the supervisory authority into three central areas, which the regulator is particularly targeting with this publication: Establishment of robustdata governance structures Dedicated strategic support and relevance at Management Board level Objective: Relevance and assertiveness to continuously improve data aggregation capabilities and data quality Sharpening the strategy for data management Setting up, driving forward and controlling the necessary measures (budget allocation and escalation) Competence equipment of the 3-Lines-of-Defense (LoD) Objective: Appropriate and functional governance framework Introduction or strengthening of the validation function (2nd LoD) in a clear-cut organizational structure. Improvement of the central DG\/data management function. Adapted resources to fulfill the strategic goals (&#8220;change-the-bank excellence&#8221;). Clearly defined roles and responsibilities Comprehensive coverage of bank management Objective: Group-wide uniformity of the procedures applied Determination of relevance for entities, departments, processes and along the data lifecycle. Clear end-to-end documentation of data for reports, models and KPIs at attribute level. Integrated into bank managementdata management methods Embedding the DQ results in bank management Objective: Consideration of the impact of DQ errors on the information quality of management-relevant key figures Determination of the influence of DQ errors on the informative value of management-relevant key figures. Dedicated reconciliation strategies (&#8220;by design&#8221;), clearly documented defaulting strategies for DQ errors Complete register of all DQ errors and clear assignment of responsibilities (data user &amp; data owner). Implementation of DQ rules and DQ reporting Objective: Holistic, automated measurement and control of data quality As automated as possible, from the source system to the final report including all EUCs (prerequisite: adequate level of detail in technical data lineage). Use of rule-based and statistical test rules. Improvement of aggregation and drill-down capacities in DQ reporting for the presentation of DQ in management reporting. Minimization of error susceptibility through improved process documentation and IT integration Objective: Reduction of error susceptibility Careful documentation of manual processes and successive transfer of EUCs with a material impact on data quality into stable IT processes. Documented corrections using the dual control principle as a last resort Future-proof fit-for-purpose architectures Adequacy of the bank management architecture for stress situations Objective: Modernization of the IT architecture to enable timely and granular reporting even in times of crisis Expansion of dedicated ad hoc reporting and simulation capabilities. Reduction of IT fragmentation and continuous digitalization and automation of data aggregation and bank management processes. Complete overview of the technical context of bank architecture Objective: Disclosure of harmonization and optimization potentials as well as transparency regarding technical correlations for deriving DQ implications Developing the capacity to carry out impact analyses in the event of DQ anomalies. Up-to-date and complete data lineages from a technical perspective and, in particular, from a business perspective for the bank as a whole. New technologies for adaptable and efficient control Objective: Changes can be made quickly, cost-effectively and in a modular fashion With cloud-based technologies, MVP-based data products can bring rapid improvements. Sandbox-based approach for successive training of the team. Also useful for enhancing existing bank management platforms. Classification of specific implementation expectations BCBS239 initiatives are often focused purely on the fulfillment of regulatory requirements (&#8220;check-box&#8221; mentality). The use of the scope to create concrete added value for the bank is often neglected. A long-term strategy to improve RDARR capacities while achieving cost reductions cannot be achieved through singular, uncoordinated &#8220;tactical&#8221; measures. In order to avoid such inefficiencies, holistic transformations are usually necessary, but these are rarely found in the current market or are not pursued with the necessary consistency. Holistic view of data: fink. helps to implement the ECB requirements for an integrated data architecture In the feedback statement also published by the ECB on the feedback from the consultation phase of the ECB draft, the supervisory authority&#8217;s expectations of a holistic approach based on an integrated data architecture are once again emphasized. As a first step, institutions should gain clarity about the key activities that are necessary for them. Click on the picture for a better view. At fink. we have a comprehensive transformation framework and concrete project experience in the implementation of RDARR requirements. We support you in the classification of the RDARR requirements, the implementation of efficient measures for your institution and in the preparation and monitoring of on-site inspections (OSIs) by the supervisory authorities. Contact at fink. Matthias MersdorfManaging Director E-MailTel.: +49 172 7507 479 No\u00ebmi SchmutzerManaging Director E-MailTel.: +43 676 8819 1100 Roderick UnterschemmannSenior Consultant E-MailTel.: +49 162 2913 493<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false},"categories":[27],"class_list":["post-3369","blog","type-blog","status-publish","hentry","category-risk-management-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ECB publishes final RDARR Guide - what does this mean for institutions? - fink<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECB publishes final RDARR Guide - what does this mean for institutions?\" \/>\n<meta property=\"og:description\" content=\"Why the supervisory authority has specific expectations regarding the appropriate implementation of the RDARR data requirements at this particular time In today&#8217;s banking world, decisions based on data are central to business success. This development enables innovative ways of adding value and is essential for optimizing operational processes. Efficient management and use of this data is not only critical for operational efficiency, but also for robust risk management. Regulatory bodies have recognized the importance of these developments and have issued specific regulations, such as BCBS 239, to meet these new requirements. Despite the introduction of this regulatory framework back in 2013, supervisory authorities are still identifying significant structural deficiencies in implementation at many banks. In response, the European Central Bank (ECB) published the Guide to Effective Risk Data Aggregation and Reporting (RDARR) in July 2023, which contains clearly formulated implementation expectations that have already been discussed in previous best practice publications. This was aimed at improving the progress of implementation, which in the view of the supervisory authorities has so far been insufficient. The final guide was published on May 3, 2024, taking into account the feedback from the consultation phase with market participants. The ECB has identified seven key areas for action in the Guide: Tasks and responsibilities of the management body Sufficient scope of application Effective framework for data governance Integrated data architecture Group-wide data quality management and standards Timeliness of internal risk reporting Effective implementation programs For better readability, we at fink. have broken down the requirements of the supervisory authority into three central areas, which the regulator is particularly targeting with this publication: Establishment of robustdata governance structures Dedicated strategic support and relevance at Management Board level Objective: Relevance and assertiveness to continuously improve data aggregation capabilities and data quality Sharpening the strategy for data management Setting up, driving forward and controlling the necessary measures (budget allocation and escalation) Competence equipment of the 3-Lines-of-Defense (LoD) Objective: Appropriate and functional governance framework Introduction or strengthening of the validation function (2nd LoD) in a clear-cut organizational structure. Improvement of the central DG\/data management function. Adapted resources to fulfill the strategic goals (&#8220;change-the-bank excellence&#8221;). Clearly defined roles and responsibilities Comprehensive coverage of bank management Objective: Group-wide uniformity of the procedures applied Determination of relevance for entities, departments, processes and along the data lifecycle. Clear end-to-end documentation of data for reports, models and KPIs at attribute level. Integrated into bank managementdata management methods Embedding the DQ results in bank management Objective: Consideration of the impact of DQ errors on the information quality of management-relevant key figures Determination of the influence of DQ errors on the informative value of management-relevant key figures. Dedicated reconciliation strategies (&#8220;by design&#8221;), clearly documented defaulting strategies for DQ errors Complete register of all DQ errors and clear assignment of responsibilities (data user &amp; data owner). Implementation of DQ rules and DQ reporting Objective: Holistic, automated measurement and control of data quality As automated as possible, from the source system to the final report including all EUCs (prerequisite: adequate level of detail in technical data lineage). Use of rule-based and statistical test rules. Improvement of aggregation and drill-down capacities in DQ reporting for the presentation of DQ in management reporting. Minimization of error susceptibility through improved process documentation and IT integration Objective: Reduction of error susceptibility Careful documentation of manual processes and successive transfer of EUCs with a material impact on data quality into stable IT processes. Documented corrections using the dual control principle as a last resort Future-proof fit-for-purpose architectures Adequacy of the bank management architecture for stress situations Objective: Modernization of the IT architecture to enable timely and granular reporting even in times of crisis Expansion of dedicated ad hoc reporting and simulation capabilities. Reduction of IT fragmentation and continuous digitalization and automation of data aggregation and bank management processes. Complete overview of the technical context of bank architecture Objective: Disclosure of harmonization and optimization potentials as well as transparency regarding technical correlations for deriving DQ implications Developing the capacity to carry out impact analyses in the event of DQ anomalies. Up-to-date and complete data lineages from a technical perspective and, in particular, from a business perspective for the bank as a whole. New technologies for adaptable and efficient control Objective: Changes can be made quickly, cost-effectively and in a modular fashion With cloud-based technologies, MVP-based data products can bring rapid improvements. Sandbox-based approach for successive training of the team. Also useful for enhancing existing bank management platforms. Classification of specific implementation expectations BCBS239 initiatives are often focused purely on the fulfillment of regulatory requirements (&#8220;check-box&#8221; mentality). The use of the scope to create concrete added value for the bank is often neglected. A long-term strategy to improve RDARR capacities while achieving cost reductions cannot be achieved through singular, uncoordinated &#8220;tactical&#8221; measures. In order to avoid such inefficiencies, holistic transformations are usually necessary, but these are rarely found in the current market or are not pursued with the necessary consistency. Holistic view of data: fink. helps to implement the ECB requirements for an integrated data architecture In the feedback statement also published by the ECB on the feedback from the consultation phase of the ECB draft, the supervisory authority&#8217;s expectations of a holistic approach based on an integrated data architecture are once again emphasized. As a first step, institutions should gain clarity about the key activities that are necessary for them. Click on the picture for a better view. At fink. we have a comprehensive transformation framework and concrete project experience in the implementation of RDARR requirements. We support you in the classification of the RDARR requirements, the implementation of efficient measures for your institution and in the preparation and monitoring of on-site inspections (OSIs) by the supervisory authorities. Contact at fink. Matthias MersdorfManaging Director E-MailTel.: +49 172 7507 479 No\u00ebmi SchmutzerManaging Director E-MailTel.: +43 676 8819 1100 Roderick UnterschemmannSenior Consultant E-MailTel.: +49 162 2913 493\" \/>\n<meta property=\"og:url\" content=\"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/\" \/>\n<meta property=\"og:site_name\" content=\"fink\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-12T15:21:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/x1f-fink.one\\\/en\\\/blog\\\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\\\/\",\"url\":\"https:\\\/\\\/x1f-fink.one\\\/en\\\/blog\\\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\\\/\",\"name\":\"ECB publishes final RDARR Guide - what does this mean for institutions? 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- fink","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/","og_locale":"en_US","og_type":"article","og_title":"ECB publishes final RDARR Guide - what does this mean for institutions?","og_description":"Why the supervisory authority has specific expectations regarding the appropriate implementation of the RDARR data requirements at this particular time In today&#8217;s banking world, decisions based on data are central to business success. This development enables innovative ways of adding value and is essential for optimizing operational processes. Efficient management and use of this data is not only critical for operational efficiency, but also for robust risk management. Regulatory bodies have recognized the importance of these developments and have issued specific regulations, such as BCBS 239, to meet these new requirements. Despite the introduction of this regulatory framework back in 2013, supervisory authorities are still identifying significant structural deficiencies in implementation at many banks. In response, the European Central Bank (ECB) published the Guide to Effective Risk Data Aggregation and Reporting (RDARR) in July 2023, which contains clearly formulated implementation expectations that have already been discussed in previous best practice publications. This was aimed at improving the progress of implementation, which in the view of the supervisory authorities has so far been insufficient. The final guide was published on May 3, 2024, taking into account the feedback from the consultation phase with market participants. The ECB has identified seven key areas for action in the Guide: Tasks and responsibilities of the management body Sufficient scope of application Effective framework for data governance Integrated data architecture Group-wide data quality management and standards Timeliness of internal risk reporting Effective implementation programs For better readability, we at fink. have broken down the requirements of the supervisory authority into three central areas, which the regulator is particularly targeting with this publication: Establishment of robustdata governance structures Dedicated strategic support and relevance at Management Board level Objective: Relevance and assertiveness to continuously improve data aggregation capabilities and data quality Sharpening the strategy for data management Setting up, driving forward and controlling the necessary measures (budget allocation and escalation) Competence equipment of the 3-Lines-of-Defense (LoD) Objective: Appropriate and functional governance framework Introduction or strengthening of the validation function (2nd LoD) in a clear-cut organizational structure. Improvement of the central DG\/data management function. Adapted resources to fulfill the strategic goals (&#8220;change-the-bank excellence&#8221;). Clearly defined roles and responsibilities Comprehensive coverage of bank management Objective: Group-wide uniformity of the procedures applied Determination of relevance for entities, departments, processes and along the data lifecycle. Clear end-to-end documentation of data for reports, models and KPIs at attribute level. Integrated into bank managementdata management methods Embedding the DQ results in bank management Objective: Consideration of the impact of DQ errors on the information quality of management-relevant key figures Determination of the influence of DQ errors on the informative value of management-relevant key figures. Dedicated reconciliation strategies (&#8220;by design&#8221;), clearly documented defaulting strategies for DQ errors Complete register of all DQ errors and clear assignment of responsibilities (data user &amp; data owner). Implementation of DQ rules and DQ reporting Objective: Holistic, automated measurement and control of data quality As automated as possible, from the source system to the final report including all EUCs (prerequisite: adequate level of detail in technical data lineage). Use of rule-based and statistical test rules. Improvement of aggregation and drill-down capacities in DQ reporting for the presentation of DQ in management reporting. Minimization of error susceptibility through improved process documentation and IT integration Objective: Reduction of error susceptibility Careful documentation of manual processes and successive transfer of EUCs with a material impact on data quality into stable IT processes. Documented corrections using the dual control principle as a last resort Future-proof fit-for-purpose architectures Adequacy of the bank management architecture for stress situations Objective: Modernization of the IT architecture to enable timely and granular reporting even in times of crisis Expansion of dedicated ad hoc reporting and simulation capabilities. Reduction of IT fragmentation and continuous digitalization and automation of data aggregation and bank management processes. Complete overview of the technical context of bank architecture Objective: Disclosure of harmonization and optimization potentials as well as transparency regarding technical correlations for deriving DQ implications Developing the capacity to carry out impact analyses in the event of DQ anomalies. Up-to-date and complete data lineages from a technical perspective and, in particular, from a business perspective for the bank as a whole. New technologies for adaptable and efficient control Objective: Changes can be made quickly, cost-effectively and in a modular fashion With cloud-based technologies, MVP-based data products can bring rapid improvements. Sandbox-based approach for successive training of the team. Also useful for enhancing existing bank management platforms. Classification of specific implementation expectations BCBS239 initiatives are often focused purely on the fulfillment of regulatory requirements (&#8220;check-box&#8221; mentality). The use of the scope to create concrete added value for the bank is often neglected. A long-term strategy to improve RDARR capacities while achieving cost reductions cannot be achieved through singular, uncoordinated &#8220;tactical&#8221; measures. In order to avoid such inefficiencies, holistic transformations are usually necessary, but these are rarely found in the current market or are not pursued with the necessary consistency. Holistic view of data: fink. helps to implement the ECB requirements for an integrated data architecture In the feedback statement also published by the ECB on the feedback from the consultation phase of the ECB draft, the supervisory authority&#8217;s expectations of a holistic approach based on an integrated data architecture are once again emphasized. As a first step, institutions should gain clarity about the key activities that are necessary for them. Click on the picture for a better view. At fink. we have a comprehensive transformation framework and concrete project experience in the implementation of RDARR requirements. We support you in the classification of the RDARR requirements, the implementation of efficient measures for your institution and in the preparation and monitoring of on-site inspections (OSIs) by the supervisory authorities. Contact at fink. Matthias MersdorfManaging Director E-MailTel.: +49 172 7507 479 No\u00ebmi SchmutzerManaging Director E-MailTel.: +43 676 8819 1100 Roderick UnterschemmannSenior Consultant E-MailTel.: +49 162 2913 493","og_url":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/","og_site_name":"fink","article_modified_time":"2024-08-12T15:21:32+00:00","og_image":[{"url":"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png","type":"","width":"","height":""}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/","url":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/","name":"ECB publishes final RDARR Guide - what does this mean for institutions? - fink","isPartOf":{"@id":"https:\/\/x1f-fink.one\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/#primaryimage"},"image":{"@id":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/#primaryimage"},"thumbnailUrl":"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png","datePublished":"2024-08-05T09:34:52+00:00","dateModified":"2024-08-12T15:21:32+00:00","breadcrumb":{"@id":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/#primaryimage","url":"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png","contentUrl":"https:\/\/x1f-fink.one\/wp-content\/uploads\/2024\/06\/Transformations-Framework-1024x437.png"},{"@type":"BreadcrumbList","@id":"https:\/\/x1f-fink.one\/en\/blog\/ecb-publishes-final-rdarr-guide-what-does-this-mean-for-institutions\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/x1f-fink.one\/en\/home\/"},{"@type":"ListItem","position":2,"name":"ECB publishes final RDARR Guide &#8211; what does this mean for institutions?"}]},{"@type":"WebSite","@id":"https:\/\/x1f-fink.one\/en\/#website","url":"https:\/\/x1f-fink.one\/en\/","name":"fink.","description":"We Think Financial Transformation","publisher":{"@id":"https:\/\/x1f-fink.one\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/x1f-fink.one\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/x1f-fink.one\/en\/#organization","name":"fink.","url":"https:\/\/x1f-fink.one\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/x1f-fink.one\/en\/#\/schema\/logo\/image\/","url":"https:\/\/x1f-fink.one\/wp-content\/uploads\/2023\/11\/fink_x1F_Logo_rgb.webp","contentUrl":"https:\/\/x1f-fink.one\/wp-content\/uploads\/2023\/11\/fink_x1F_Logo_rgb.webp","width":1212,"height":1320,"caption":"fink."},"image":{"@id":"https:\/\/x1f-fink.one\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/fink.consulting\/","https:\/\/www.linkedin.com\/company\/finkpartofx1f\/"]}]}},"_links":{"self":[{"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/blog\/3369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/types\/blog"}],"version-history":[{"count":5,"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/blog\/3369\/revisions"}],"predecessor-version":[{"id":3540,"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/blog\/3369\/revisions\/3540"}],"wp:attachment":[{"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/media?parent=3369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/x1f-fink.one\/en\/wp-json\/wp\/v2\/categories?post=3369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}