After the financial crisis of 2008, the Basel Committee on Banking Supervision was formed and developed the Basel III international regulatory accord. It encouraged banks to discourage excessive borrowing and maintain liquidity during periods of financial stress. The Federal Reserve of the United States has agreed to adopt the rules of Basel III. The Committee issued Principles for Effective Risk Data Aggregation and Risk Reporting, in 2013.
The Committee emphasizes the importance of a data governance policy to determine which employees should have access to which data. Its policy specifies that:
1. Senior management become involved in the management of risk data.
2. Data quality should maintained to ensure that is it accurate and can be retrieved quickly.
3. Reports on financial risk should be increased during financial crises.
4.. Regulators should test a bank's ability to review large amounts of data during crises.