Risk has always been central to finance, and managing risk depends critically on information. As evidenced by recent events, the need has never been greater for skills, systems and methodologies to manage risk information in financial markets. Authored by leading figures in risk management and analysis, this handbook serves as a unique and comprehensive reference for the technical, operational, regulatory and political issues in collecting, measuring and managing financial data. It is targeted towards a wide range of audiences, from financial industry practitioners and regulators responsible for implementing risk management systems, to system integrators and software firms helping to improve such systems. Volume 2 describes a structural and operational framework for managing a financial risk data repository. As experience accumulates on managing modern risk systems, the knowledge base of practical lessons grows. Understanding these issues and leading practices may mean the difference between failed and successful implementations of risk systems.

List of contributors page viii

Preface xiii

VOLUME II: SOFTWARE AND DATA 1

PART IV DATA OPERATIONS IN FINANCIAL INSTITUTIONS Dilip Krishna 3

      15. Financial market participants John Carroll and Jonathan Sparks 7

      16. Functional model for financial data and risk information Janine Forsythe 33

      17. Financial institutions' data requirements Dianne Buonincontri and Nicholas Robson 50

      18. US residential-mortgage transfer systems: a data-management crisis John Patrick Hunt, Richard Stanton and Nancy Wallace 85

PART V DATA MANAGEMENT TECHNOLOGIES Martijn Groot 133

      19. Financial data interchange standards Karla McKenna, Jim Northey and Bill Nichols 138

      20. Data storage and processing Dilip Krishna 219

      21. The extracting, transforming and transmitting of data Martijn Groot 251

      22. The visual analysis of financial data Victoria L. Lemieux, Brian Fisher and Thomas Dang 279

      23. Metadata management Marc Alvarez 327

      24. Data security and privacy Michael J. McCabe 356

PART VI IMPLEMENTATION OF DATA AND ANALYTICS PROGRAMS Dilip Krishna 381

      25. Project implementation Margarita S. Brose and Dilip Krishna 387

      26. Operations management Jim Blair 433

      27. Data governance and data stewardship Deborah Stockdale 464

      Index – Volume II 521

VOLUME I: PRINCIPLES AND CONTEXT 1

PART I RISK MANAGEMENT CONTEXT FOR FINANCIAL DATA Margarita S. Brose and Mark D. Flood 3

      1. A brief history of financial risk and information Mark D. Flood 8

      2. Risk management Robert Mark and Dilip Krishna 33

      3. Portfolio risk monitoring Clifford V. Rossi 75

      4. Frameworks for systemic risk monitoring Alan King, John C. Liechty, Clifford V. Rossi and Charles Taylor 105

      5. Data-driven regulation and financial reform: one perspective from industry on the financial crisis John C. Pattison 148

PART II REQUIREMENTS AND SOURCES FOR FINANCIAL RISK MANAGEMENT Bill Nichols 175

      6. Banking and financial activities in the real economy Jefferson Braswell and Robert Mark 179

      7. Capital markets data Martijn Groot 271

      8. Capital markets reference data Marc Alvarez 303

      9. Risk management data and information for improved insight Margarita S. Brose, Mark D. Flood and David M. Rowe 328

PART III REGULATORY DATA Margarita S. Brose and Mark D. Flood 381

      10. A history of financial regulation in the USA from the beginning until today: 1789 to 2011 Alejandro Komai and Gary Richardson 385

      11. Data for microprudential supervision of US banks Mark D. Flood, Simon Kwan and Irina S. Leonova 426

      12. Microprudential supervisory data in the USA: Securities and derivatives Margarita S. Brose and Jesse T. Weintraub 490

      13. Financial data and risk information needed for the European system of financial supervision Per Nymand-Andersen, Nicola Antoniou, Oliver Burkart and Jarl Kure 520

      14. Data needed for macroprudential policymaking Laura Kodres 566

      Index - Volume I 593

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