Forward-looking banks are uniting data silos into an information foundation for building innovative applications that provide extreme visibility and deep analytical insights, improving compliance efforts and day-to-day decision making. The Basel Committee's BCBS 239 regulations aim to improve risk reporting by establishing standards for recording and tracing financial transactions, aggregating risk data, and adjusting capital ratio requirements accordingly. To comply with these regulations, banks must utilize data governance and integrated data taxonomies, generate accurate and consistent risk data, manage and report risk in a precise and auditable manner, and address key data challenges such as data lineage, silos, terminology differences, legal entity identifiers, and data consistency and latency.