From a creditor’s point of view, BIK is expected to expedite the analysis process and decision-making of credit approval, help lower the risks inherent with non-performing loans, and reduce the dependency of creditors on conventional collateral as creditors are able to assess the credit reputation of their candidate debtor.
Finally, also in 2015, the ECB decided to establish a dedicated Compliance and Governance Office (CGO) as a key risk management control function to strengthen the ECB’s governance framework. The purpose of this Office is to support the Executive Board in protecting the integrity and reputation of the ECB, to promote ethical standards of behaviour and to strengthen the ECB’s accountability and transparency.