Nationwide Building Society has contracted with London IT consultancy Detica for the development of an enterprise data store to support Basel II requirements.
In order to comply with the Basel II accord, financial firms must be able to identify, generate, track and report on risk-related data.
Detica was hired to work on Nationwide's Basel II data store project after conducting a two month feasibility study at the society.
The first phase of the project - to create a historical data store across all product lines - is due for completion in the second half of 2004. The joint project team is made up of Detica data warehousing specialists, working alongside Nationwide technology and business staff.
Bill Tonks, divisional director of risk for Nationwide, says: "Detica was chosen to partner our Basel II team due to its proven track record in data warehousing.
"With the significance of Basel II to our business, it is critical that the underlying data infrastructure is both robust and flexible enough to support change as the Basel II requirements evolve."