CBIRC issued the final data governance guideline for banking financial institutions, post a consultation with the stakeholders. The aim is to guide banks to strengthen data governance, improve data quality, realize full value of data, and improve the level of operation and management, from high-speed growth to high-quality development. The guidelines shall come into force as of the date of issue.
The guideline contains seven chapters with 55 Articles covering general principles, data governance architecture, data management, data quality control, data value realization, supervision, and supplementary provisions and by-laws. The issuance and implementation of the guideline will help promote transformation of the banking industry from high-speed growth to high-quality development, expand new businesses, tap new dynamics, improve service capabilities, and improve the quality of business management. The guideline shall apply to the banking financial institutions established in the People's Republic of China. The term "banking financial institutions" as used in the guideline refers to financial institutions, policy banks, and national development banks that have established deposits with commercial banks and rural credit cooperatives in the People's Republic of China.
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Effective Date: May 21, 2018
Keywords: Asia Pacific, China, Banking, Data Governance, Guideline, Data Quality, CBIRC
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