The China Banking Regulatory Commission hopes to improve data management on the part of the country’s leader with the release of new guidelines for data governance.
Xinhua reports that CBRC wants banking institutions to improve their data quality as well as include data management within the purview of corporate governance frameworks.
“In previous years banking institutions have accumulated massive amounts of client and trade data, which have become important assets and the core competence of banks,” said CBRC in statement published on its official website.
The draft version of the new data governance guidelines requires that banks “improve the authenticity, accuracy, timeliness and integrity of data,” well as shore up privacy protection for clients with heightened data security measures.
“Banking institutions are encouraged to establish mechanisms to foster better data governance and set up positions such as chief data officer,” said the draft.
The deadline for the public to provides its opinions on the draft is April 16.