The China Banking and Insurance Regulatory Commission (“CBIRC”) published the Guideline for the Data Governance of Banking Financial Institutions on 21 May 2018.
The Guideline provides that banking financial institutions should allocate adequate resources for data governance. It also clarifies the division of duties among an institution's board, supervisors and its senior management team. If necessary, a banking financial institution may establish a position of chief data officer. The Guideline requires that banking financial institutions should establish a data quality control mechanism to ensure the truthfulness, accuracy, continuity and completeness of data and ensure it is kept up-to-date. In addition, the Guideline requires that banking financial institutions should embed data throughout their business operations and risk management and internal controls.
If a banking financial institution does not comply with the relevant laws and regulations concerning data governance, the competent authorities may: request a rectification within a set time period, downgrade the institution’s corporate governance evaluation or its regulatory ratings, and/or impose administrative punishments.
Please click here to read the full text (Chinese only) of the Guideline.