Bank Regulator Toughens Rules on Data Management
China’s banking regulator is getting tough on the collection and use of personal data by lenders amid growing concerns about privacy and potential misuse of information by the country’s financial institutions.
New draft rules will require banks to incorporate data governance into their overall corporate governance system, and place ultimate responsibility for the matter with the the board of directors. Institutions will need to set up a data management framework, and will be encouraged to appoint a chief data officer and create a “good data culture.”
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