Data governance in financial market: present state and future prospects
The development of data governance systems in the financial market should focus on improving the quality and accuracy of analytics, timely submission of data for regulatory reporting and more efficient processes of their handling. This follows from the Bank of Russia’s consultation paper.
The improvement of data governance systems will help market participants be more flexible and agile to regulatory changes, enhance the efficiency of key business processes and implement digitalisation strategies.
The regulator finds it essential to create conditions for development in this area and plans to prepare standard organisational documents, methodologies (instructions, policies, procedures, and a role model), and recommendations to ensure the consistency and effectiveness of data governance.