CBIRC focuses on data quality

In order to strengthen the management of regulatory statistics of banking and insurance institutions, regulate the statistical activities, and improve the quality and efficiency of statistics, recently, the CBIRC issued  rules on regulatory statistics of banking and insurance sectors.

The regulations stipulates the requirements for unified management of regulatory statistics, defines the responsibilities of the CBIRC department in charge of regulatory statistics, clarifies the responsibilities of relevant departments of banking and insurance institutions, and sets the boundaries of responsibilities for relevant parties.

Second, the rules specify that the legal representatives or principal responsible persons of banking and insurance institutions shall assume the ultimate responsibility for the quality of regulatory statistical data.

According to relevant provisions of the Data Security Law of the People’s Republic of China implemented since September 2021, the rules adds regulatory contents related to data security protection in the scope of responsibilities, the management system of statistical data, as well as supervision and inspection. It also clearly puts forward confidentiality requirements for regulatory statistical work.

The rules fully absorbs the regulatory requirements of the CBIRC on data governance of banking and insurance institutions in recent years, and stipulates that banking and insurance institutions shall incorporate their regulatory statistical work into data governance.

The rules stipulates relevant requirements for the analysis and application of regulatory statistical data, and guides banking and insurance institutions to make full use of data analysis measures to carry out data analysis and application, so as to give full play to the value of regulatory statistical data.