Reserve Bank of India has today released the draft ‘Guidance on Regulatory Expectations for Data Governance’ for public comments. It noted that with the increasing digitalisation of the financial sector and growing adoption of technology-driven business models, data has emerged as a critical asset for regulated entities (REs). As the volume, variety and velocity of data continue to increase, effective data governance has become essential to ensure that data remains accurate, consistent, secure and fit for purpose across functions and systems. Weaknesses in data governance and its management can lead to broader financial, operational, compliance and reputational risk for the REs. Recognising this, RBI has released the draft ‘Guidance on Regulatory Expectations for Data Governance’ to support REs in strengthening their data governance framework and promoting sound practices relating to data management across the data lifecycle. The Guidance sets out broad regulatory expectations relating to data governance, roles, architecture, metadata and lineage, quality, and third-party arrangements involving data sharing.
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