Recently, IB released the White Paper of the Industrial Bank Co., Ltd. on Data Compliance (hereinafter referred to as the “White Paper on Data Compliance”), which is the first white paper on data compliance in the banking industry.
The White Paper on Data Compliance proposes a data compliance system with the goal of “standardizing the data basis, guaranteeing data rights, unifying data language and promoting data application”. This demonstrates IB’s vision and plans in safeguarding customers’ data rights and the application of its own data, as well as its exploration and practice in fulfilling corporate social responsibility, hoping to promote the domestic financial industry to better achieve high-quality compliance development in the digital era.
Currently, data has become a new type of production factor alongside traditional factors such as the land, labour, capital and technology. The Central Committee of the CPC, in its Proposals for Formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives through the Year 2035, has explicitly put forward to “promote the development and utilization of data resources”. In the meanwhile, China has enacted the Cybersecurity Law of the People’s Republic of China, Data Security Law of the People’s Republic of China and Personal Information Protection Law of the People’s Republic of China, making compliance management to be an important link that cannot be ignored in the digital transformation of financial institutions.
The White Paper on Data Compliance proposes that the IB data compliance system has shouldered the mission of “making data serve to realize customer value and win-win outcomes between customers and the bank; making data serve to improve the management and deepen reform and transformation; making data serve to improve corporate governance disclosure and highlight the IB’s value”. Besides, the system is committed to establishing a bank-wide unified data language on the basis of data compliance, promoting more comprehensive data applications, and to pursuing the vision of “transforming its own data into the core assets, serving the Group’s development plan with unified, compliant and transparent data, and helping to form sound long-term market expectations”.
As the most practical design of data compliance, the White Paper on Data Compliance takes eight parts, i.e., working mechanism, institutional system, response mechanism, regulatory communication, information disclosure, customer education, talent training and publicity and implementation training, as the structural components of the data compliance system, and continues to promote the transformation of data governance, information security control and other work results to data compliance goals through reasonable internal division of labor and cooperation, and emphasizes timely and effective regulatory communication and information disclosure in the transformation process, strengthening talent training and customer education in data compliance, and safeguarding customers’ personal information security in accordance with the law.
At present, financial institutions are generally aware of the importance of data assets and the urgency of digital transformation trend, and the regulatory authorities have also put forward higher requirements for data security work of financial institutions from the perspectives of personal information protection, information security and regulatory technology. In this regard, IB will pay particular attention to the communication and exchange with peers, industries, regulators and the market in the process of building a data compliance system, so as to establish a data ecology with the participation of multi-stakeholders, mutual benefit and win-win outcomes, transparency and compliance.
In recent years, IB has been increasing its investment in technology and accelerating its digital transformation, and paying close attention in such transformation process to new regulations, technologies and ideas emerging in the field of data governance, gradually integrated and formed a system plan for data compliance based on its previous work, and committed to becoming a data compliance model for financial institutions during the digital transformation period. “The release of the White Paper on Data Compliance marks an important step from conceptual integration to promoting practice in this area, and we will take the release as an opportunity to benchmark laws and regulations, comprehensively review, standardize and integrate various data activities within the Group, strive to become a standard for data compliance in the financial industry, and serve digital inclusive finance in a more efficient and compliant manner,” Said the head of IB’s Legal and Compliance Department.