Due to problems such as the submission of regulatory standardized data, 21 Chinese banks were severely punished by the regulatory authorities.
China Banking and Insurance Regulatory Commission recently disclosed that it has recently investigated and dealt with a number of illegal cases in the field of regulatory standardized data (East) data quality, and made administrative punishment decisions on 21 Banking institutions according to law, with a total penalty of 87.6 million yuan at present, many banks have responded that they have completed the rectification.
East system is an important on-site inspection tool for financial institutions. Promoting the application of East system is one of the key tasks of financial regulators in recent years. The reporter of Shanghai Securities News noted that this is not the first time that the CBRC directly issued a ticket to the bank due to the problem of data submission. As early as 2020, eight banks were fined a total of 17.7 million yuan for the same problem.
The CBRC said that the authenticity and accuracy of regulatory data are not only the internal requirements of internal control and compliance of banking institutions, but also the concrete embodiment of the implementation of policy deployment and regulatory requirements. The quality of data submitted by banks should be standardized, the accuracy of data submitted by banks should be improved, and the data quality and control of relevant institutions should be improved.
was fined 87.6 million yuan, and many banks responded
according to the disclosure of the CBRC, the three policy banks were fined 13.4 million yuan, six state-owned banks were fined 25.8 million yuan and 12 joint-stock banks were fined 48.4 million yuan. Among them, China Minsheng Banking Corp.Ltd(600016) , China Everbright Bank Company Limited Co.Ltd(601818) were fined the most severely – 4.9 million yuan
The business data of non-performing loans and non-performing loans that are not reported by the bank: the details of the business data of acceptance and non-performing loans that are not reported by the bank: the data of acceptance and non-performing loans that are not reported by the bank: there are almost business data of East not reported all business .
It is obvious from the reasons for being punished that the data of East system basically covers all business data of the bank.
“In recent years, the CBRC has attached great importance to the overall governance level and quality control mechanism of regulatory data, and organized and carried out a special inspection on the data quality of East of 21 national Chinese funded banking institutions. For the data quality violations found in the inspection, such as the omission and misstatement of East data and the deviation in the cross check of some data, the CBRC will seriously impose administrative penalties in accordance with the law.” For this punishment, the CBRC said.
The cbcirc also pointed out that it will urge banking institutions to seriously pursue accountability, dig deep into the root causes of imperfect governance and imperfect mechanism behind data quality violations, adhere to the combination of immediate reform and long-term legislation, improve mechanism defects and make up for institutional loopholes.
For the above penalties, many banks said they had completed the rectification of relevant problems Industrial Bank Co.Ltd(601166) responded that most of the problems found have been rectified during the inspection, and the completion rate of rectification is more than 97% Hua Xia Bank Co.Limited(600015) also responded that the rectification of all problems has been completed and a long-term mechanism for data governance has been established.
The bank was fined for the first time for the data submission problem of East system in 2020. At that time, the CBRC disclosed that six state-owned banks and two joint-stock banks were fined a total of 17.7 million yuan. The reasons for being punished include the number of financial products in the East system, the serious omission of capital transaction information and so on.
data standardization requirements continue to improve
In 2012, the former CBRC developed the East system and required commercial banks to implement the promotion of data standardization and complete the data submission according to the specified time and requirements, so as to realize the unified data quality supervision of banks.
In particular, in 2018, the CBRC issued the guidelines on data governance of banking financial institutions, which put forward higher requirements for data governance.
Driven by the above regulatory requirements and other factors, in recent years, banking financial institutions have gradually paid attention to data quality, data governance and compliance, but there are still many practical problems in the specific work of East system submission.
“The data that needs to be reported is multidimensional, involving many business areas and involving multiple business departments.” The relevant person in charge of the Financial Technology Department of a large state-owned bank explained to the reporter that although the banking business system now has a data warehouse, the integration of these business data requires the full cooperation of all departments to match the data to the east standard interface as much as possible.
In other words, bank still lacks perfect data submission mechanism and process and corresponding responsible person
another major reason is the standard data submission caliber of East system. At present, banks have different understanding of data caliber and elements, resulting in the quality of submitted data difficult to meet the regulatory requirements a person in charge of the asset management department of a city commercial bank admitted to the reporter that there are a lot of data that need to be submitted. Their departments submit data every year, and the requirements are different every year. At the same time, the docking personnel are also changed, resulting in information gap, omission and other problems, which can not meet the submission requirements.
However, it is imperative for banking financial institutions to improve data standardization. The CBRC also stressed that in the next step, it will continue to strengthen the investigation and punishment of violations of regulatory data quality, strictly enforce market discipline and improve the cost of violations.
It is understood that at present, the East system has been iterated to version 5.0, and the scope of application has gradually increased, including direct banks and wealth management companies. According to the above-mentioned large bank sources, now the bank has attached great importance to data submission. Last year, the head office has established a project team and designated a special person to take the lead.
