Liu Feng of Bank Of China Limited(601988) Industry Association: strengthen financial technology governance and firmly hold the risk bottom line

Liu Feng, deputy secretary of the Party committee and Secretary General of the Bank Of China Limited(601988) Industry Association, said at the sixth new financial forum on January 9 that the banking industry should move from time to time, continuously increase the resource investment in financial technology, comprehensively promote the digital transformation from the aspects of strategic planning, organizational structure, business process, data governance and talent structure, and evolve towards online, digital and intelligent, The value chain of banks has also changed from closed to open, and the level of financial services and operating efficiency have been significantly improved.

First, clarify the goal of digital transformation and comprehensively upgrade the digital capability; The second is to evolve to the whole chain of financial services and build a digital service capability suitable for the digital economy and digital society; Third, build an intelligent, platform and scenario based operation ecology to activate the new driving force of digital operation.

Liu Feng said that the digital transformation of the banking industry has achieved phased results by planning and formulating the digital transformation strategy and implementation path, and steadily carrying out the application of financial technology and the exploration of new models. However, there are still some problems in the process of digital transformation.

For example, the direction of digital transformation is not clear; Obvious defects in data governance; Shortage of professionals; Business philosophy and management system are stagnant; Insufficient ability to manage new risks, etc. "In the future, in the process of promoting the digitization of the banking industry in depth, we also need to solve these problems according to local conditions." Liu Feng said.

First, strengthen financial technology governance and firmly hold the risk bottom line. Banking institutions should abide by the two principles of financial services to the real economy and the bottom line of risk: on the one hand, adhere to the correct value orientation, follow the basic laws of financial development, and perform their bounden duty of serving the real economy; On the other hand, we should properly handle the relationship between financial development and financial security, pay close attention to the trend of business transformation, remain highly sensitive to new situations and problems in the market, and gradually establish a more scientific, accurate and effective risk management system to adapt to the new situation and new business forms with the help of scientific and technological means, so as to ensure that risks are "clearly seen" and "managed".

Second, strive to make up for the shortcomings of data governance and comprehensively strengthen data capacity-building. Banking is a typical data-driven industry. In the era of digital economy, it is imperative to comprehensively strengthen the construction of data capacity, and the importance of data governance as a basic work is more prominent. Banking institutions should strengthen the concept of data assets, deepen the application of data resources, establish a data governance system with a sound organizational structure and clear responsibility boundary, promote the orderly sharing and comprehensive application of data on the premise of ensuring security and privacy, and actively explore the confirmation of data rights and the distribution of data element benefits.

In addition, in accordance with the personal information protection law, data security law, network data security management regulations (Draft for comments) and other laws and regulations and the requirements of regulatory authorities, earnestly follow the professional ethics of using data according to regulations and scientifically, and collect, manage, use and transfer data in accordance with laws and regulations; At the same time, strengthen data security management, establish a long-term mechanism for data security, improve data security technology, and effectively protect customer privacy and data security.

Third, build a future oriented compound digital talent echelon. Digital talents play an important role in the process of digital transformation of banking industry. Banking institutions should do a solid job in the training of financial science and technology talents, actively build a compound professional team matching the digital transformation, combine internal training with external introduction by establishing a long-term talent training mechanism and market-oriented mechanism, and gather a group of high-quality digital talents who not only understand banking business and management, but also master new science and technology and new thinking.

(source: Shanghai Securities News)

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