Recently, the People's Bank of China issued the "Financial Basic Data Support Financial "Five Major Articles" Data Quality Management Plan (Trial) (hereinafter referred to as the "Management Plan") to ensure the implementation of the financial "Five Major Articles" statistical system, and the management plan ensures that high-quality data reflects the financial service capabilities of financial institutions by clarifying management responsibilities, standardizing various processes of data generation, and strengthening the quality of financial basic data. RIKING has interpreted the key contents of the management plan in detail to support the follow-up work of financial institutions.

Content interpretation

Data quality management responsibilities

1. Survey and Statistics Department of the People's Bank of China

• co-ordinate data quality management and statistical law enforcement inspections;
• formulate, revise and publish data collection specifications and verification rules;
• Regularly check the quality of data, and the results are fed back to the financial infrastructure data center and branches of the People's Bank of China;
• Organize cases of errors and share them with financial institutions.

2. Financial infrastructure data center

• Responsible for the data quality management of 24 major financial institutions, and assisted the Survey and Statistics Department in formulating verification rules;
• Directly issue "error orders" to 24 major financial institutions, and report on their data quality on a regular basis;
• Assist the Survey and Statistics Division in assessing the data quality management of branches.

3. Branches of the People's Bank of China

• Co-ordinate the data quality management, data quality assessment and law enforcement inspection of legal person financial institutions in the Mainland, and formulate management plans within the jurisdiction;
• Assisted the head office in carrying out law enforcement inspections of 24 major financial institutions.

4.Financial institutions

• Perform the main responsibility for data quality to ensure that data reporting is timely, complete, and accurate;
• Formulate a whole-process data quality management plan, covering collection, reporting, verification and other links.

Data reporting process and requirements for financial institutions

1. [Financial Institutions] Preparation before submission

• Establish a data quality management system and consolidate the responsibility for source data;
• Implement source data governance requirements and develop local verification procedures.

2. [Financial institutions] Implement local data verification

• Validation rules are divided into three categories by source:

• Small and medium-sized financial institutions can voluntarily use the verification service module provided by the financial infrastructure data center.

3.[Financial Institution] submits the verification result table and data packet

• The verification result table must contain:

(1) Hard verification: If the verification is marked as [Unsubmittable Message Error], it must be stated that all the hard verification has been passed before submission;

(2) Soft verification: For all verifications except hard verification, the data that triggers the soft verification shall provide a rationality explanation one by one.

• Financial institutions shall prepare a verification result form based on the verification results, and report it to the data review unit through the system together with a letter of commitment signed or sealed by the person in charge of the submitting department.

4. [Data Review Unit] Review data

• Audit and verification result table: self-consistency of audit logic, if the audit fails, the financial institution can revise and resubmit it based on the return and submission task;
• Online sampling inspection of the reporting system: After the financial institution submits the data message, the system automatically performs the online random inspection;
• Online verification: The data review unit will carry out online verification, and if the data fails to pass the verification, the audit unit will return the submission task.

5. [Gold Data Center] and [People's Bank of China Branch] lock database and data table generation

(1) Statistical report: fixed report;
(2) Offline spot check form: including the comparison of the verification result table and the business data to focus on.

6. [Data Review Unit] Offline review and spot checks

7. [Financial Institutions] Data restatement

8. [Survey and Statistics Division] Law enforcement inspection

• The Survey and Statistics Division coordinates law enforcement inspections, focusing on the implementation of statistical indicators and local verification;
• Financial institutions are required to cooperate with the inspection, and the problem data shall be corrected according to the re-reporting process.

Other requirements for financial institutions

1.Pay attention to data quality management

• Clarify the lead statistical department, job responsibilities and responsible persons. The quality of data at the source leads to late reporting, omission, and misreporting, and financial institutions are required to define the responsible entity and hold them accountable.
• Clarify the responsibilities of the lead statistical department for overall source data quality management, formulate specific management measures, and standardize the internal data verification and reporting process.

2.Ensure the preparation of data submission

• upgrade business systems;
• optimize IT readiness;
• Organize internal training on a regular basis.

3.Strengthen source data governance

Requirements for the quality verification rules of gold number data

The financial data quality management plan issued by the People's Bank of China (PBoC) puts forward comprehensive management requirements for financial institutions' gold data reporting, and financial institutions should prepare and implement the management mechanism, process management, and source data governance requirements for data reporting from the above aspects. In particular, the management and management of the data quality check process need to be strengthened and improved, and it is recommended to improve it from the following aspects:

• Source data quality control mechanism
• Standardize the process of data reporting and re-reporting after verification results
• Clarify the responsibilities and management requirements of the leading department, responsible department, and responsible person
• To improve the construction of information systems, most financial institutions have realized the automatic processing of data generation, and what needs to be improved and strengthened is to combine the requirements of data quality verification and use the system platform to support the whole process management of data quality problem handling and reporting tasks.

Financial basic data Reporting System

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