The Australian Prudential Regulation Authority (APRA) has today released for consultation a draft prudential practice guide on managing data risk for all APRA-regulated institutions.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding $4.2 trillion in assets for almost 23 million Australian depositors, policyholders and superannuation fund members.Media and industry enquiries only:
The draft Prudential Practice Guide 235 Managing Data Risk (PPG 235) sets out what APRA regards as sound practice in managing the main risks associated with data, which is a key asset for all APRA-regulated institutions. The use of data and its application, retention, storage and security have become highly important with increasing automation and the criticality of data to decision-making.
In using PPG 235, APRA-regulated institutions will have regard to the nature, complexity and scope of their operations. It is critical that institutions ensure data is complete, accurate and reliable so that they are able to meet their obligations to their beneficiaries, whether it be paying out a depositor’s funds, paying an insurance claim or making payments to a superannuation fund member.
APRA is seeking comment on draft PPG 235 from industry and other interested parties by 29 March 2013.
An accompanying letter to industry and the draft PPG 235 can be found on the APRA website at: http://www.apra.gov.au/CrossIndustry/Consultations/Pages/December-2012-Consultation-PPG-235-Managing-Data-Risk.aspx
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