The Australian Prudential Regulation Authority (APRA) has written to chief executives of the country's authorised deposit-taking institutions, life insurers, general insurers and superannuation entities outlining its new supervisory focus on data risk management. Neil Grummitt, general manager for policy at APRA, said in the letter that managing data risk was critical from a both a commercial and regulatory perspective.
APRA describes data as a "key asset for all APRA-regulated institutions" and something that should be managed accordingly. The benefits of putting in place a robust data management framework include meeting business objectives, complying with financial and other obligations to stakeholders and meeting good corporate governance standards.
Grummitt said the board and senior management of all APRA-regulated institutions need to have an understanding of the risks associated with the management of data. This ranges from collecting, storing and using data through to safeguarding
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