New Government guidance on managing data
The Australian Prudential Regulation Authority has published its final practice guide on the management of data risk for all APRA-regulated institutions, the Governmetn announced.
New privacy laws come into effect in March
The guide applies to all financial institutions licensed by government, known as authorised deposit-taking institutions, including life insurance companies and regulated superannuation funds.
“The guide is designed to assist these institutions in appropriately managing their data risk and is targeted at those areas where APRA has identified weaknesses through its supervisory activities,” The APRA said in a statement.
“The management of data risk is crucial for APRA-regulated institutions because it can affect their ability to meet financial and other obligations to beneficiaries.
“The risks associated with the use of data, including data application, retention, storage and security, have become more significant with increasing automation and the criticality of data to decision-making.”
The guidance is intended to be used by Boards and senior management of APRA-regulated institutions.