Data Governance Framework: Bank of Canada

Transcription

1 Data Governance Framework: Bank of Canada The views and opinions expressed herein are those of the author and do not necessarily reflect the official policy or posi8on of the Bank of Canada or any agency of the Canadian government. Sid Rajan Bank of Canada May 16, 2014

2 Agenda Bank of Canada sta/s/cs program overview Canadian financial regulatory framework Internal governance process External governance process Current environment Key challenges and planned improvements 2

3 Bank of Canada Data & Sta/s/cs Office Mission: To provide high quality data, informa8on services and business support to the Bank s Monetary Policy and Financial System func8ons. Key contribu/ons Monetary and credit aggregates Chartered bank data collec/on and analysis Exchange and interest rates Securi/es database Interna/onal data submissions 3

4 Internal Governance General Prac8ces Centralized data contract management Pooled resources greater efficiency Centralized data repository (Data and Sta/s/cs Office) Transparency of data availability Ease of access Formal process to request new data purchases Structured approach to data storage Enhancement of data dissemina/on processes 4

5 Canada - Integrated Approach to Banking Data Na/onal Sta/s/cal Agency (Sta/s/cs Canada) Bank Regulator (OSFI) Deposit Insurer (CDIC) Bankers Associa/on (CBA) Data Sharing Data Dissemina/on Methodology Support Interna/onal Data Submissions Data Collec/on Discussions with Filers Data Sharing Facilitates Discussions with Banks Bank of Canada 5

6 Internal Governance banking data Mul/ple BoC business lines with differing analy/cal focus Evolving needs and varying data priori/es Significant requests compiled and presented to senior management by Data and Sta/s/cs Office (DSO), with joint approval of priori/za/on required Formal request and ra/onale required for all new requests Ongoing regulatory data planning process conducted by DSO Fill data gaps and an/cipate emerging requirements Provide analy/cal context to collected data 6

7 Canada Financial Sector Sta/s/cs Framework and Data Flow Department of Finance Central Bank (Bank of Canada) Interna/onal Agencies (IMF, BIS, etc.) Bank Regulator (OSFI) Tri- agency Database Deposit Insurer (CDIC) Financial Sector Sta/s/cs Na/onal Sta/s/cal Agency (Sta/s/cs Canada) Housing Agency (CMHC) 7

8 External Governance banking data Work closely with tri- agency partners and Sta/s/cs Canada Collabora/on with interna/onal agency partners (eg: BIS, IMF) Internal priori/es considered alongside external requirements Ensure requirements are aligned and that defini/ons and concepts are consistently applied Allow for joint priori/za/on of requests Jointly present final requests to financial ins/tu/ons Allow for discussion with banks (feasibility, quality concerns) Confiden/ality seangs applied for interna/onal submissions 8

9 Current Environment Balancing Priori/es Domes/c data requirements Internal data gaps Emerging policy needs Interna/onal ini/a/ves G- 20 data gaps ini/a/ve FSAP exercise recommenda/ons Basel III requirements 9

10 Current Environment Addressing Data Gaps Shared responsibility (StatCan/BoC/OSFI/Finance) Enhancements developed in consulta/on with tri- agency partners and in alignment with exis/ng frameworks Mul/ple interna/onal requirements priori/zed with internal analy/cal requirements in mind Canada represented on many interna/onal working groups, and historical contributors to most interna/onal programs Canada is/will be largely in a posi/on to meet data gaps where a conceptual/sta/s/cal framework exists 10

11 Interna/onal Banking Sta/s/cs Example incorpora/ng interna/onal requirements, Canadian requirements and BoC- specific requirements Informa/on on geographical distribu/on of assets and liabili/es Enhancements provide greater counterparty sector and maturity details /ed to G- 20 data gaps ini/a/ves 11

12 Interbank and Major Exposures Return Requirement to build an understanding of the inter- linkages within the financial system and evaluate the resul/ng systemic risk Concentra/on risk Spillover risk Feed into Bank s macro- financial risk assessment framework Enhancements to interna/onal banking sta/s/cs complements this internal ini/a/ve 12

13 Challenges Large scale mul/- dimensional returns (exposures broken down by assets class, maturity, currency, etc.) Systems upgrades (both internally and within banks) to address evolving data demands, both in type and volume Adequate subject maier knowledge and tradi/onal quality analysis techniques 13

14 Bank of Canada Response to Challenges Improved internal governance and priori/za/on of data requirements Increased collabora/on among tri- agencies, with na/onal sta/s/cal agency, and with repor/ng banks Broadened network with other central banks and sta/s/cal agencies Developing new data collec/on system which meets evolving data demands/func/onal requirements New staffing mix within the Data and Sta/s/cs Office, new posi/ons, focus on training 14

15 Opportuni/es for Further Improvement Closer /es and increased data sharing between the tri- agencies, Sta/s/cs Canada and CMHC Greater usage of risk- based Basel capital adequacy repor/ng data to supplement balance sheet/sta/s/cal data Tri- agency working group focused on data ra/onaliza/on Revised regulatory data planning cycle more frequent communica/on and earlier iden/fica/on of key requirements 15

16 Thank you for your /me Ques/ons? 16

17 Appendices 17

18 Appendix 1: Priori/za/on of new data requests Criteria include: Relevance to current and future analysis Relevance to mul/ple departments Availability Quality of data Cost Opera/onal impact Urgency 18

19 Appendix 2: DSO s Organiza/onal Structure Data and Sta/s/cs Office Financial Sector Sta/s/cs Data Management and Analy/c Environment Support Sta/s/c al Analysis Data Management Financial Ins/tu/ons AE Business Support Capital Markets 19

20 Appendix 3 - Key Acronyms BoC Bank of Canada CBA Canadian Bankers Associa/on CDIC Canada Deposit Insurance Corpora/on CMHC Canada Mortgage and Housing Corpora/on DSO Data and Sta/s/cs Office FSAP Financial Sector Assessment Program OSFI Office of the Superintendent of Financial Ins/tu/ons StatCan Sta/s/cs Canada 20