On 11 May 2020, the FICC Markets Standards Board (FMSB) published its second spotlight review examining the role of data management in the stability and resilience of wholesale FICC markets and financial systems.
The review considers:
- seven sources of critical data risk covering business continuity, data confidentiality, trading, aggregate exposure, regulatory enforcement, ownership rights and security risks relating to misconduct;
- regulatory authorities’ work in this field and the benefits of increased standardisation across different international jurisdictions; and
- eight key components to promote effective data governance covering the data lifecycle, data policies, data taxonomy, mapping data sources, data movement and lineage, data classification, data leakage detection and data quality.