Guidelines on Data Management and MIS Framework

In an increasingly competitive and fast-paced environment, appropriate and easily accessible information is critical for financial institutions to support decision-making and day-to-day operations. A framework to manage data and disseminate information effectively and efficiently throughout an organisation provides a strong foundation for well-run financial institutions. Such a framework should ensure a high level of assurance regarding data quality, facilitating data mining, analysis, and reporting for purposes of risk management and conducting significant business activities.

Bank Negara Malaysia expects financial institutions to establish and maintain a sound data management and management information system (MIS) framework. Senior management, with appropriate oversight by the board, must play a key role in developing the framework to ensure proper allocation of resources, effective planning and coordination across the organisation, alignment with strategic objectives, and a corporate culture that reinforces the importance of data integrity. Considerations around resources, technology, and infrastructure must be addressed in the context of the organisation’s overall corporate objectives and the evolution of its business model over time.

The Guidelines on Data Management and Management Information System (the Guidelines) sets out high level guiding principles on sound data management and MIS practices that financial institutions should observe when developing internal data management capabilities. Financial institutions should structure and implement data and management information systems in a manner that is consistent with the principles set out in the Guidelines and appropriate to each institution’s specific business needs.

This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking