Guidelines on Data Management and MIS Framework

In an increasingly competitive and fast-paced environment, appropriate and easily accessible information provides critical support to financial institutions in the decision making process and day-to-day operations. In this regard, a framework to manage data and disseminate information throughout an organisation effectively and efficiently provides a strong foundation for well-run financial institutions. Principally, such a framework should support a high level of assurance regarding data quality that would facilitate data mining, analysis and reporting by financial institutions for the purposes of risk management and conduct of 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 the development of the framework to ensure the proper allocation of resources, effective planning and coordination across the organisation and alignment to the organisational strategic objectives, and a corporate culture that reinforces the importance of data integrity. Of importance, considerations around resources, technology and infrastructure issues need to 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