With the official release of the China Banking and Insurance Regulatory Commission’s (CBRIC) Banking Financial Institutions Supervision Data Standardization Specifications 2021 Edition (EAST5.0), the regulatory authorities have continuously improved the data quality and business compliance requirements of financial institutions. Recently, Sunline has won the bid for the unified supervision platform project for Zhongyuan Bank as well as a city commercial bank in Northwest China with its efficient and leading comprehensive supervision solutions, taking solid steps to realize digital transformation in the supervision field.
On March 25, the official website of the China Banking and Insurance Regulatory Commission published a blockbuster news, which issued fines to 21 banks with issues in the field of regulatory standardization data quality, with a total penalty amounting to RMB 87.6 million, covering 3 policy issuing banks, 6 large state-owned banks, and 12 joint-stock banks.
After April 2020, the China Banking and Insurance Regulatory Commission once again issued a ticket for the quality of EAST data submission, which undoubtedly sounded the alarm for major domestic financial institutions.
According to the requirements of the new EAST 5.0 regulations, the China Banking and Insurance Regulatory Commission has upgraded the collection scope, submission requirements and data quality of commercial bank data standardized data submission, furthering improved the completeness, completeness and standardization of data collection and submission.
For financial institutions, supervision is no longer just about completing regulatory data reporting, instead, promoting data governance, business compliance development, and digital transformation has become a new proposition for financial institutions.
As the only provincial-level bank in Henan Province, Zhongyuan Bank adheres to the development goal of "making Zhongyuan Bank a first-class commercial bank". Faced with the new situation of detailed, comprehensive and high-quality strict supervision, Zhongyuan Bank officially launched the new project of a unified supervision reporting platform and a unified supervision market, continuing to improve the quality of supervision data submission.
The unified supervision reporting platform independently developed by Sunline takes the unified model of the supervision market as the "backbone", adopts the concept of "mid-end", and carries out a full-featured and capable support design. In addition to the sending function, it can also realize data quality analysis and issue quality reports, which greatly improves the consistency, accuracy and integrity of the submitted data, and can realize the "one-stop" supervision and reporting of the whole process of management and control.
Based on profound industry insights and practical experience, and with mature solutions in regulatory data governance and regulatory data reporting, Sunline won the unified supervision platform project of Zhongyuan Bank in one fell swoop!
Through the construction of 7 regulatory reporting subsystems including the EAST system for Zhongyuan Bank, Sunline will help the bank to unify the external reporting caliber of each reporting module, elude repeated data collection and redundant storage, and improve data processing efficiency.
In the era of "strict supervision", Sunline has the ability to provide banks with comprehensive solutions for high-quality supervision. However, the road to regulatory data governance is long and difficult, and there is still a long way to fully and efficiently analyze regulatory data needs, improve regulatory data quality, implement data responsibilities, and promote problem rectification. Sunline will continue to provide financial institutions with mature, robust and forward-looking products and service solutions, helping financial institutions to realize the value of data and accelerating the promotion of data-driven digital transformation.
