Selasa, Februari 14, 2023

LPS Sets Commercial Bank Guidelines for Inspections of Single Customer View Data Quality and Data Processing System Reliability

Following the issuance of Regulation of the Deposit Insurance Corporation (Lembaga Penjamin Simpanan – "LPS") No. 5 of 2019 on the Reporting of Customer-Based Deposit Guarantees for Commercial Banks, as amended by Regulation of the LPS No. 4 of 2020 (collectively referred to as "Regulation 4/2020"), the LPS has now introduced a set of guidelines for commercial banks ("Banks") that address inspections of the quality of their single customer view data ("SCV Data") and the reliability of their data processing systems (collectively referred to as "Data Conditions") through the issuance of Circular No. SE-1/KE/2023 ("Circular 1/2023"), which has been in force since 18 January 2023. Details of these guidelines are comprehensively outlined under the Appendix to Circular 1/2023.
Pursuant to Regulation 4/2020, Banks are required to carry out annual internal audits of the quality of their SCV Data and the reliability of any systems that are utilized during the processing and storage of said SCV Data. The aforementioned SCV Data refers to the following forms of data: 1) Raw data; 2) Details of SCV Data for each customer; 3) SCV Data for each customer; and 4) Summary of each Bank’s SCV Data.
In addition to the abovementioned internal audits, inspections of the Banks’ Data Conditions should also be carried out on a quarterly basis by independent external parties that are appointed by the relevant Banks ("Independent Parties") in accordance with relevant laws and regulations. The results of said inspections should be submitted to the LPS by no later than the end of the month following the month in which the relevant inspection results are completed, along with a cover letter that has been signed by a member of the relevant Bank’s board of directors.

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Following the issuance of Regulation of the Deposit Insurance Corporation (Lembaga Penjamin Simpanan – "LPS") No. 5 of 2019 on the Reporting of Customer-Based Deposit Guarantees for Commercial Banks, as amended by Regulation of the LPS No. 4 of 2020 (collectively referred to as "Regulation 4/2020"), the LPS has now introduced a set of guidelines for commercial banks ("Banks") that address inspections of the quality of their single customer view data ("SCV Data") and the reliability of their data processing systems (collectively referred to as "Data Conditions") through the issuance of Circular No. SE-1/KE/2023 ("Circular 1/2023"), which has been in force since 18 January 2023. Details of these guidelines are comprehensively outlined under the Appendix to Circular 1/2023.
Pursuant to Regulation 4/2020, Banks are required to carry out annual internal audits of the quality of their SCV Data and the reliability of any systems that are utilized during the processing and storage of said SCV Data. The aforementioned SCV Data refers to the following forms of data: 1) Raw data; 2) Details of SCV Data for each customer; 3) SCV Data for each customer; and 4) Summary of each Bank’s SCV Data.
In addition to the abovementioned internal audits, inspections of the Banks’ Data Conditions should also be carried out on a quarterly basis by independent external parties that are appointed by the relevant Banks ("Independent Parties") in accordance with relevant laws and regulations. The results of said inspections should be submitted to the LPS by no later than the end of the month following the month in which the relevant inspection results are completed, along with a cover letter that has been signed by a member of the relevant Bank’s board of directors.

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