Data Governance Department
The Data Governance Department of the Bank of Russia was established on 11 January 2021 based on the Reports Processing Department and the Data Governance Centre which was previously part of the Statistics and Data Management Department.
The Department’s activity is aimed at increasing the effectiveness of data usage in decision-making processes at the Bank of Russia, expanding the data available for research and improving their quality.
The key tasks of the Department include harmonising information resources of the Bank of Russia, ensuring data consistency and timeliness, developing a conceptual model and centralised data and metadata resources, developing rules for establishing requirements for data quality, and coordinating the activities of Bank of Russia structural units aimed at ensuring data quality.
The Department develops and maintains Bank of Russia regulations which establish requirements for the procedure for compiling and submitting reports and other information to the Bank of Russia, as well as the general procedure for interaction with credit and non-bank financial institutions, issuers of securities, self-regulatory organisations in the financial market, national payment system members and other participants in information exchange with the Bank of Russia through their online accounts. The Department’s functions also include the development of information collection based on the data model, which will optimise the reporting of organisations supervised by the Bank of Russia by eliminating the duplication and redundancy of collected indicators and alleviating regulatory burden for market participants.
Within the framework of information exchange agreements with the federal executive authorities, the Department coordinates information flows of data and their unification using unified directories and classifiers, and controls their usage.
Through the Reports Processing Centre, the Department collects and processes reports and other information submitted to the Bank of Russia by legal entities and individuals in compliance with Russian laws, regulations and other acts of the Bank of Russia.
The Department ensures the transition of non-bank financial institutions to electronic reporting based on the XBRL (eXtensible Business Reporting Language). This format helps increase the transparency of collected reports.
The Department’s key tasks also include regulation of and control over the credit history bureau services market in accordance with Federal Law No.