Systemic risks of big data in finance: consultation paper
The Bank of Russia proposes discussing systemic risks of using big data in the financial sector and possible measures to regulate these risks in order to increase financial stability.
The consultation paper released by the regulator analyses the current trends, the benefits and risks of using big data in the financial market both in Russia and globally. The authors of the paper outlined possible approaches to regulating these risks for Russian financial institutions, considering foreign practice, among other things.
Furthermore, the paper presents the results of the survey carried out by the Bank of Russia among large banks and other financial institutions that shared their experience of using big data in their operation.
The Bank of Russia welcomes your feedback and suggestions on the consultation paper and answers to the questions therein through 15 February 2022.