Date: 26 August 2020
Watch this webinar to understand the impact of Hong Kong Monetary Authority (HKMA)’s granular and detailed transaction reporting requirements on financial institutions.
To have a fuller and more up-to-date picture of the state of banks’ business, HKMA launched the Granular Data Repository (GDR) pilot to collect more granular data in the first quarter of 2019. The 19 participating banks are required to comply with a broad reporting data grid, amounting to around 250 fields, for residential mortgage loans and corporate loans.
Achieving compliance is not trivial. Early indicators suggest banks may have gaps in their data sets. The new rules will also require banks to introduce new standards of data quality – in terms of completeness, accuracy, and timeliness – which could stretch the banks’ reporting systems.
The webinar covers:
- The future direction of the GDR – how it will replace or coexist with existing regulatory requirements
- Impact of GDR on financial institutions
- Challenges and benefits of adopting GDR for financial institutions
- Best practices in deploying and operating centralized data repositories from other countries