Central bank wants to discuss regulation of risks of big data use

MOSCOW, Dec 10 (PRIME) -- The Russian central bank has offered the financial sector to discuss regulation of the systemic risks in exploitation of big data to improve financial stability, according to the regulator’s consultation report seen by PRIME on Friday.

“Together with the banks and other financial institutions, to develop a set of rules of proper use of big data, which can be later transformed into standards of self-regulated institutions, professional associations of participants of the financial market,” the regulator said.

“In the part where the subject of the rules overlaps the existing regulation, the principles can serve to deliberate on existing regulation.”

The regulator would be able to use the experience to draft recommendations on proper use of big data in the future.

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