Page 140 - Special Topic Session (STS) - Volume 3

STS523 Shazura Z. A. et al.
The usage of large-volume, micro-level and granular administrative data
together with the periodical data compilation provides more statistical power
to official statistics, thus bringing surveillance, analysis and regulatory
obligations to a whole new level. Furthermore, by using advanced
technologies, administrative data with other sources of Big Data could be
stored and integrated in BDAP, to facilitate data science and analytics
initiatives in the Bank and to enable better analysis and more accurate models
in supporting the Bank’s surveillance. The provision of administrative records
as supplementary source of data has fostered cost-effectiveness since these
data are already collected routinely for administrative purposes, hence, it
reduces the reporting burden of the industry.
However, in the course of leveraging on administrative data, the Bank faces
challenges and limitations arising from various aspects, namely legal, data
confidentiality and access control, security as well as technical issues. In the
Bank’s attempt to obtain administrative data from multiple sources,
organisational challenges become a major issue since different institutions are
governed by different respective legal and institutional frameworks. The data
sharing arrangement entails authority approval and should be permissible by
the respective law. It also requires adequate time and effort for involved
organisations to conduct assessment and agree with the terms, as well as to
comply with the governance and procedure, which includes obtaining
approval from relevant authorities prior to institutional agreement. The
institution’s vision and perception in supporting the idea of data sharing and
transparency among the organisations have significant influence over the
decision on the agreement for collaboration.
Since majority of the administrative data involves micro-level and
personalised data, it is important to establish a set of policies, procedures and
processes, and standards to ensure data are formally managed and to instil
discipline in managing the whole lifecycle of these data. This includes
managing and safeguarding the confidentiality and integrity of the data being
compiled and disseminated by providing adequate control, access and
protection to prevent misuse of information for fraudulent activities, phishing,
identity theft as well as for marketing purposes. Given that the technology
sector is an inescapable exception in advancing the use of administrative data
by the Bank, information technology (IT) investment strategies are essential to
manage the data through the development of a secured data submission,
processing and dissemination platform to stay vigilant of technology frauds.
As such, cost is one of the challenges in obtaining allocation for IT budgets,
which is required to facilitate an organisation to drive the needs for the
development of a safe and secured system, concurrently maintaining
operational efficiencies.

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