issue addressed in the lectures of this conference - and the specific problems that arise from the integration of regulatory regimes that have previously been separated by national boundaries and different legislation into a framework that works efficiently for a newly integrated financial market with a single currency. the debate about regulatory issues has attracted much attention recently by intensive discussions both at the national and the european level. at the national level the focus of the debate has been the future role of central banks in the process of prudential supervision of the banking system. the issue most intensively discussed at the european level has been the question of a centralized versus a decentralized model of supervision. these debates reflect the active response of policy makers and the general public to developments in financial markets brought about, inter alia, by the process of european integration. let me address these issues in turn : at the national level we have been observing various proposals to reorganise and restructure financial markets supervision. some countries have already taken steps of major institutional reforms. in the course of this debate the active involvement and the key role of central banks in supervising the banking system has repeatedly been challenged. models of new national institutions in charge of supervising banks, financial markets and the insurance industry under one roof of a general financial service authority have gained some popularity among politicians. the merger of various supervisory fields, which have technically quite different tasks, is a highly ambitious and rather difficult organisational problem. in the same way as with mergers in industry the advantages and disadvantages of these organisational forms will have to be assessed in the light of practical experience. whatever reorganisation design is under debate, however, it is in any case of crucial importance to take a clear position about the role of the central bank. it's historically intimate involvement in supervising the banking system has proved useful in many countries around the world and there is a strong case for keeping this close involvement under any model of supervisory reorganisation. the close involvement of central banks in the supervisory process has various advantages. it gives the central bank a much clearer picture of the economic reality that is behind the numbers visible in the books of banks. this information facilitates its role in safeguarding financial stability and creates a special advantage in spotting early warning indicators of financial crises and potential situations of economy wide financial distress. moreover, as a part of the eurosystem central banks are integrated in an already functioning network of national and supranational institutions. such a network is of decisive importance in the light of the structural change in european

benjamin e diokno : data governance seminar speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the data governance seminar, manila, 14 june 2019. * * * to my colleagues here in bangko sentral and to our resource persons today, good morning. welcome to our data governance seminar. as we prepare ourselves with the data governance seminar this morning, let me start with some food for thought : it used to be that the problem of society is not having enough data and computing power. today, what we are facing is clearly an abundance of data and almost unlimited computing power. in a forbes magazine article, internationally best - selling author and strategic business and technology advisor bernard marr notes that there are 2. 5 quintillion bytes of data created each day. further, 90 % of available data across the globe was created only in the last two years. 1 on the other hand, according to the world economic forum, the entire digital universe is expected to reach 44 zettabytes by 2020, roughly 40 times more bytes than there are stars in the observable universe. going by this, data is the new currency. understanding of data as a strategic asset is now quite fundamental to every business and organization — the bsp included. in fact, in my recent policy pronouncements, i always say that the monetary board ’ s decisions are always data driven and evidence - based on market conditions. despite the significance of data, even highly technical and professional organizations still experience issues in data consistency, quality, and timeliness. this affects an organization ’ s ability to generate the data needed for high quality decisions and policies. these seem to indicate that many organizations have yet to reach that point of being able to effectively harness the power of their data assets. this is where data governance, our topic for today, becomes most relevant. dama, an international organization of professionals and standard setters in data management, defines data governance “ as the exercise of authority and control over the management of data assets. ” its purpose is to ensure that data is collected, processed, organized, protected, and consumed properly, according to agreed - upon policies and best practices. 2 it is about determining data strategy and policy, defining standards for data quality and delivery, as well as establishing oversight and issue management processes. this is to ensure that the reliable and actionable data are received by the ones