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the banking sector in China. The interview's main purpose with the
CBRC consultant was to investigate the vision of Chinese regulation
on IG practices. Additionally, it was possible to understand the differ-
ent stages of governance between the Hong Kong and mainland China
banking systems.
IG Relevance
Many banks are currently engaged in attempts, for example, to achieve
KYC (know your customer). This is only additional evidence from all the
interviewed executives that banking is basically “information.” Indeed,
information is highlighted as a very sensitive subject presently in banks.
To illustrate the importance of information governance, there is the state-
ment of a senior advisor from China: “Reliable information is the real asset
for banks. It helps bankers to make good decisions. Reliable information
comes from governance.”
When asked whether they believe that information governance is an
important issue for banks, the bank executives from the three countries
offered different and interesting answers. One Brazilian executive stated,
“Yes. At the moment, within the IT area, we are creating a specific struc-
ture to deal with information management and information governance.
That initiative is linked to an auditing project.” Another Brazilian execu-
tive was more emphatic: “I'd say that what was once desirable will become
essential. Those who do not have good IG will be out the market. And,
I also think at some point in the future, it will be criteria for obtaining a
license to operate or not.”
A bank executive in Hong Kong provided a very comprehensive answer:
“Yes. Without proper governance, one can use information for improper
activities, which may damage a firm's reputation, revenue, credibility,
and may be subject to regulatory and legal litigations.” In a similar way,
another Chinese executive said, “Yes. With better use of information, a
bank can be more efficient, reduce risks, and improve services. All [of]
these combined will lead to higher returns for shareholders and create
greater employee engagement.”
A particularly interesting response was given by an executive in the
United States: “Yes. My central thesis is that information governance is
increasingly important, massively important in the megadata world. If we
don't get these policies right, we'll have unnecessary duplication, unneces-
sary linkage, unnecessary complexity.” From an experienced executive, the
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