The Bank has been working with the FCA and industry in the last few years to identify the main issues for firms and regulators in the way data is currently collected. The aim is to improve the process, reduce cost and improve efficiency and quality. The work initially focused on the potential for improvement based on greater use of technology, but it soon became apparent that the scope for improvement was much wider – in particular improved data standards and definitions would initially bring the most benefit. Following publication by the Bank of the Transformation of Data Collection Discussion paper on 7 January 2020, there was extensive consultation with a wide range of interested parties which also confirmed the importance of consistent data standards and definitions across the range of data requirements. Having received over 60 written responses to the consultation paper and held a series of working group discussions with reporting firms and vendors, the Bank was able to publish a Data Transformation Plan on 23 Feb 2021 outlining the vision and next steps for this work.
What to expect from this webinar:
- Gareth Ramsay, CDO, Executive Director for Data and Analytics, will outline the Bank of England’s vision for data collection and its role in the development and adoption of data standards
- Hear from the Bank of England in regards to their aspirational vision for the future of data collection
- Understand the Bank’s call for input and how you can get involved in shaping the future of data collection