Amongst the turmoil of the ravaging pandemic, the Bank of England published a report on transforming data collection from the UK financial sector, laying out the principles for reshaping data transformation over the next decade.
Launch of the data collection review
Publication of the discussion paper:
“Transforming data collection from the UK financial sector”
Publication of the report:
“Transforming data collection from the UK financial sector: a plan for 2021 and beyond”
Over the past years, the emphasis on providing and analysing large volumes of data has grown in every sector, with the results showing that data allows for deeper insights on complex regulatory matters and identification of patterns invisible to the human eye. On the other hand, the current processes of data collection are strained, as more and more data becomes available.
The report on “Transforming data collection from the UK financial sector: a plan for 2021 and beyond” is a response to these challenges, and notes that the Bank of England, along with the industry will need to transform data management processes, including data collection and reconciliation.
The first phase is expected to last 24 months and the second to span over a period of 3 years.
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