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.