James sets out the Bank’s new data and analytics strategy, including our goals, recent successes and the plan ahead. A new cloud enterprise data platform will be built and launched over the coming year. The success of the strategy is about people with strong partnerships and broad-based training to make it work for everyone.
Executive Director for Data and Analytics Transformation and Chief Data Officer
James Benford
Speech
It’s a pleasure to speak to you all today about the new data and analytics strategy at the Bank of England.
Like many, we are on a long journey in our use of data, as we adapt our approach to benefit from changing technologies. Opportunities like this one, for central banks and regulators to share progress and lessons learnt along the way, are critical for our collective success. I would like to congratulate the Financial Conduct Authority for running the second event in this series. I hope by sharing our progress and ambitions, we can help to keep this conversation going.
Last year, the Bank’s Independent Evaluation Office (IEO) conducted a review of how we use data to support our decisions. The IEO is an independent unit that supports Court (the Bank’s Board) in reviewing our performance. It completed a thorough assessment of where the Bank is on its transformation of data and analytics. This review gave us 10 recommendations under three themes, which were around creating an ambitious vision, removing technological and cultural barriers to change, and supporting all our colleagues to work with data.
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