The Bank of England’s Data Transformation Plan; and more

Register for the event

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When

Tuesday, March 30th from 6:00pm to 8:00pm UK time

Where

Online symposium via Zoom.

Format

There'll be a great line-up of speakers plus ample scope for discussion and debate.

Why you should attend

If the topic of data standards and regulatory reporting in the financial services sector is of any interest to you, this is a not-to-be-missed event. 

The context is that the Bank of England has been working with the Financial Conduct Authority 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 processes that will lead to cost reduction whilst boosting efficiency and data quality. The work initially focussed on the potential for improvement based on harnessing the power of technology more effectively, but it soon became apparent that the scope for improvement was much wider than just tech enhancements, with the potential for significant quick-win opportunities in relation to improvements in data definitions and data standards.

Following publication by the Bank of England of its Transformation of Data Collection Discussion Paper on 7 January 2020, there has been extensive consultation with a wide range of interested parties which also highlighted the importance of consistent data standards and definitions across the range of data requirements.  

Having received over sixty 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.

The review found that to transform data collection, industry needs to transform how it manages data, and the Bank of England needs to transform how it collects data. In particular, the review identified three key reforms that need to take place:

  1. Defining and adopting common data standards that identify and describe data in a consistent way throughout the financial sector. These common standards should be open and accessible for use by all who need them, and will bring benefits well beyond reporting.
  2. Modernising reporting instructions to improve how the Bank’s reporting instructions are written, interpreted and implemented. There are a range of steps this will involve, from setting up better Q&A processes to potentially rewriting the Bank’s instructions as code.
  3. Integrating reporting to move to a more streamlined, efficient approach to data collection. This reform includes making data collection more consistent across domains, sectors and jurisdictions, and designing each step in the data collection process with the end-to-end process in mind.

The Bank of England believes the most valuable reform would be the delivery of common data standards. That’s because common data standards can strengthen the data foundations of the whole financial sector, and not just improve reporting.

Our symposium will be a first class opportunity to engage directly with senior people at the Bank of England who are leading this important initiative; and thereby create the chance to learn about their plans as well as feed into them with your own thoughts and ideas about the best way forward.

The work initially focussed on the potential for improvement based on greater use of technology but it soon became apparent that the scope for improvement was much wider and in particular improved data standards and definitions could 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 highlighted the importance of consistent data standards and definitions across the range of data requirements

Having received over sixty 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.

The review found that to transform data collection, industry needs to transform how it manages data, and we need to transform how we collect data. In particular, the review identified three key reforms that need to take place:

  1. Defining and adopting common data standards that identify and describe data in a consistent way throughout the financial sector. These common standards should be open and accessible for use by all who need them, and will bring benefits well beyond reporting.
  2. Modernising reporting instructions to improve how our reporting instructions are written, interpreted and implemented. There are a range of steps we think this will involve, from setting up better Q&A processes to potentially rewriting our instructions as code.
  3. Integrating reporting to move to a more streamlined, efficient approach to data collection. This reform includes making data collection more consistent across domains, sectors and jurisdictions, and designing each step in the data collection process with the end-to-end process in mind.

It seems the most valuable reform that can be delivered is common data standards. That’s because common data standards can strengthen the data foundations of the whole financial sector, and not just improve reporting.

Here's the programme and timings so far...

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