On 5 July 2024, the Bank of England (BoE) published a 3-year roadmap for implementing its refreshed data and analytics (D&A) strategy, along with a summary of recent progress. The BoE’s Executive Director for Data and Analytics Transformation and Chief Data Officer, James Benford, also delivered a speech on topic at the Financial Conduct Authority Data innovation for Future of Regulation conference.

The BoE published an overview of its planned approach to refreshing the D&A strategy in October 2023, in response to a report by the Independent Evaluation Office (IEO), and committed at that stage to publishing a 3-year implementation roadmap.

The BoE explains in the roadmap that its updated D&A strategy is intended to make it easy for everyone at the BoE to work with and analyse data, bridge data gaps to maximise the value of the data it collects, acquires and shares, and enable safe and effective innovation, including use of artificial intelligence (AI). It notes that good progress has been made in furthering the D&A strategy since it was updated, and sets out the progress made in recent months.

The roadmap then sets out the BoE’s year-one priorities for implementing its strategy, which are to:

  • Establish cloud capabilities and deploy them for priority use cases.
  • Enhance D&A policy compliance.
  • Deliver on use cases for AI and machine learning.
  • Enhance support for business change, and D&A skills and culture.
  • Improve the availability of data.
  • Collaborate with other organisations to improve data collection and sharing.
  • Develop a roadmap for regulatory reporting.

The year two and three priorities are intended to build on progress and plans made in year one. The BoE expects those year two and three plans to include initiatives to:

  • Continue development of the enterprise data platform.
  • Increase access to modern tools, including AI.
  • Enable business areas to self-serve.
  • Data and AI skills.

In his speech, Mr Benford noted that the data strategy focuses on how the BoE best supports its people to make decisions in support of the BoE’s mission, to maintain monetary and financial stability. He warned that while ‘great progress’ has been made against the BoE’s data agenda, working towards BoE-wide use of innovative new tools, it is important to be aware of the risks and limitations, particularly in light of the power and complexity of the predictive models that have been developed. The speech concluded with the BoE’s hope that by being open on its strategy and engaging with industry, it can contribute to ‘decisions that will make for a brighter future’.