On 7 March 2024, the Bank of England’s (BoE) Executive Director for Data and Analytics Transformation and Chief Data Officer, James Benford, delivered a speech on the steps being taken by the BoE to update its data and analytics strategy.
Mr Benford explained that the BoE is carrying out a seven-step approach to refresh its data and analytics strategy:
- Step 1: Independent review
- Step 2: Define a governance structure to shape a collective response
- Step 3: Define medium term strategic goals
- Step 4: Agree principles and architecture to define approach
- Step 5: Agree immediate priorities for data portfolio
- Step 6: Seize opportunity of change to re-work core business processes
- Step 7: Publish and mobilise to execute the plan, track the risks and benefits
The final step (step 7) is to publish the plan and mobilise to effect it. The BoE has committed as part of the management response to last year’s review to publish a three-year roadmap with its annual report in June 2024.
Mr Benford concluded the speech by highlighting that the BoE is bringing together and connecting all of its data, modernising its analytical process and upskilling its workforce so that these can all take advantage of the very latest tools. It is also taking the opportunity to look at how the BoE can connect externally, and re-working its business processes.
The BoE plans to continue working on its data transformation project and to report regularly on its progress and process, sharing its learnings so that stakeholders can feedback and hold it to account.