OMFIF-State Street Central Banks and Data Challenges Roundtable: Operating models, technological platforms and integrated data strategies
The rapid pace of technological change is matched by the ever-evolving risks to financial stability and the global economy, as shown by the Covid-19 pandemic, the acceleration of climate change and the volatility of digital financial assets. It is within this environment that central banks need to harness technology to capture, handle, integrate and use new data effectively. Regional differences and country-specific regulations also add to the challenge of capturing data as there is no standardised approach for central banks.
This roundtable will explore operating models, technological platforms and integrated data strategies central banks should consider for data categorisation, integration and management. Key issues for discussion include:
• Central banks’ investment in IT infrastructure as a prerequisite for storage and processing of large and complex datasets
• Developing platforms to ingest, cleanse, aggregate and sort data into a user-friendly format
• How central banks can compete with the private sector in attracting data scientists to boost innovation and productivity
• Data privacy laws and how reputational, legal and ethical factors can limit the use of big data sources by central banks
• Regulatory challenges around ESG data and how central bank approaches vary regionally
• How investment by central banks in cloud capabilities can yield long-term payoffs, not just in cost and operational efficiency, but also in better investment decisions
• The resilience of cloud-based systems and countering cyberattacks
This off-the-record meeting is aimed primarily at senior representatives from across central banks and other public financial institutions.
This is the second of two roundtables hosted by OMFIF and State Street Bank to better understand the challenges and opportunities facing central banks in the digital age. The series will culminate in the publication of a solution-driven report in 2023.
This meeting will be conducted under the OMFIF Rules.
This event is part of the OMFIF Institute for Economic and Monetary Policy, OMFIF’s core stream of activities covering economic and monetary policy and the political economy. OMFIF is an independent think tank for central banking, economic policy and public investment, providing a neutral platform for best practice in worldwide public-private sector exchanges worldwide. For membership enquiries please contact Jamie.firstname.lastname@example.org, or for further information please see the OMFIF website.
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