Bank of England seeks data transformation solutions from vendors – submit today!
The Bank of England (BoE) has issued a request for input from suppliers on designing solutions to tackle the challenges of modernising its approach to data collection. Its ten-year plan for ‘Transforming Data Collection from the UK Financial Sector,’ in collaboration with the Financial Conduct Authority (FCA) and industry participants, was announced in February. “Defining and adopting common data standards that identify and describe data in a consistent way throughout the financial sector” will be the first of three key reforms, followed by modernising reporting instructions and integrating and streamlining reporting processes.
The Bank is now taking a use-case approach to research, design and test solutions to address the issues faced by regulators and industry, around questions of value, data quality, and efficiency. The BoE use cases for 2021/22 relate to the Quarterly Derivatives Return and Commercial Real Estate reporting, each presenting specific challenges; there is also an FCA use case on its Covid-19 financial resilience survey. Vendors are invited to submit proposed solutions, and how they could deliver on the brief for each case. Note that the deadline is today, 10 December 2021; selected vendors will then be invited to present at demo days in January. Further use cases are planned for the future.
It is clear to us that XBRL, as the world’s financial data standard, should and will be crucial to powering any such transformation – and we are sure that vendors working in this arena in the UK will agree!