IFC Publishes Annual Report, Briefs on Work Done in 2019
The Irving Fisher Committee on Central Bank Statistics (IFC) of BIS published the 2019 annual report on its activities. The report provides a brief update on the governance of IFC, a review of its activities over the past year, and an outline of its future plans. In 2020, IFC will further its work in certain areas that were also in focus in 2019 and these areas include big data information and analytics, fintech, and data governance. The primary focus of IFC will be on completing its fintech agenda and updating the earlier survey on the use of, and interest in, big data by central banks.
IFC organized several activities in 2019 with its activities centered on the analysis of big data, fintech, the integration of micro- and macro-level statistics, the use of financial accounts, and other aspects supporting international statistical initiatives. The report also summarizes key findings "from the IFC surveys on the use of business intelligence systems by central banks and on the fintech data issues at central banks, in addition to key findings from the workshops on “the use of big data analytics and artificial intelligence within central banks" and on “computing platforms for big data and machine learning.” This year, IFC plans to further its work in the areas of big data, fintech, external-sector statistics, sustainable finance, and the different aspects of the Data Gaps Initiative that are relevant to the central banking statistical community:
- The IFC 2020 Biennial Conference, to be held in Basel on August 27–28, 2020, will be a key event. Its main theme will be "The future of finance: implications for central banking statistics" and it will cover issues such as the impact of innovation and fintech on the measurement and classification of new types of financial intermediation, financial inclusion, and financial literacy issues.The conference will also look at various data management issues faced by central banks, taking note of their dual role as compilers of financial statistics as well as users of this information.
- IFC will also organize, with the Bank of Portugal and ECB, a workshop on "Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?” on February 17–18, 2020. This interaction will support the ongoing review of international statistical standards to address current measurement issues and to reconcile the development of external statistics with overall macroeconomic statistics as a multi-purpose analytical tool.
- IFC will support a conference jointly organized by the Bundesbank and the Bank of France on statistics for sustainable finance in Paris, on October 21–22, 2020. The event will take stock of the related data needs of public financial authorities, analyze the international statistics available in the area of sustainable finance from both a supply- and a demand-side perspective, identify data gaps, and develop ideas on the way forward.
- IFC will conduct the survey to gather feedback from its members on the activities and suggestions for further work. A specific section will be added to update the IFC survey on central banks’ use of and interest in big data in 2015, with an aim to assess the various projects conducted by central banks in this area over the past five years.
Related Link: Report (PDF)
Keywords: International, Banking, Statistics, Big Data, Fintech, Data Governance, Annual Report, IFC, BIS
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