Featured Product

    IMF Publishes Paper on Challenges and Implications of Big Data

    September 14, 2017

    IMF published a research paper on the potential, challenges, and implications of big data for macroeconomic and financial statistics. It addresses the wide range of stakeholders of “official” data and statistics and covers interested users and producers.

    The paper highlights that big data opportunities for countries will be asymmetric and will depend on the country’s characteristics and the availability of the systems and networks generating big data. Data quality concerns, difficulties with access, and new required skills and technologies are the main challenges of big data. While big data mainly measure insights, correlations, trends, and sentiments, detailed country-by-country time series in accordance with the internationally agreed standards remain crucial for measuring and monitoring countries’ economic performance and policies over time. Going forward, international statistical cooperation is key to overcoming big data challenges and to building lasting partnerships among national and international statistical agencies, users, and data owners. The implications include the need for interested parties to build the required skills and technologies in their organizations.

     

    Opportunities, challenges, and potential implications of big data are particularly high for national statistical agencies. Given that big data is not static but dynamic, the systems and networks generating big data continue to evolve, and with them the possibilities, challenges, and limitations of big data for statistics. Consequently, the overall assessment made in this paper will need to be revisited as the worlds of big data and official statistics evolve.

     

    Related Link: Discussion Note (PDF)

    Keywords: International, Banking, Securities, Insurance, Big Data, Statistics, International Standards, International Cooperation, IMF

    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958