BIS Publishes Bulletin on Use of Big Data Analytics by Central Banks
BIS published the IFC Bulletin Number 50, which presents proceedings of the Irving Fisher Committee (IFC)-National Bank of Belgium Workshop and Seminar on big data. The Workshop and Seminar, which was held on July 23-26, 2018, provided an opportunity to review the main big data sources relevant for central banks and the principal techniques developed in the recent years for analyzing big data—focusing on the classification and clustering of information derived from large quantitative data sets, with machine learning, text mining, and network analysis all playing an important role.
The presentations included in the IFC Bulletin analyzed various aspects related to the use of big data and associated techniques by central banks. They cover three main aspects:
- An assessment of the main big data sources and associated analytical techniques that are relevant for central banks
- The insights provided by big data for economic policy, with an overview of concrete central bank projects aiming to improve statistical information, macroeconomic analysis and forecasting, financial market monitoring, and financial risk assessment
- The use of big data in crafting central bank policies, including organizational aspects and related challenges
Related Link: IFC Bulletin
Keywords: International, Banking, Big Data, Artificial Intelligence, IFC, BIS
Related Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
