Bank of Lithuania shares unique experience in data management
After introducing the first integrated data management strategy earlier this year, today the Bank of Lithuania published a paper that analyses data management-related issues and challenges with a focus on the ongoing Data Management Maturity Program DAMAMA.
“Data management and data-based decisions present one of the most important challenges to the financial world today, thus the purpose of this paper is to share our experience and promote international discussion on the issues of advanced data management. The main principle of our approach is to treat data as the organisation’s asset, therefore, we are transforming the entire data value chain in a coordinated manner. The DAMAMA program capitalises on a series of our previous initiatives and draws data management guidelines for the years to come,” said Ramūnas Baravykas, Director of the Statistics Department of the Bank of Lithuania.
The article “Becoming a data-centric organisation: a guide to data management initiatives at the Bank of Lithuania” presents the strategic vision and objectives of data management at the Bank of Lithuania, the recent data management initiatives and the range of issues that they aim to solve. For example, when developing new data systems, the Bank of Lithuania strives to increase process automation and standardisation, ensure a single source of truth and reduce the involvement of manual work. In order to achieve this, the central bank aims to develop an integrated information technology architecture, ensure quick and secure data access for research and analytics, move towards the greater use of micro-data and introduce a centralised data collection and a one-stop shop principle. The article also discusses international data management initiatives by the European organisations.
For several years, the Bank of Lithuania has prioritized the development of innovative data management solutions, seeking to be one of the leaders in this area. Through the DAMAMA program, over the next four years, the Bank of Lithuania plans to reform its data governance framework, reporting data collection, data storage and analytics. In each of these fields, the central bank will seek to centralise and standardise processes, deploy modern data technologies, enhance data integration and access, thus opening up wider possibilities for data-based decision making in the supervision of financial market participants, implementation of macroprudential policy and ensuring the stability of the entire financial system. In addition, by streamlining reporting procedures and consolidating the applied technologies, the Bank of Lithuania will reduce the administrative burden for financial market participants and other data providers.
This year, the Bank of Lithuania has been selected as the winner of a prestigious Central Banking award for its Data Management Initiative – the Data Management Maturity Program DAMAMA.