Data management at the Bank of Lithuania enters a new phase
The Bank of Lithuania launches a new phase of the Data Management Maturity Programme (DAMAMA): the bank is set to transform its data management and reporting systems and deploy a common data platform with an advanced analytics solution. The task was assigned to Ignas Aničas, who has recently joined the Bank of Lithuania.
“We aim to ensure that these changes allow the Bank of Lithuania to manage and employ data more efficiently. And for reporting financial market participants, the automated data exchange would reduce their administrative burden,” says Ignas Aničas, who has years of experience of implementing complex projects in private and public sectors as well as experience gained working at the Big Four (four largest global accounting and consulting firms).
In preparation for the technological transformation, the bank drafted a data management strategy and policy, made organisational changes, carried out data mapping, appointed data owners and integrated advanced data management processes. All these developments are meant to ensure the implementation of data governance principles in line with good practices.
The chosen solutions are expected to facilitate as much as possible the processes of data collection, storage, analysis and provision to interested institutions and bodies. Automated processes will allow to collect far more data which will be stored on a common data platform and be available in real time. This will enable the bank to conveniently generate relevant reports or data sets at a chosen level of detail. In addition, when searching for the most optimal solutions, particular attention was paid to cybersecurity and the possibilities of launching and developing open data initiatives within the bank based on the chosen solution, by opening up more and a wider variety of data to the public.
Through the DAMAMA programme, the Bank of Lithuania implements its Data Governance Strategy. This year, centralised units responsible for data collection, data management and data platforms have started operations. The next step will be to develop and integrate the newest technological solutions into business processes. The objectives of the programme are planned to be achieved gradually by mid-2025, and the first technological results will be presented in 2023.
Last year, the Bank of Lithuania was selected as the winner of a prestigious Central Banking award for its data management initiative.