Central banks worldwide are grappling with issues relating to data. From how to collect and manage data to aspects of governance, analysis, communication and the proliferation of data – the vast variety of these issues is pushing many to consider root-and-branch reforms. The Bank of Lithuania has been one of the leaders in this regard.
For several years, the Bank of Lithuania has prioritized the development of innovative solutions for streamlining data collection and reporting. These include smart reporting solutions, such as data collection via API, new technologies enabling a switch from aggregate- to granular-level data, and new possibilities for integrating, reusing, and opening up the existing data.
Recently, we took our data management efforts to an even higher level and embarked on the fast track to becoming a truly data-centric organisation by launching an organisation-wide Data Management Maturity Program (DAMAMA). The program activates far-reaching change across the entire data journey within the organisation: data collection, warehousing, analytics, and data governance.
This white paper provides an in-depth guide to the recent data management initiatives at the Bank of Lithuania and the range of complex issues that these initiatives help to solve. In addition, this paper presents the ongoing Data Management Maturity Program DAMAMA, transformation areas covered by the program, main objectives and timelines. Lastly, the final section introduces the international context relating to the ongoing efforts of European organisations to harmonise reporting practices across different domains.
The views expressed are those of the authors and do not necessarily represent those of the Bank of Lithuania.
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