The Financial Conduct Authority remained a good representation of innovation, technology, and data analysis techniques to the improvement of business productivity. The Authority published its first strategy focused on data collection in 2013, and it was tremendously effective. It is now saddled with the task of developing new technology that will facilitate critical thinking and promote business practices. Strategy and implementation are outlined below:
The primary aim of the strategy is to improve the way we use data analytics to maximize our productivity. We are making the change because several regulated companies have adopted the use of advanced technology, and we need to understand them to regulate them effectively. This strategy facilitates the actualization of vision to harness the power of data and advanced analytics to support our mission and promote our financial regulation services in the UK. We intend to deliver real change in 2024.
The strategy will promote our knowledge of the consumer and the market and help us in identifying situations that require our intervention. It will also enable us to monitor, identify, connect, and react to firm and market issues, while also building a company that is flexible and will fit the future standard. We will achieve this strategy over the next five years through bringing changes to our culture and skills, introducing a new FCA data operating model that provides central capabilities to enhance our transformation, introduce improved central Data services, adopting need data management and analytics techniques.
In the next 12 months, we will focus on increasing our data science resource, testing and deploying new tools, devising means to use the tools to detect financial crimes, improve workflows, and modify our risk and control framework. We will also keep updating the public on our progress.
