To gear for the future digital economy, Monetary Authority of Singapore(MAS) has taken a giant leap forward with the formation of new Data Analytics Group (DAG). The new body will come into effect from March 15, 2017.
DAG will lead MAS’ efforts to harness the power of data analytics to unlock insights, enhance the supervision of financial institutions, make regulatory compliance more efficient for financial institutions, and improve work efficiency across the organisation.
Ravi Menon, Managing Director of MAS, said,“The digitisation of information and the harnessing of data from multiple platforms have created the opportunity to use data analytics to understand the economy and the financial system with a depth that was not possible before. MAS is committed to building strong capabilities in data analytics to seize this opportunity. Our new Data Analytics Group will work with the financial industry to sharpen the surveillance of risks, and with the various departments within MAS to transform the way we do our work.”
Dr David Roi Hardoon has been appointed as the Chief Data Officer and Head of DAG. He joins MAS from Azendian Solutions, where he was the co-founder and Executive Director, Chief of Analytics.
DAG will comprise three units- Data Governance and Architecture Office, Specialist Analytics and Visualisation Office and Supervisory Technology Office.
Data Governance & Architecture Office (“DGA”) will formulate data management policies, manage data collection and quality, maintain MAS’ data catalogue, and publish MAS’ official statistics.
Specialist Analytics & Visualisation Office (“SAV”) will conduct data analyses in partnership with MAS departments. It will help departments improve their data capabilities through reusable tools and code libraries, and partner MAS Academy to deliver data analytics training programmes. Together with MAS’ IT Department, the team will design and implement the technical infrastructure needed to support data analytics work in MAS.
Supervisory Technology Office (“SupTech”) will conduct data analyses on supervisory and financial sector data in partnership with MAS departments. It will work with the Fintech and Innovation Group to promote data analytics capabilities within the financial industry and foster innovations to make regulatory compliance more efficient and effective.