Recognising the power of analytics, the Monetary Authority of Singapore (MAS) has formed a Data Analytics Group (DAG).
The group will lead the central bank's efforts to use analytics to unlock insights, and enhance the supervision of financial institutions. It will also help to make regulatory compliance more efficient for financial institutions, and improve work efficiency across the organisation.
DAG will be led by Chief Data Officer, David Roi Hardoon. Before joining MAS, Hardoon was the co-founder and Executive Director, Chief of Analytics, of Aznedian Solutions. He has a PhD in machine learning, as well as a deep research background and extensive experience in developing and applying analytical models.
Hardoon will report to Ong Chong Tee, Deputy Managing Director (Financial Supervision).
The three units that make up DAG are as follows:
- Data Governance & Architecture Office (DGA), which will formulate data management policies, manage data collection and quality, maintain MAS' data catalogue, and publish MAS' official statistics.
- Specialist Analytics & Visualisation Office (SAV), which 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.
"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. 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," said Ravi Menon, MAS Managing Director.