The Bank’s Advanced Analytics unit is responsible for expanding the boundaries of data and data analysis at the Bank.
Working very closely with the other areas of the Bank, including the Bank’s Statistical and Regulatory Data Division, the Research Hub, and the Bank’s Chief Data Officer, the main functions of the Advanced Analytics unit are to:
- Develop new Bank-wide data analysis capabilities.
- Apply advanced analytical techniques.
- Enhance data and expertise both within and outside the Bank by opening up Bank datasets to the public and linking with outside partners.
In tandem with the public launch of the Bank of England’s One Bank Research Agenda on 25 February 2015, the Bank sponsored a Data Visualisation competition centred around previously unpublished Bank datasets. The competition closed on 1 May 2015, and a winner was chosen out of a shortlist of entrants who presented their visualisations at the Bank on 4 June 2015. The winning entry was Recessions & Recoveries by Cath Sleeman.