The data analytics project will build an FCA-wide information hub where different collections of data are pooled and made available for a 360° view. This will enable forward-looking action and thus support the development of the FCA into a data-driven organisation.
Status and outlook
The data analytics project is under implementation. The focus is on establishing a data analytics platform with a central collection of data from many existing source systems and implementing various use cases, e.g. integral risk analysis. A reporting and information platform that integrates existing systems such as the data warehouse or SAP Business Objects is to be introduced from the beginning of 2020. Advanced analytics will then be set up from mid-2020.
Advanced analytics, as learning systems, go beyond the evaluation of historical static data time series. Connections should not be understood only afterwards; instead, they should be identifiable in a forward-looking manner (in the form of patterns) even in very large quantities of data with complex data structures. Appropriate machine algorithms are to be used to generate data-based models and more efficient forecasts.
According to the schedule, the project is due to be completed by the end of 2021, thus laying the necessary foundations for the further development of the issue of data analytics at the FCA.
Objective and purpose
The FCA is to become a data-driven organisation: the data analytics project will lay the groundwork for implementing this vision. The motto is: machine-based preparation and analysis instead of manual work. This will make data preparation more efficient and less prone to errors. Flexible tools and AI support will help to identify relevant patterns. Rules and models will be continually improved with feedback loops.
The focus is on the following business use cases: company profiles, risk analysis and the smuggling of goods. With company profiles, it is a matter of consolidating company information from various source systems and carrying out a company rating. In the case of risk analysis, the risk assessments that are currently carried out in a decentralised manner and independently of one another are to be combined to form a 360° view of people, companies and vehicles and lead to accurate decisions and interventions. Regarding the commercial and private smuggling of goods, the assessment basis is to be improved especially in the case of smuggling by combining various existing data sources.