Nominations process for the joint transformation programme
The Bank of England (Bank) and the Financial Conduct Authority (FCA) are working to transform data collection from the UK financial sector. A lot of this work is being carried out by the joint transformation programme we have set up with industry. Earlier this month we published a communication outlining the resource we are looking for industry to provide to enable the programme to continue its work in Transforming Data Collection. This communication provides information about the process for individuals and firms wishing to submit nominations to participate on the programme.
Our resource requirement for phase two
We are planning to start phase two of Transforming Data Collection in September 2022. Phase two will start with a nine month ‘discovery and design’ stage for five new use cases (see our latest communication for information about the phase two use cases) that will be carried out by the joint transformation programme. To enable us to continue with our ‘discovery and design’ work for new use cases, as well as scaling solutions from our phase one use cases, we will be asking firms for similar types of resource to play similar roles as in the first phase.
There are two areas of the joint transformation programme that we require resource for: Governance and Delivery. We are looking for industry to provide resource for both the programme delivery team and governance groups.
Governance
We are asking for nominations for members to join the Reporting Transformation Committee and Data Standards Committee for phase two of the programme. The committees play a crucial role in overseeing the work of the programme, managing risks and issues, and ultimately recommending designs developed by the programme to the Bank, FCA and industry.
In addition to our Committees, we are asking for nominations for members to join the Reporting and Data Standards Transformation Board. The Board acts as a forum for discussing issues of common concern relating to reporting and the development of data standards to enable better reporting. The Board will consider issues and relevant initiatives beyond the scope of the joint transformation programme.
The role of the Committees and Board are described in detail in our Terms of Reference.
Delivery team
We are asking for nominations for members to join the Core Delivery Team and the TDC Advisory Group. Members will focus on discovery and design for the phase two use cases, as well as working to scale current and future designs to maximise their value. We expect the majority of delivery team members to be seconded to the programme for four days a week. However, we will consider nominations to participate part time in the programme for a minimum of one day a week, particularly for roles providing specific technical or subject matter expertise. Please see our latest communication for the key roles and skills sets we require.
The role of the Delivery Groups are described in detail in our Terms of Reference.
Nominations process
The Bank and FCA invite firms and trade associations to nominate individuals to serve as members of the following groups for the joint transformation programme:
Governance groups
- Reporting and Data Standards Transformation Board (3 meetings a year)
- Reporting Transformation Committee (12 meetings a year)
- Data Standards Committee (12 meetings a year)
Delivery groups
- Core delivery team (majority of their working time, part time on exception)
- TDC Advisory Group (2 to 4 days a month)
Full details for the roles of both the governance and delivery groups can be found in our Terms of Reference.
Nominees are asked to submit their nominations by 22 June 2022. Nominations should be made by completing and submitting a nomination form. Nominees must confirm their organisation’s approval prior to submission.
As part of their submission, nominees will be asked to provide a summary of their role, relevant knowledge and experience, and to confirm that the nominee can commit the necessary time for the work of the group they are nominating for.
The Bank and FCA will review all nominations in line with our selection criteria. We will aim to respond to nominees within two weeks of receipt of their nomination.
If you have any questions about the nominations process or the joint transformation programme, please email us at TDCSecretariat@bankofengland.co.uk