Adrian's chapter, Implementing Big Data Solutions, provides an insight into implementing Big Data platforms and the decisions that must be made along the way to ensure the platform is efficient, effective and user-friendly.

The book, published in March this year, edited by the ECB's Per Nymand-Andersen, provides an overview of how digital transformation and Data Science can support decision making. It offers a variety of perspectives, from over 20 contributors to manage digital data.

FNA'ers Kimmo Soramäki, Ivana Ruffini, Mikhail Oet, Tomas Takko and Adam Csabay and David Bolder from Nordic Investment Bank also feature in the publication. The latter also discusses his chapter in a previous FNA Talks episode.

Episode breakdown:
1:10: An introduction to Adrian’s background
1:50: What does David’s chapter cover and why is the topic important?
3:00: What are the two main insights for demystifying Data Science
4:42: What are the key takeaways from the chapter, and what advice would you give to decision makers starting Data Science?
6:37: What are the two main lessons you would draw from your chapter?
7:49: What is your vision for Data Science and its evolution?

David – who co-authored the book – and Will review the key themes of David’s contributions, highlighting the practical implications and demystifying common disillusions of where data science fits into a decision maker’s tool kit.

The book, published in March this year, provides an overview of how digital transformation and data science can support decision making and offers a variety of perspectives on managing digital data.

Contributions from FNA’ers Kimmo Soramäki, Ivana Ruffini, Mikhail Oet, Tuomas Takko and Adam Csabay also featured in the book. The chapter FNA authored, Prudential Stress Testing in Financial Networks, provides a taxonomy of organizational problems facing firms operating in financial markets, and offers a comprehensive approach to information system design that addresses stress testing in networks.

The FNA Team’s work sits amongst contributions from over 20 global experts from both the private and public sectors.

The book can be purchased here: https://riskbooks.com/data-science-in-economics-and-finance

0:00 – Introductions
2:05 – What David’s chapter covers and why it is important for decision-makers
4:13 – Two insights for demystifying data science
6:48 – Advice for decision-makers for starting data science
9:23 – Core lessons decision-makers should draw from David’s chapter
13:05 – David’s vision for data science and its evolution

Per - who edited and co-authored the book - and Adam review the key themes of the book and highlight its practical contributions, as well as discuss the role that data science will play in the post-Covid world.

Index:
00:00 - Introduction

01:08 - Why does data science matter for decision-makers in 2021?

05:01 - How can data science help us tackle the impacts and implications of disruptions like the Covid-19 crisis?

08:31 - In what ways is data science transforming the work of central banks?