Cooperation of the National Bank with the central bank of Austria, data management practices will be implemented

Within the framework of the Second Phase of the Regional Program for Strengthening the Central Banks' Capacity in the Western Balkans, funded by the EU, the implementation of the bilateral data management measure between the National Bank of RSM and the National Bank of Austria has begun. As announced by NBRSM, the planned activities will contribute to the transfer of the experience of the Austrian central bank in strengthening the institutional capacity for establishing a data management function in the National Bank.

The first expert mission of the bilateral measure took place from November 27 to 29, 2023 and was attended by representatives from several organizational units of the National Bank and two experts from the National Bank of Austria.

The mission was dedicated to sharing the experience of the experts from Austria in the introduction of the data management process, which involved establishing a data management strategy, data democratization, setting the roles for data management in terms of responsibility and accountability, as well as examples of data architecture through data catalogs, metadata and granulation. Experts from the Austrian Central Bank actively shared their knowledge, practical steps of the implementation process and best practices in the field of data management, which will be useful guidance in taking further steps to implement data management at the level of the National Bank - it is said in the announcement from the National Bank.

The second phase of the EU-funded Regional Program for Strengthening the Institutional Capacity of Central Banks in the Western Balkans started in September 2022. This three-year program is implemented by the Bundesbank as its coordinator, in partnership with nineteen central banks of the European System of Central Banks (ESCB) and the European Central Bank (ECB). The European Union (EU) allocated 3 million euros to the program from its Instrument for Pre-Accession Assistance (IPA III)

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