Page 235 - Contributed Paper Session (CPS) - Volume 7

CPS2069 Pamela Kaye A. T.
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b. Human Capacity : Investing in human capital, through trainings and
scholarships, is vital in harnessing the benefits of the latest
technological advancements in Big Data. The BSP has always been an
advocate of pursuing further learning through courses and
postgraduate studies by means of scholarships and fellowships.
19
Promoting data-driven courses and programs to the BSP staff will
significantly narrow the gap in competencies and technical expertise
needed in analyzing Big Data. The Bank may hire experienced data
scientists to jumpstart pilot projects and who will provide guidance
and train the BSP’s existing staff. It may also consider harnessing
talents from the undergraduate and graduate levels in key
universities who are now offering courses and graduate studies on
Big Data.
Big Data is a multi-dimensional discipline that requires pooling of
talents or experts in the field of computational science, mathematics,
statistics, programming, and data management, among others. Given
these features, setting up a unit or division within the Bank composed of
human resources with expertise in the areas enumerated above is optimal.
In building Big Data skills and capabilities, implications on organizational
structure and/or human resource assignment must be rationalized, and
the details on the number of positions needed, qualifications, and
competencies for employee selection, as well as the duties and
responsibilities of the organizational unit, must be clearly identified.
Indeed, Big Data is replete with policy applications which warrants
strong management support in overcoming its concomitant challenges.
For the Philippine central bank, Big Data may supplement its official
statistics, provide new insights for policies, improve market surveillance,
and provide an innovative source for research for a more effective and
efficient delivery of its core mandates – monetary and financial stability
that delivers a high quality of life for all Filipinos.

18 Staff involved in Big Data must be able to identify Big Data opportunities for the BSP, gather
and clean data, apply statistical methodologies, communicate insights to management
through expertise in programming, domain knowledge, and project management. Skills on
database management, data modelling, developing algorithms, and data visualization are also
required.
19 Currently, the BSP Institute (BSPI) is offering courses and scholarships for graduate studies on
Data Science.

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