MoF Launches Data Lake system

In line with its strategic direction to adopt tech solutions in governance and data, the Ministry of Finance (MoF) recently launched a Data Lake system, that aims to translate MoF’s financial data assets into valuable insights, predictions and strategies that supports the country's financial leadership and enhances its global competitiveness.

The Data Lake is in compliance with international standards of data security and governance. It consolidates and curates data by providing the ministry with a unified platform that processes and analyses data from different sources regardless of size and structure - from data in many systems to data in one system. It also democratizes data and delivers immediate access to the processed data, which enhances the efficiency of the decision-making process - from multiple ways to access data to one usable way to access data.

H.E. Mariam Mohammad Al Amiri, Assistant Undersecretary for the Management of Financial Resources stressed MoF’s keenness to deploy the latest smart technology to improve the quality of its services, and to enhance its regional and global leadership. This is part of MoF’s proactive approach to look ahead and prepare for future challenges.

H.E. Mariam Al Amiri said: “The Data Lake is the latest addition to the modern tech solutions previously launched by the ministry. These innovations aim to achieve institutional excellence in the ministry's operations.”

Data Lake is based on four main pillars: Data Consolidation and Curation within one system, Data Democratisation where one usable way to access data is used rather than many, Self-Service Analytics, which shifts from users needing specialists to do their analytics to users doing self-service analytics, and AI/ML & Pervasive Analytics, which uses extensive data analysis to enable benefits throughout the organisation and drive maximum business value. MoF’s new Data Lake currently provides the first two pillars, and will be enhanced to adopt third and fourth pillars.

H.E. Mariam Al Amiri added: “Data governance is a priority for MoF, as is data analysis and its provision to users in a simplified manner, given that data is vital for the decision-making process. Data Lake will enable us to achieve greater efficiency in dealing with Big Data, and is an effective and easy-to-use tool for processing data and providing analytics. This will help us devise strategies and create operational plans that are based on more accurate and substantial data."

The Data Governance and Analytics Office at MoF provides a centralised function for developing policy, procedures and workflow for unification, standardization, monitoring and control of all federal government financial and HR data. It also facilitates the identification, implementation and processing strategies and procedures within government entities, in accordance with their requirements and international security and protection standards.