OFR Advances Data-and-Analytics Platform Following Successful Pilot
Published: April 6, 2023
WASHINGTON, DC – Today, the Office of Financial Research (OFR) announced that it is developing an expanded and enhanced version of its interagency data-and-analytics platform, following a successful pilot.
Announced in July, the pilot hub environment (the Hub) provided select staff from the Federal Reserve Board of Governors and the Federal Reserve Bank of New York with access to public climate data and high-performance computing tools, such as statistical and visualization applications that allowed deeper insight into climate-related financial risks and vulnerabilities.
Given the success of the pilot, the OFR is moving forward with the development of an expanded and enhanced version of the platform, which will be named the Joint Analysis Data Environment, or JADE.
Once fully operational, JADE will support comprehensive financial-stability research by providing a platform to integrate and analyze a broad spectrum of financial and other relevant data.
The OFR anticipates that the initial version of JADE will be released during the second half of 2023. The OFR plans to gradually expand this collaborative space for use by other FSOC regulators and include additional data.
The OFR helps promote financial stability by looking across the financial system to measure and analyze risks, perform essential research, and collect and standardize financial data principally to support the Financial Stability Oversight Council and its member agencies. In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the OFR to analyze threats to the financial stability of the United States each year and provide a report to Congress with its key findings.