On October 9, 2020, the Financial Stability Board (FSB)[1] published a report on the use of supervisory (SupTech) and regulatory (RegTech) technology. This report summarizes the outlook, challenges and opportunities of SupTech and RegTech from the perspectives of FSB members, including Canada’s Office of Superintendent of Regulated Institutions (OSFI). More importantly, the report examines almost 30 case studies from regulators across the world highlighting the progress made and some of the challenges encountered along the way. Generally, there is consensus on the benefits of SupTech and RegTech. However, the challenges related to the implementation of these new tools continue to endure.
This Report follows prior developments in RegTech and SupTech. As discussed in our prior posts, “RegTech” can be understood as describing new technologies that facilitate the delivery of regulatory requirements. “SupTech”, on the other hand, can be described as the use of technology to support supervisory agencies to carry out their regulatory functions. The combination of “SupTech” and “RegTech” can provide a more efficient and effective regulatory process for both the…
