The majority of authorities surveyed by the FSB had a SupTech, innovation or data strategy in place. SupTech is most commonly used in regulatory reporting and data management.
The FSB (Financial Stability Board) has published a new report on the use of SupTech and RegTech, outlining the opportunities, benefits, risks and challenges they present to authorities and regulated institutions alike.
“The opportunities offered by SupTech and RegTech have been created by the substantial increase in availability and granularity of data, and new infrastructure such as cloud computing and application programming interfaces (APIs) which allow large data sets to be collected, stored and analysed more efficiently,” the report says.
“Authorities and regulated institutions have both turned to these technologies to help them manage the increased regulatory requirements that were put in place after the 2008 financial crisis.”
For authorities, the use of SupTech could improve oversight, surveillance and analytical capabilities, and generate real-time indicators of risk to support forward-looking, judgment-based supervision and policymaking.
“SupTech is a strategic priority…
