The Supervisory Technology (Suptech) Report
Supervisory Technologies (Suptech) has become a key capability underpinning how regulators supervise Financial Institutions in response to the emergence of Financial Technologies (Fintech). Suptech entails the use of innovative technology by supervisory agencies to support supervision. Suptech technology is playing a big role in 17 enabling regulators to supervise and manage risk better.
The aim of the report to is to unpack the increasing use of Suptech tools to support supervision and risk management, as well as identify the benefits of using Suptech tools and challenges in rolling out these tools in South Africa.
Suptech has grown in prominence. There are key benefits, such as enhanced effectiveness, reduced costs, improved consumer outcomes and bringing a larger share of the financial sector under supervision, to be derived from the use of Suptech. However, there are also challenges ranging from finding the right talent to funding or budgetary constraints, data quality issues and operational risks.
To address some of the challenges, the paper proposes a variety of best practices, including: Hackathons, internal innovation offices, and partnerships to attract innovators and fast-track Suptech efforts around high impact use-cases. Ultimately success will depend on resources, digital ambition, partnerships, and operating model.
To read more of the Supervisory Technology (Suptech) Report, click here…;
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