The following is the Use of regulatory technology by competent authorities and regulated institutions From FSB Report recommended by recordtrend.com. And this article belongs to the classification: research report, financial technology.
The FSB has released a new report, “use of regulatory technology by authorities and regulated institutions.”. Technology and innovation are changing the global financial landscape, bringing opportunities, risks and challenges to the regulated institutions and authorities. An important area of innovation is the application of new technologies to help authorities improve their regulatory capacity.
The tools of suptech (monitoring technology) and regtech (regulatory Technology) may have many benefits for financial stability. Suptech, for its part, can improve the ability of authorities to make forward-looking judgment, monitor and use risk indicators, and provide support for them. For regulated institutions, the use of regtech can improve compliance results, enhance risk management capabilities, and generate new insights into the business to improve decision-making. For the authorities and the regulated institutions, the improvement of efficiency and effectiveness, as well as the possible quality improvement brought by the previous manual process automation, are important considerations.
Given these advantages, it is not surprising that suptech has become a strategic focus for more and more authorities. According to the survey of FSB members, most respondents have deployed suptech, innovation or data strategies, and the use of such strategies has increased significantly since 2016. The most common “use cases” of suptech tools reported by relevant departments are in the areas of regulatory reporting and data management. In recent years, suptech has also seen an increase in cases of “misconduct analysis” and micro prudential supervision, while the number of cases of market supervision is reported to have decreased. More than half of the respondents said they had a formal platform for developing or testing suptech tools.
AI applications are the most commonly used suptech tools and are expected to remain so in the future.
Looking to the future, a series of themes are areas that authorities may benefit from further exploration and consideration when formulating suptech and regtech strategies. The potential catalytic role of data standards and the importance of using suptech and regtech effective governance frameworks are emphasized.
If you want to get the full report, you can contact us by leaving us the comment. If you think the information here might be helpful to others, please actively share it. If you want others to see your attitude towards this report, please actively comment and discuss it. Please stay tuned to us, we will keep updating as much as possible to record future development trends.
RecordTrend.com is a website that focuses on future technologies, markets and user trends. We are responsible for collecting the latest research data, authority data, industry research and analysis reports. We are committed to becoming a data and report sharing platform for professionals and decision makers. We look forward to working with you to record the development trends of today’s economy, technology, industrial chain and business model.Welcome to follow, comment and bookmark us, and hope to share the future with you, and look forward to your success with our help.