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PublicationsReports to the G20The Use of Supervisory and Regulatory Technology
by Authorities and Regulated Institutions: Market developments and financial
stability implications



THE USE OF SUPERVISORY AND REGULATORY TECHNOLOGY BY AUTHORITIES AND REGULATED
INSTITUTIONS: MARKET DEVELOPMENTS AND FINANCIAL STABILITY IMPLICATIONS

9 October 2020 | PDF full text (1 MB)

This report finds that technology and innovation are transforming the global
financial landscape, presenting opportunities, risks and challenges for
regulated institutions and authorities 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.
These allow large data sets to be collected, stored and analysed more
efficiently. 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.

SupTech and RegTech tools could have important benefits for financial stability.
For authorities, the use of SupTech could improve oversight, surveillance and
analytical capabilities, and generate real-time indicators of risk to support
forward looking, judgement based, supervision and policymaking. For regulated
institutions, the use of RegTech could improve compliance outcomes, enhance risk
management capabilities, and generate new insights into the business for
improved decision-making. For both authorities and regulated institutions, the
efficiency and effectiveness gains, and possible improvement in quality arising
from automation of previously manual processes, is a significant consideration.

SupTech is a strategic priority for an increasing number of authorities. Based
on a survey of FSB members, the majority of respondents had a SupTech,
innovation or data strategy in place, with the use of such strategies growing
significantly since 2016.



PRIMARY DEMAND DRIVERS FOR DEVELOPING A SUPTECH STRATEGY: NO. OF AUTHORITIES WHO
RANK DRIVER AS MOST IMPORTANT

Authorities are also vigilant to possible risks that could arise from the use of
SupTech and RegTech technologies. Survey responses indicated that the risk
reported to be of greatest concern was around resourcing, followed by cyber
risk, reputational risk and data quality issues. A particular risk is
over-reliance on methods built on historic data, which could lead to incorrect
inferences about the future, and the potential for limited transparency of
SupTech and RegTech tools. Looking to the future, the potentially catalytic role
of data standards and the importance of effective governance frameworks for the
use of SupTech and RegTech were also emphasised.

The report includes 28 case studies giving practical examples on how SupTech and
RegTech tools are being used. The report is being delivered to G20 Finance
Ministers and Central Bank Governors for their virtual meeting on 14 October.

Content Type(s): Publications Reports to the G20 Source(s): FSB Policy Area(s):
Financial Innovation Supervision and Risk Management


RELATED INFORMATION


FINANCIAL INNOVATION

The FSB is working actively with international bodies to monitor FinTech, and to
identify regulatory and supervisory issues raised by FinTech that merit
authorities’ attention from a financial stability perspective.


PRESS RELEASE


9 OCTOBER 2020 FSB REPORT HIGHLIGHTS INCREASED USE OF REGTECH AND SUPTECH

The increased use of supervisory and regulatory technology is transforming the
global financial landscape, presenting opportunities, risks and challenges.

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