BAKU, Azerbaijan, February 20. The Central Bank of Azerbaijan (CBA) and the World Bank Group (WBG) have approved the "Supervisory Technologies Roadmap" as part of the jointly implemented "Financial Sector Modernization Project 3," Trend reports via the CBA.
According to the regulatory authority, the roadmap defines the strategic framework for the development of supervisory technologies (SupTech), covering the planned projects and initiatives of the Central Bank for the period from 2024 to 2029. Additionally, the document highlights the potential contributions of SupTech applications.
SupTech endeavors to delineate forthcoming trajectories concerning the integration of technological innovations and data analytics for risk-centric oversight.
The application of SupTech tools is designed to increase the efficiency of supervision processes, improve the quality of financial institutions' reporting, enhance compliance with regulatory requirements, and ultimately strengthen the resilience of the financial system.
Furthermore, SupTech will play a key supporting role in the implementation of the Central Bank's risk-based supervision approach, which aligns with the "Risk-based Supervision Policy Concept."
The implementation of the Roadmap will also support the achievement of goals outlined in the Central Bank's "Financial Sector Development Strategy for 2024-2026," including the enhancement of supervisory processes with data-driven SupTech solutions and the application of a supervisory information system.
You can explore a brief summary of the Roadmap by following this link:
https://uploads.cbar.az/assets/feeb62eb12b5c144caa99818e.pdf
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