BAKU, Azerbaijan, December 3. The Central Bank of Azerbaijan (CBA) has successfully implemented the "Supervisory Inspection Management" project based on the application of "SupTech" (supervisory technologies) solutions to improve control processes, Trend reports via the CBA.
The aim of this project, implemented within the framework of the "Strategy for the Development of the Financial Sector in 2024-2026," was to fully automate the planning, conduct, and monitoring of inspections by implementing a special platform for the management of supervisory inspections, collect data in a single database, and effectively implement a risk-based control method.
As part of the work carried out, the pertinent divisions of the CBA, tasked with the oversight of financial entities, were equipped with suitable software solutions to enhance the efficacy of their evaluative operations.
"Conducting inspections through this software has allowed for risk-based prioritization of processes, more effective preparation of inspection plans, and prompt monitoring of the implementation status of instructions given to financial institutions.
At the same time, within the framework of automation, it has become possible to standardize inspection procedures, prepare inspection reports in accordance with predefined forms in a shorter period of time, and store all information in a single electronic database," the CBA said.
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