Supervisory technology

Solutions that can be categorized as SupTech are designed for processes such as data collection, risk assessment and mitigation, automated data analysis, and reporting.Itreporting. The industry is intended to help supervisory agencies and organizations to digitize reporting and regulatory processes.

Supervisory technology, also known as SupTech, is a type of financial technology. It is a purpose-built technology that is specifically designed to facilitate regulatory oversight processes and the people who are conducting them.

SupTech is closely related to regulatory technology (also known as RegTech). RegTech is designed to help keep companies and businesses accountable for staying in compliance with strict financial regulations. Many of these financial regulations were established after the 2008 financial crisis that is said to have occurred in part due to poorly regulated financial entities in the United States giving home loans and mortgages to unqualified borrowers.

SupTech is technology that is intended to be used by regulators themselves, which often include supervisors of financial institutions. It has been reported that various global regulators, including the Federal Deposit Insurance Corporation (FDIC), the Bank of England, and the National Bank of Rwanda, are developing SupTech solutions.

Solutions that can be categorized as SupTech are designed for processes such as data collection, risk assessment and mitigation, automated data analysis, and reporting.It is intended to help supervisory agencies and organizations to digitize reporting and regulatory processes.

Different types of technology are used for developing SupTech solutions including:

• cloud computing
• machine learning
• predictive analytics
• data transfer protocols
• natural language processing