SupTech and RegTech Development Guidelines for 2021–2023 released
The Bank of Russia has stipulated the guidelines for applying supervisory and regulatory technologies (SupTech and RegTech), which will enable the regulator and financial institutions to perform their functions in these areas more efficiently. Market participants will also be able to reduce costs, enhance and/or streamline their procedures and business processes.
The document provides an overview of international experience, outlines goals and objectives in the application of SupTech and RegTech, and updates the roadmap until 2023.
The key areas for using these technologies comprise the implementation of a data-centric approach, risk analysis and management, and the automation of supervision over market participants. The priorities of SupTech and RegTech also include the application of these technologies to ensure information security, detect misconduct in the financial market, enhance the handling of appeals received by the Bank of Russia, and establish the Know Your Customer (KYC) platform.
The Bank of Russia will revise the roadmap in the course of the implementation of projects/initiatives and with account of suggestions from financial market participants.
SupTech (Supervisory Technology) — technologies used by regulators to enhance the efficiency of their control and supervision over financial market participants.
RegTech (Regulatory Technology) — technologies used by financial institutions to improve the efficiency of fulfilment of regulatory requirements.