Bank of Russia approves roadmap for RegTech and SupTech
The action plan (roadmap) includes RegTech and SupTech concepts, pending projects, and initiatives based on the proposals of financial market participants. The document has been elaborated to ensure that the Bank of Russia carries out efficient and high-tech regulation and supervision.
RegTech (Regulatory Technology) is the technology used to facilitate the fulfilment of regulatory requirements by financial institutions. SupTech (Supervisory Technology) is the technology used by regulators to enhance the efficiency of their regulation and supervision of financial market participants.
The implementation of the road map will make it possible to:
- reduce the regulatory burden of supervised entities;
- raise the quality of the Bank of Russia's control and supervision efforts;
- optimise financial market participants’ compliance with Bank of Russia requirements.
The development and introduction of new digital technologies in the operations of the Bank of Russia and financial market participants is one the Bank of Russia's strategic goals. Its implementation should make a considerable contribution to enhancing the effectiveness of supervision and regulation.