The global regulatory landscape is increasingly demanding comprehensive record keeping strategies from firms. This focus is escalating as both regulators and firms are investing in technology to remodel their data strategies and manage an expanding spectrum of content. The critical challenge lies in ensuring that content can be captured, preserved, and retrieved in its original form, considering the growing requirements around retrieval and surveillance.
In 2018, the Financial Stability Institute (a division of the Bank for International Settlements) coined the term ‘Suptech’ to denote the innovative use of technology by supervisory agencies to bolster their supervisory processes. The ultimate aim is to digitise reporting and regulatory processes, thereby augmenting the efficiency and proactive monitoring of risk and compliance at financial institutions.