The Roadmap for Supervision Technologies jointly developed by the Central Bank of Azerbaijan and the World Bank Group has been approved, Central Bank of Azerbaijan (CBA) told APA-Economics,
It was noted that the Roadmap covers the portfolio of projects and initiatives planned by the Central Bank in this direction for the years 2024-2029, by defining the strategic framework for the development of supervision technologies ("SupTech"). The document also comprehensively outlines the potential contributions of the implementation of "SupTech."
SupTech aims to define future prospects for the use of technology and data for risk-based supervision purposes. The application of SupTech tools is intended to increase the efficiency of supervision processes, improve the quality of financial institutions' reporting, enhance compliance with regulatory requirements, and ultimately strengthen the resilience of the financial system. At the same time, "SupTech" will play a key supportive role in achieving the Central Bank's main strategic goal in the supervision area, which is to implement a risk-based supervision approach in line with the "Policy Concept for Risk-Based Supervision."
It was also added that the implementation of the Roadmap will support the achievement of goals related to the improvement of supervision processes and the application of the supervision information system through data-driven SupTech solutions, as specified in the Central Bank's Financial Sector Development Strategy for 2024-2026.
