Banking sector regulators have made efforts to engage with startups and to foster technology developments of potential value to the industry, and its overseers, through things like innovation “sandboxes” and multi-lateral coordinating bodies such as the Global Financial Innovation Network, which has served largely as a cross-border information-sharing vehicle thus far.1 Central banks have organized around the Bank for International Settlements’ Innovation Hub program, which has shown real progress in fostering innovation in partnership with public sector peers and private financial institutions that leads to meaningful adoption by of new tools by project participants.2
These efforts could be mimicked by others with a view to fostering the development of tech-enabled methods by which to manage and supervise non-financial risk challenges with greater success, and to establish reliable reporting tools to gauge progress and prompt real-time course-corrections.
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