The "SupTech Imperative" session highlighted the unique aspects and challenges of SupTech (supervisory technology) within the financial ecosystem. Topics coveed included the rapid evolution of technology, the necessity for supervisors to leverage new tools, the critical role of SupTech in enabling supervisors to oversee increasingly digital financial markets, unique challenges faced by the public sector including recruitment difficulties and procurement barriers, and the need for cultural shifts within supervisory bodies.
The discussion focused on public-private engagement, where it was noted that regulators often face suspicion when collaborating with the private sector. Skingsley stressed the importance of acknowledging different perspectives and objectives between the sectors and highlighted the need for both sides to learn and adapt. Di Castri mentioned the importance of creating environments for testing solutions, such as using synthetic data, to foster collaboration and innovation. They also addressed the need for better tools and metrics to evaluate non-financial risks and governance.
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