In a recent "Supervision Newsletter" from the European Central Bank (ECB), Frederik Hoppe, a Supervision Analyst at the ECB, highlights how supervisory technology (SupTech) is transforming the machinery of European banking oversight.
As banks adopt complex, tech-enabled business models, supervisors are responding in kind, Hoppe explains. “Banking supervisors must embrace digital transformation and foster an innovative supervisory culture to adapt to this fast-changing environment,” he writes. "Technology must be leveraged to manage the increasing data volumes and new risks stemming from banks' use of AI and innovative business models. This will allow supervisors to remain efficient and effective in fulfilling their mandate to ensure the safety and soundness of the banking system."
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