At the Single Resolution Board staff event late last month, Elizabeth McCaul, a Member of the Supervisory Board of the European Central Bank (ECB), delivered a presentation on how the ECB's "Digitisation Blueprint" has progressed in driving innovation and facilitating the adoption of supervisory technology (suptech) tools.
Since 2020, the ECB has sought to drive digital innovation forward throughout the Single Supervisory Mechanism (SSM) — the legislative and institutional framework that grants the ECB a supervisory role over banks in the EU — by "connecting people, ideas and projects."
As a part of this effort, the ECB developed the Digitalisation Blueprint, which lays out "a clear action plan to build an innovative suptech portfolio." A key focus of this program has been delivering impactful suptech tools to European banking supervisors. These tools include Virtual Lab — a platform for SSM-wide digital collaboration, code sharing, and cloud computing capabilities — and Agora — a data lake bringing all prudential data into one location with access for all SSM users. Since these projects launched in 2022, they have been adopted by more than 1,400 and 400 users, respectively.
The ECB has begun to develop an innovation ecosystem across all of European banking supervision, bringing together academics, startups, regulators, and supervisors through global events and conferences.
However, without building capability sets, the impact of this work will be limited. As such, the ECB is also providing supervisors with "the capabilities and mindset to fully leverage the potential of suptech" by partnering with several academic institutions and e-learning providers.
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