Bank management, investment, and processing requires ongoing oversight, supervision, license-granting processes, and enforcement, often by a government regulatory body.
Goals and Objectives
An effective system of banking supervision needs to be able to effectively develop, implement, monitor, and enforce supervisory policies under normal and stressed economic and financial conditions. Supervisors need to be able to respond to external conditions that can negatively affect banks or the banking system.
RegTech, an evolving field within the financial services industry, utilizes information technology to enhance regulatory processes. Legislation/regulation workflow management, gap analysis tools, compliance management tools, transaction monitoring and reporting tools, regulatory reporting tools, activity and access monitoring tools, risk management solutions, case management tools and data warehouses
Use Case Summary
Government agencies involved with banking supervision often must manage digital tools that are designed to interact with the systems used by banks in order to track what they are doing. This allows them to monitor legal compliance and enforce laws.