Baku: Azerbaijan’s Central Bank has officially approved a Roadmap for Supervision Technologies, developed in collaboration with the World Bank Group, as announced by the Central Bank of Azerbaijan (CBA) to APA-Economics. This strategic document outlines a comprehensive portfolio of projects and initiatives scheduled for 2024-2029, setting a framework for advancing supervision technologies, known as “SupTech.”
According to Azeri-Press News Agency, SupTech is designed to explore future applications of technology and data for risk-based supervision. This initiative is expected to enhance the efficiency of supervision processes, improve financial institutions’ reporting quality, and boost compliance with regulatory standards, thereby strengthening the financial system’s resilience. SupTech will also support the Central Bank’s strategic aim of implementing a risk-based supervision approach, as outlined in the “Policy Concept for Risk-Based Supervision.”
The Roadmap’s implementation is intended to facilitate the enhancement of supervision processes and the deployment of a supervision information system using data-driven SupTech solutions. This aligns with the Central Bank’s Financial Sector Development Strategy for 2024-2026, aiming to achieve goals related to the improvement of supervision methodologies.