Financial Supervision Platform for Regulators

Today's financial regulators are under tremendous pressure across three dimensions: the pace of change, the ever-increasing dynamics of risk, and limited resources to respond. Regulators are looking for new pathways to efficient and effective financial regulation with an enhanced Financial Supervision Platform.

Fortunately, technology has come a long way in the past 15 years enabling financial supervisors to collect and mine clean and pre-validated data; delivering proactive real-time analytics on the collected data with little to no manual intervention. Gone are the days of collecting printouts and PDFs only to eyeball them or transcribe them into Excel in order to perform accurate analysis a month or two later.

Canada's SQL Power Group is at the forefront of innovation, and the move toward full automation of oversight functions through an integrated Financial Supervision Platform. SQL Power’s multilingual, e-commerce, and esignature-ready data collection and analytics solution can be configured to automate all regulatory oversight functions; providing regulated entities with a single web portal for all their interactions with their financial regulator including all registration/license applications, financial returns, and requests each tailored with its own unique workflow.

This will not only make it more convenient for regulated entities to interact with their regulator at any time and from anywhere alleviating stress, line-ups, and traffic congestion; but it will also allow regulators to be more efficient in replacing expensive administrative resources with software and expensive buildings with servers and laptops.

These efficiency gains position the regulator to continually increase the regulatory effectiveness of financial supervision through the fast implementation of new supervisory requirements and immediate access to drill into the numbers behind early warnings of risk.

An Efficient and Effective Financial Supervision Platform

Resources are the greatest constraint as financial supervisors look to respond to the pace of change and dynamics of risk.

The first resource is budget: most regulators are funded through a combination of government and administrative fees. This funding is always limited and must be invested efficiently to maximize the return.

The second resource is people: good people are a regulator's most valuable resource, but they must be set up to succeed; unfortunately, the efforts of many of these people are wasted in low-value manual tasks due to the limitations of the third resource.

The third resource is technology: well-deployed technology should create productivity gains by relieving the people resource from mundane, low-value data entry tasks and allowing them to focus on high-value actions that recognize and address risk-filled situations and behaviors.

For many regulators, their technology works against them, not for them.  Legacy systems require intense effort from internal teams to adapt to new requirements if adaptation is even possible.  Workflows are dominated by manual intervention steps which compromise the return on the people investment and increase pressure on the budget.  Or new solutions built on old technology infrastructures where modern system advantages like XBRL are non-native "plug-ins" to help get something old to work with something new. 

SQL Power Suite is a native XBRL solution that allows for fast deployment, rapid adaptation, and automation of collection and analysis to free the people resource to focus on high-value work.

The SQL Power Suite implementation of an effective Financial Supervision Platform creates a pathway to efficient and effective financial regulation that will allow regulators to keep up with the pace of change and respond to the ever-increasing dynamics of risk.