The emergence of supervisory technology for regulators (SupTech) and the use of Big Data, Artificial Intelligence and Machine Learning among other automated processes for reporting, monitoring and to aid the delivery of regulatory requirements (RegTech) holds the potential to rapidly transform the insurance industry and the financial sector in general. Regulatory bodies are now exploring the benefits of the use of automated systems to analyse and collect data away from traditional channels. Similarly, the movement to increasingly digitalized systems means that supervisory authorities need to be aware of risks and challenges posed by the use of RegTech and SupTech tools. This consultation call took place on Thursday, 21 March 2019, where experts from the Toronto Centre explored the implications of RegTech and SupTech on supervision. Supervisors on the call also heard insights from The Financial Stability Institute on their report on the same theme: FSI Insights Paper No 9: Innovative technology in financial supervision (suptech) – the experience of early users.
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