In the same way technology is changing the financial services industry, technology is also changing how the industry and supervisory authorities implement and enforce regulations. Today, an increasing number of supervisory authorities are turning to technology to support their work, leveraging so-called supervisory technology (suptech) applications to digitize report and regulatory processes. Suptech refers to the use of innovative technology such as artificial intelligence (AI) and machine learning (ML) by supervisory agencies to support supervision. As with other regtech solutions, suptech is about improving efficiency through the use of automation, streamlining administrative and operational procedures, and digitalizing data and working tools. The main goal here is to reduce the burden on firms and allow for more proactive monitoring, better reporting, oversight and overall compliance on the regulator's side.

In the same way technology is changing the financial services industry, technology is also changing how the industry and supervisory authorities implement and enforce regulations. Today, an increasing number of supervisory authorities are turning to technology to support their work, leveraging so-called supervisory technology (suptech) applications to digitize report and regulatory processes. Suptech refers to the use of innovative technology such as artificial intelligence (AI) and machine learning (ML) by supervisory agencies to support supervision. As with other regtech solutions, suptech is about improving efficiency through the use of automation, streamlining administrative and operational procedures, and digitalizing data and working tools. The main goal here is to reduce the burden on firms and allow for more proactive monitoring, better reporting, oversight and overall compliance on the regulator's side.