BaFin published its digitization strategy in the context of the progressive digitization and the phenomenon of "Big Data and Artificial Intelligence" (BDAI), which are rapidly changing the financial market. The three pillars of this digitization strategy are supervising and regulating changes stemming from digitization, ensuring safety of IT systems and data used by supervisors, and developing or transforming BaFin in the face of advancing digitization.
With its digitization strategy, BaFin wants to show how it intends to set the course in these three fields of action. The digitization strategy document describes the overall goals for each field of the above three fields of action. In addition to the baseline and the status quo, a selection of the next steps currently planned to achieve those goals have been also listed. However, in view of the constant digital change, such a representation cannot cover the entire spectrum of all necessary measures. In addition, neither the overall goals nor the paths there are static. Therefore, these measures continue to evolve dynamically and need to be continuously reviewed and adjusted, if necessary. In many areas, the authority already works and thinks largely digitally. However, BaFin is guided by an ambitious benchmark: from 2025 onward, it wants to be one of the world's leading supervisory authorities in dealing with the ongoing digitization.
Related Links (in German)
Keywords: Europe, EU, Germany, Banking, Insurance, Regtech, Suptech, Digitization Strategy, BaFin
Previous ArticleBoE Publishes Update on Meeting of Working Group on Risk-Free Rates
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.
The Monetary Authority of Singapore (MAS) launched a consultation on the standards for market risk capital and the associated reporting requirements for banks incorporated in Singapore.
The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.
PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.
The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.