Abstract
The Bangko Sentral ng Pilipinas (the Philippines Central Bank, or BSP) Supervisory Data Center (SDC) was receiving incomplete, late, and inconsistent reports from the supervised financial institutions. Data cleaning and validation was consuming significant resources. The process was primarily manual and highly resource-intensive. Partnering with the RegTech for Regulators Accelerator (R2A) and CRT, BSP developed an API and back office reporting and visualization application to: - Allow financial institutions to submit high-quality, granular data digitally, and automatically to the financial authority with higher frequency. - Enable BSP staff to make data validation faster and analysis sharper by generating customized reports for supervisory and policy development purposes in different formats. By improving data quality and access, and developing new tools for data visualization and analysis, the SupTech project helped BSP implement a risk-based supervisory approach that reduces compliance costs and promotes financial inclusion while ensuring financial stability and integrity.
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