Regnology has been selected by the Bank of Lithuania (BoL) for its supervisory technology solution.
Regnology will be the technology enabler of BoL’s data management maturity programme, which is the institution’s innovation initiative. Regnology’s supervisory technology will contribute to transforming and modernising its data architecture.
The goal of the bank is to transform its data management capabilities and establish a unified regulatory reporting platform based on modern architectural principles.
By handling regulatory data as an asset embedding valuable information, BoL aims to supervise the financial industry with enriched insight and in turn, create a more resilient financial ecosystem. Regnology said its future-proof technology, granular data modelling, and cloud-native approach are aligned with the bank’s ambitions to innovate and lead the path in defining the future of supervision.
Regnology will also provide Regulation-as-a-Service to Bank of Lithuania by constantly updating the regulatory content delivered with the platform according to new European System of Financial Supervision (ESFS) regulatory requirements, thereby unburdening the regulatory changes.
Regnology CRO Maciej Piechocki said, “Central banks are dealing with an enormous and growing amount of data which needs to be collected, transformed, and analysed. By leveraging innovative technology solutions which can manage substantial data volumes, supervisors will be able to better cope with the ever-increasing demands stemming from EU regulation.
“We are proud to have been supporting Bank of Lithuania on its digital transformation journey, and with the selection of Regulator 3 we look forward to continuing to support the institution on its path of innovation.”
Ramūnas Baravykas – director of the data and statistics department of the Bank of Lithuania – added, “The changing data landscape calls for reform across a wide range of areas from skills, individual staff members to the way data is handled. With the implementation of Regulator 3 we look forward to a more efficient, automated and future-proof regulatory reporting platform, which will help us in our goal to become a truly data-centric organisation.”
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Copyright © 2018 RegTech Analyst