Often, the perceived key benefit of an in-house system is that it can be built to the specific wishes of the organisation, using existing knowledge to meet new and changing standards. However, in practice, this is both difficult to achieve and, even more so to maintain. 

Cost and speed of SupTech implementation

Self-built SupTech software requires a significant investment. By comparison, a Commercial off-the-Shelf (COTS) solution supplied by a third-party vendor can be competitively priced, with fixed cost options available for five to ten years and can be implemented in a total of six to twelve months from project kick-off to solution go-live. 

When you invest in SupTech software, the development of the solution is carried out by all the users together with the provider, reducing development costs dramatically and increasing opportunities for helpful improvements. For example, by working with us you gain the benefit of our experience with 30 other government entities, such as central banks and prudential authorities, worldwide at no additional cost - this would be difficult to replicate with an internal team. 

Our specialist technology and experience enable us to deliver projects within an agreed scope and timeframe. This means that the time commitments are reduced and can be precisely assessed. While it is best practice that regulators appoint an internal project manager for the duration of the implementation, other involvement is minimal.

Through 20 years of practical experience exclusive to the world of financial regulation, we have developed our unique implementation methodology. This is a structured approach that includes five steps resulting in shorter project timeframes, allowing a quicker return on investment. 

Having the right expertise

Having technical know-how is a key factor in the build or buy decision. Regulators should consider whether they already have the right skills and expertise available, or whether they have the time to train and upskill their teams to build and implement a project from beginning to end.  

In contrast, implementing a third-party vendor solution means that years of expertise is included in the service. Many organisations underestimate the level of internal expertise required to build a bespoke system that will always meet regulatory standards. In practice, developing an in-house software solution for financial regulation has been shown to be extremely difficult to achieve and maintain.  

We have built a team of domain specialists, subject matter experts and industry thought leaders over the last 20 years. Every customer is assigned a dedicated project team and works closely with us in tailoring the solution to fit their specific needs. 

Future-proofing your SupTech solution

One other factor to think about is future changes and updates to regulatory standards. With new regulations coming into law on an almost daily basis, it’s crucial to invest in a system that can adapt and grow. 

Buying an off-the-shelf product comes with the ability to develop it further and with the right expertise on hand, is always ensuring that regulators keep on top of changes.  

Using the learnings from other organisations also ensures a future-proof solution. Our customers benefit from the experiences of other users of the same product, which helps to ensure a stable and field-tested system. In addition, the product roadmap and future improvements are collaboratively designed with all customers, reducing development and maintenance costs. 

Protecting sensitive data

With the ever-growing threat of cybersecurity risks, regulators also need to weigh up the consequences of possible data breaches. Building systems in-house require rigorous trials, testing and must be proven to be extremely secure. Because of the sensitive nature of the data, a security breach of any kind would be highly damaging.  

Software providers work diligently to ensure data protection is of the highest quality.  

Security is paramount and is built into our solution from the ground up. For example, encryption, authorisation, authentication, and strong password settings are all inherent features of our software. Our software is regularly submitted to rigorous penetration testing by independent third parties to comply with the best and latest security practices. In over 20 years of service for tax authorities, central banks and financial regulators, we have never had a security breach.

Maintenance and development

Regulators must ask themselves whether they have the resources to ensure that their systems can be maintained and developed. An out-of-the-box system that updates instantly can help future-proof your systems. 

Understanding whether systems can react quickly to updates on all aspects of regulatory standards is key. Resources must extend and develop the system when the specifications, standards and user guides are changed by external organisations. 

Solutions should aim to keep up with the best regulatory practice and constantly be improved to facilitate and encourage compliance. With our self-service tool, you easily create, customise and configure new data collections. The powerful metadata management tool allows modifying and extending data collections more quickly and more cost-effectively.  

We provide comprehensive training programmes and refresher courses for users to ensure they exploit all capabilities of the tool, making their job more efficient. This allows regulators to be self-sufficient, flexible, and proactive in an ever-changing environment. 

The Bank of Ghana case study

In the last three years, The Bank of Ghana has dramatically transformed, moving from closing failed banks to winning the Central Bank of the Year in 2020.  

Cleaning up Ghana’s banking sector was a significant challenge. The focus was on strengthening the regulatory framework, making supervisory structures more robust, and strengthening the capacity of the bank’s supervisory staff. 

A fully integrated financial surveillance system was key to strengthening the Bank of Ghana’s regulatory framework. The Vizor solution, called ORASS (Online Regulatory and Analytical Surveillance Software) by the bank, enables the regulator to consolidate and improve the efficiency and effectiveness of the data it collects and ensure consistency across departments.   

The Bank of Ghana has realised significant benefits using our supervisory solution.   

  • Improved quality, consistency, reliability, and integrity of data  
  • Customised reporting applications with the Central Bank’s Online Regulatory Analytic Surveillance System.  
  • Providing supervisors with insightful surveillance reports  
  • Enhanced monitoring and supervision helping identify risks within the financial system and proactively determine actions.  
  • Significant decreases in the time and cost to implement new regulatory requirements  
  • Risk-Based Supervision  solution greatly assists the Bank of Ghana in compliance with Basel Capital Accords and other international regulatory requirements. 

Do you need help with the decision? Book a demo with our team and learn more about our commercial-off-the-shelf SupTech solutions.

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Software trusted by 30 financial regulators, 19 tax authorities and 30 financial institutions.