Real-time info for better performance
Central Bank of Liberia wanted to improve offsite and onsite supervision by accessing real-time information from banks. Their aim was to facilitate accurate and timely submission of statutory returns. The bank also lacked tools for computation of Financial Indicators, Penalties and Industry reports.
Valtech implemented vRegCoSS solution, an end to end technology platform for banking supervision process, thus automating complete bank's supervision process. The solution helped in faster collation and consistent analysis of reporting financial institutions' data. The interactive system provides performance indices, statistical, analytical and graphical reports.
The solution also monitors the performance of financial institutions and assists in the enforcement of regulatory mechanism. The solution is Scalable to adopt to Industry based Supervision Standards
Supervisors, Directors, and the Executive Governing Council were provided complete supervision, surveillance, regulatory control at both onsite & offsite location. "Credit risks, foreign exchange' and money laundering" were managed effectively after the implementation of the solution.