An Automated Supervision Process

The Gambia Financial System has evolved rapidly over the last several years, and is markedly liberalized now. CBG wanted to access information from banks in real time to improve offsite and onsite supervision. They also wanted to facilitate the accurate and timely submission of statutory returns to their customer.

vRegCoSS (Regulatory, Compliance & Supervision System) is a software solution created exclusively for Central Banks and Deposit Insurance Corporations, with the core objective of strengthening their supervisory, surveillance and regulatory role of monitoring financial institutions.

Valtech implemented a complete automated supervision process through Valtech’s vRegCoSS solution, which helped the bank to create completeness of returns / call reports as per guidelines by reduction of average time to create and submit prudential returns / call reports and number of defects per submission by financial institutions and also monitors the performance of financial institutions and assists in the enforcement of regulatory mechanism.

After implementing vRegCoSS solution - effective supervisors, Directors, and the Executive Governing Council were provided with a complete supervision, surveillance, regulatory control at both onsite & offsite location. Effective management of credit risks, foreign exchange and money laundering.