One of the notable initiatives is the implementation of a digital supervision process that seeks to streamline the exchange of information with the monitored entities.
The financial superintendent of Colombia, Caesar Ferrarihas unveiled a comprehensive reform plan aimed at modernizing financial supervision in the country.
One of the notable initiatives is the implementation of a process of digital supervision that seeks to expedite the exchange of information with the monitored entities.
This digital approach promises to reduce costs, improve efficiency and speed up supervision times for the various financial institutions under the jurisdiction of the Financial Supervision (SuperFinanciera).
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Ferrari emphasized that the use of digital data will allow the application of predictive and prescriptive analyzes in the risk assessment of the bank clients. This model, although already implemented in countries like France for decades, will mark a significant step for Colombia by guaranteeing access to online information in real time.
Modernization of processes and reduction of procedures
In parallel to the initiative of digital supervisionthe Financial Supervision of Colombia is carrying out an ambitious modernization of its processes.
The objective is to reduce the costs associated with the authorization and supervision of the financial systemeliminating unnecessary procedures and streamlining procedures currently slowed down by excessive bureaucracy and numerous formats.
The most notable announcement in this line is the separation of the functions of supervision and sanction inside of SuperFinanciera. According to Ferrari, this measure seeks to avoid conflicts of interest by ensuring that the same entity does not act as judge and party in the processes in which the companies are involved. supervised institutions In colombia.
Instead, decisions will be made by a collegiate body to ensure greater transparency and fairness in procedures.
Participation in the banking convention
These announcements were made during the participation of Caesar Ferrari in the 58th edition of the Banking Conventionan event organized by Asobancaria and held at the Cartagena Convention Center.
The presence of the superintendent underlines the commitment of the regulatory body to the financial sector and its determination to promote reforms that strengthen the stability and effectiveness of the Colombian banking system.
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