Bank supervision is betting on technology

The Supervision of the banks of Panama (SBP) add modern technology tools to your regulatory functions to help you stay ahead.

Aldo Ariel Ríos, Director of Strategy and Transformation of the SBP, explained that the technological lever is part of the heart of the audit process considering that this function is of the utmost importance to maintain the well-being of the stability of the Banking Center of Panama and also, the protection of consumers.

“Technology contributes to efficiency and productivity in everything we do; That’s why we’ve invested significant resources in platforms like TeamMate+ to make audits efficient and agile, but also to add value to the system and those who are regulated,” said Ríos.

In recent years, the Supervisory Board has modernized a state-of-the-art computer structure that enables receiving detailed information from banks through a highly secure computerized information transmission system.

The TeamMate+ platform in the financial services arena gives organizations access to a solution that integrates with the business and continuously monitors the ongoing risk environment so they can quickly respond to organizational goals.

“From the bank’s perspective What is expected from the regulator is support and accompaniment to banking operations in Panama be stable and; above all, profitable at the end of the road, that’s what we do,” he explained.

Miriam Ortega, Head of Transformation, Quality, Coordination and Supervision Policies of the SBP, said that since 2012, the institution has been strengthened with technological tools and risk-based supervision through the implementation of the “GRENP” rating, which is awarded to the General License and International Destination License Banks .

“We are currently making huge investments to be able to improve this oversight process to make it more effective in responding more effectively to regulated entities,” he said.

Panama’s February 2023 Banking Activity Report shows that the country’s International Banking Center assets totaled $139,269.7 million, an increase of $4,331.0 million compared to February 2022, an increase of compared to the previous year. of 3.2%.

Bank assets accelerated their pace expansion as a result of higher growth of the net loan portfolio (11.3%) and the investment component (6.8%). Liquid assets show a lower performance (-28.5%).