Banks rely on technology to strengthen supervisory audits

The company is committed to digital tools to go hand in hand with the financial digitization the country is currently experiencing.

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As the digitization of financial processes in banking institutions increases, in addition to the tasks to be at the forefront, the Supervision of Panama Banks (SPB) is strengthening its regulatory functions by implementing technological tools.

“Technology contributes to efficiency and productivity in everything we do, which is why we have invested significant resources in the platforms. [necesarias] So that audits are efficient and proactive, but also add value to the organization and the regulated,” said Alto Ariel Rios, Director of Strategy and Transformation at SBP.

Ríos also pointed out that technical support is part of the “heart” of the audit processes due to its importance in maintaining the “stability” of Panama’s banking center and the benefit of the protection of consumers and its financial products.

New tool

For this, SBP will implement the TeamMate+ Audit programme, which includes functions dedicated to solving problems in various processes of financial audits such as audit management, control management and data analysis.

With these components, the platform allows organizations to access innovative solutions tailored to them and continuously monitor the constant risk environment to respond quickly to the required objectives.

According to SBP’s Director of Strategy and Transformation, the new tool contributes to the institution’s mission to go hand-in-hand with the digital transformation the Panamanian bank is currently experiencing.

“We are currently making large investments to improve this monitoring process. It will be very useful for regulated companies to respond more efficiently. All procedures, processes, incidents and evidence are in one file in our working documents, which has greatly simplified the work, because our teams have folders to follow all investigations online and Projects can be consulted,” said Miriam Ortega, manager of change, quality, coordination and oversight policies at SBP.

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