Shafaq News/ The Central Bank of Iraq (CBI) on Thursday said it has installed the state-of-the-art Bank Supervision Reporting System (BSRS); an advanced system designed to offer regulators a comprehensive understanding of the financial positions of banks and other financial institutions by leveraging cutting-edge technology.
A CBI statement explained that the BSRS would aggregate financial data from an array of sources, such as "quarterly data tables for banks, mandatory reserve booking tables, audit balance sheets for non-bank financial institutions, liquidity and capital adequacy tables, and financial inclusion data."
The system, according to CBI, will help create a unified database and install codes for all licensed institutions, while maintaining a permanent record for each entity.
"The system endows the banking supervision department and various departments of the bank with a lucid insight into the financial situation of institutions by capitalizing on the sophisticated capabilities of modern technology for uploading and auditing data," the CBI elaborated in its statement.
This innovative approach empowers regulatory authorities to scrutinize the financial status of banks and non-bank financial institutions with greater precision and expediency, ultimately enabling the central bank to identify and address potential risks proactively.
The CBI underscored that the introduction of the BSRS aligns with its overarching strategic objectives: fostering institutional performance, refining banking supervision methodologies, and minimizing risks by embracing regulatory technologies.