ECB’s Elderson: Banking Supervision Needs Strong Data Culture

5 July 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Executive Board member Frank Elderson on Friday said that bank supervisors should rely on data and technology to successfully fulfil their mandate.

In a speech at a conference in London, the text of which was posted on the website of the ECB, Elderson said, ‘Embedding a strong data culture in supervision will be key if we are to continue delivering high-quality, efficient and effective supervision in the years to come.’

European banks had been increasing the use of innovative tools and data in their activities, and supervisors should consider doing the same, he said.

‘Data and technology do not only offer substantial efficiency gains’, he said. ‘They also improve risk identification processes, helping us to keep a closer grip on the risks in the banks we supervise’.