The Bank for International Settlements (BIS) Innovation Hub Singapore Centre and the Monetary Authority of Singapore (MAS) have developed a new prototype platform that integrates regulatory data and analytics.
The platform, known as Project Ellipse, successfully demonstrates how regulatory and other data, such as articles and news, can be integrated into a single platform to assist regulatory authorities in identifying potential risks to individual banks and the banking system.
BIS will launch an Ellipse collaboration community to share, test, customize, and scale this solution among regulatory authorities worldwide. The Ellipse prototype is the first to be released on BIS Open Tech, a new platform for sharing statistical and financial software as public goods, promoting international cooperation and coordination.
“Regulators need accurate and timely information to assess emerging risks and to make informed supervisory decisions. Project Ellipse has now developed a potential tool for the global regulatory community to further explore and collaborate on common solutions that can improve the data and analytical capabilities of regulatory authorities. It has the potential to be a game-changer by giving supervisors access to more and better data, structured and unstructured, with greater predictive insights than ever before, it can be scaled to provide real-time analysis on a national or cross border supervisory basis”, said Ross Leckow, Acting Head of the BIS Innovation Hub.
