Data requirements need to be reviewed and a higher frequency may be required for reports that support supervisory duties. Similarly, fundamental supervisory tools like stress testing and onsite inspections call for an evolution of their operational modality so that supervisors can remain abreast of situations requiring urgent action.
As banks and financial institutions operate regionally and globally, increased cooperation and coordination between local and foreign regulatory counterparts become equally vital. Such collaboration enhances exchange of information and home-host supervision, while facilitating any required collective upgrade of supervisory regimes. In this regard, I am a fervent proponent of cooperation.