The RBS can be supplemented by thematic assessments which can address risks arising through common exposures and common causes. Supervisory methodology is under considerable focus and it needs to be constantly evaluated and improved upon to make the financial system safer as only framing regulations will not suffice. Lastly, let me mention the importance of stress testing.
Ladies and gentlemen, The evolution of the banking sector needs to be accompanied by changes in the relevant legislative and regulatory frameworks to capture new trends and at the same time protect customers. In November 2020, I established a multilateral Fintech Committee comprising various agencies to chart a roadmap for the financial industry to embrace fintech and adapt the regulatory framework accordingly.