Emerging Digital Finance Issues Workshop (EU-SDFA Lab in Digital Finance)

Harnessing the power of the cloud for the supervisory good

The take-up of cloud technologies by supervisory authorities can result in an unprecedented paradigm shift in their approach to data management, requiring the preparation of appropriate strategies to ensure a smooth transition, including projects to promote data-sharing under open sources approach across authorities.
The workshop endeavours to delve into the challenges and opportunities associated with the adoption of cloud computing, especially regarding the collection, access, and sharing of data by (and among) NCAs and international organizations.
The workshop will revolve around two, thought-provoking questions: can supervisory authorities transition into open-source communities? Can NCAs evolve into data-driven organizations? The focal point of the discussion is the adept utilization of cloud technology for supervisory purposes, particularly concerning cross-border data and open sources. Participants’ exchanges will focus on two dimensions: the primary barriers hindering the adoption of this technology; and, how cloud computing will impact organizational
structures. To this end, the sessions will provide practical examples and use cases from NCAs, reflecting on encountered challenges and lessons learned.
In addition, the workshop will explore how to leverage cloud technology within the realm of open sources, showcasing applications like the Virtual Lab or the EU Digital Finance Platform Data Hub in the context of supervisory practices. Ultimately, the discussion will turn towards establishing governance structures for this evolving landscape of open source and data integration, fostering cross-border collaboration within this framework. By participating to the workshop, participants are expected to ultimately gather a comprehensive understanding of the challenges and opportunities behind the adoption of cloud strategy and data-driven supervisory practices.