Vizor, the world leader in SupTech solutions for financial regulatorsannounced today that following a public tender and procurement process the Bank of Ghana has awarded the company a contract to implement a fully integrated financial surveillance system. The new solution will provide a single portal to collect prudential data from banks and deposit taking institutions and manage the review and approval of license and authorisation requests from reporting entities.
The Bank of Ghana has selected Vizor Software for a new surveillance system to manage prudential data collection and the licensing of financial institutions.
The Vizor software will add significant value to the Bank of Ghana’s objectives: pursue sound monetary and financial policies aimed at price stability; licence, regulate, supervise and direct the banking and credit system; and, create an enabling environment for sustainable economic growth.
“We are delighted to be selected by the Bank of Ghana to provide a complete supervision system to meet the challenges and demands that will be placed on the Central Bank over the coming years,” commented Conor Crowley, CEO of Vizor. The CEO added, “The Bank represents our seventh financial supervision client in Africa, making this an important region for Vizor.”
The Vizor Risk-Based Supervision module will greatly assist the Bank of Ghana in compliance with Basel Capital Accords and other international regulatory requirements. The Central Bank will also use the new solution to manage the licensing and authorisation process for reporting entities. In addition, Bank of Ghana will gain significant efficiencies from the implementation of the Vizor system, including:
- Improved quality, consistency, reliability and integrity of data submitted to and published by the Central Bank.
- Providing supervisors with insightful surveillance reports immediately based on collected data, along with business intelligence reports from the data warehouse.
- Enhanced monitoring and supervision on both a standalone and consolidated basis to quickly identify inherent risks within the financial system and proactively determine supervisory, regulatory and policy decisions/actions.
- Significant decreases in the time and cost required to implement new regulatory requirements over time through the use of the Vizor Builder self-service tool.
The Bank of Ghana is the Central Bank in Ghana. It is located on One Thorpe Road, Accra and was formed in 4th March 1957, just two days before the declaration of political independence in Ghana. The Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. The functions of the Bank include formulating and implementing monetary policy aimed at achieving the objectives of maintaining stability in general level of prices; regulating, supervising and directing the banking and credit system and ensuring the smooth operation of the financial sector; promoting, regulating and supervising payment and settlement systems; licensing, regulating, promoting and supervising non-banking financial institutions.
Vizor Software is the global leader in enterprise supervisory solutions for Financial Regulators. We help Financial Regulators protect and enhance the stability of the financial system. Vizor is trusted by Central Banks and Financial Regulators in more than 30 countries for the collection, validation and analysis of highly complex data from financial institutions. Vizor Software is an integrated data collection and supervisory system that is based on best-in-class supervisory models but flexible enough to deal with regulator specific needs. You can learn more at vizorsoftware.com or by following Vizor on Twitter and LinkedIn.