The Group of 20 and Bank for International Settlements have launched a new cloud-based ‘TechSprint’ initiative to see how technology can streamline regulatory and supervisory processes.

“Problem statements” have been drawn up to identify challenges with regulatory reporting, analytics, monitoring and supervision. Firms are now being invited to come forward with proposals in a “hackathon-style” competition to solve these problems.

The statement lists possible solutions such as tools that would