Supervisory Technology & Dodd-Frank: Evaluation of Industry Experience for Applications of Supervisory Technology used by US Regulators to Evaluate the Risks of Large Financial Institutions

14 Pages Posted: 3 Mar 2021 Last revised: 5 Mar 2021

See all articles by Melissa Murphy

Melissa Murphy

Massachusetts Institute of Technology, Sloan School of Management, Students

Date Written: December 7, 2020

Abstract

This paper aims to outline the layman's understanding of technology within the financial services industry and its uses for compliance and monitoring with federal and state regulation, as an example of achieving financial stability through the Dodd-Frank Wall Street Reform and Consumer Protect Act. This paper explains different applications of supervisory technology used by US regulatory agencies to evaluate US domestic financial services firms through industry analysis of BSA/AML, OFAC, and USA PATRIOT Act compliance hypothetical requests from regulatory exams Foreign Banking Organizations (FBO). Finally, this paper evaluates the challenges and feasibility of modernizing supervisory practices through advanced technologies to allow regulatory agencies to improve their monitoring capability to assess the risks posed to the overall financial system from large financial institutions' activities.

Keywords: Technology, financial institutions, regulation, supervisory, examinations, NYDFS, FRB, ROCA, supervision

JEL Classification: A23, B30, B52, P47, O3, O30, O33, O38

Suggested Citation

Murphy, Melissa, Supervisory Technology & Dodd-Frank: Evaluation of Industry Experience for Applications of Supervisory Technology used by US Regulators to Evaluate the Risks of Large Financial Institutions (December 7, 2020). Available at SSRN: https://ssrn.com/abstract=3776661 or http://dx.doi.org/10.2139/ssrn.3776661

Melissa Murphy (Contact Author)

Massachusetts Institute of Technology, Sloan School of Management, Students ( email )

Cambridge, MA 02139
United States

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