vRegCoss for Better Performance

Central Bank Of Liberia operates as the central bank of Liberia. It preserves the purchasing power of the currency, promotes internal and external equilibrium in the economy, and facilitates the emergence of financial and capital markets. The company also encourages the mobilization of Liberian and foreign savings, and their allocation for productive economic activities.

Central Bank of Liberia wanted to improve offsite and onsite supervision by accessing real time information from banks. Their aim was to facilitate accurate and timely submission of statutory returns. The bank also lacked tools for computation of Financial Indicators, Penalties and Industry reports.

Valtech implemented vRegCoSS solution, an end to end technology platform for banking supervision process, thus automating complete bank’s supervision process. The solution helped in faster collation and consistent analysis of reporting financial institutions’ data. The interactive system provides performance indices, statistical, analytical and graphical reports. The solution also monitors the performance of financial institutions and assists in the enforcement of regulatory mechanism.

Supervisors, Directors, and the Executive Governing Council were provided complete supervision, surveillance, regulatory control at both onsite & offsite location. “Credit risks, foreign exchange’ and money laundering”  were managed effectively after the implementation of the solution.