The implementation of the electronic reporting and analysis system aims to closely monitor operators’ financial position and solvency.
The Albanian Financial Supervision Authority has launched a new electronic supervision reporting system, dubbed “AMF In-Reg,” according to the organization.
AMF In-Reg is a web-based reporting platform. It has been developed with support from the European Bank for Reconstruction and Development and funds from the Western Balkans Fund. The authority organized an event on the occasion in Tirana last week.
The system will be used to collect and process data in order to generate reports and identify problems in a timely fashion, said AFSA Chairwoman Elisabeta Gjoni as she spoke about the importance and advantages of the new AMF In-Reg reporting system. The implementation of the electronic reporting and analysis system aims at closely monitor the market operators’ financial position and solvency.
The new reporting package also meets the IFRSs, which have been effective in Albania since the end of 2008. Its infrastructure provides security, reliability and confidentiality in transferring and keeping information.
In the beginning, the platform is going to focus on insurance companies and pension funds, while in the near future it will extend without significant modifications to the supervision of the securities market in Albania.
Vizor Group CEO Martin Murnaghan presented the In-Reg product and AFSA Advisor Alma Qamo presented the set of forms and preliminary implementation agenda that will be carried out in cooperation with the market.
In addition, there was a demonstration of the electronic reporting platform by Matt Cusack, Vizor Project Manager, who gave a detailed presentation of the operation of the software and its components.
The presentations were followed with great interest by CEOs from insurance companies, brokerage companies, private supplementary pension funds, the Albanian Insurance Bureau, Bank of Albania, Kosovo Central Bank and others who participated in the discussions.
