Page 46 - Annual Report 2024 EN
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Innovation in Supervision and Reporting
Financial Analysis and Innovation Economic Research and Data Analytics
Throughout the year, the Financial Analysis and In 2024, the Economic Research and Data Analytics
Innovation department (FAI) made significant strides (ERDA) department leveraged cutting-edge data
in advancing the AML Compliance Analysis Tool, “DR analytics tools to deliver insights into macroeconomic
AI”. This tool leverages Open AI’s Large Language and financial stability to senior management and
Models (LLMs) hosted in Azure and employs Retrieval the Board. The department continued to present
Augmented Generation (RAG) techniques. Implemented its Macroprudential Review, a bi-annual report that
as a KNIME web application, the interactive tool provides economic analysis on the health, soundness,
provides verbal assessments of firms’ Policies and and vulnerabilities of the domestic financial system
Procedures documents against the QFCRA’s AML and broader macroeconomy. The report examined
regulations. It uses visual cues to highlight potentially emerging risks to global financial stability and
missing or non-compliant sections. Supervisors investigated their impact on the domestic economy.
can review and edit the system’s analysis directly
Additionally, the ERDA department introduced two
on the application’s screen before submitting the
innovative monitors to its standard reporting suite:
final assessment to a database. The tool entered
user acceptance testing at the end of 2024.
1. Qatar Economic Monitor: a quarterly report
that provides a summary of the most important
FAI actively contributed to discussions on
economic and financial data on Qatar’s economy.
supervisory applications of AI both internally
and on international platforms. 2. QFC Monitor: a quarterly report that presents a
summary of key financial data on QFCRA’s
In July 2024, FAI participated in a panel on AI-
authorised
driven innovation for financial regulation at the Data
Innovation for Future of Regulation (DIFoR) conference The ERDA department held regular strategic meetings
organised by the Financial Conduct Authority in London. with its main stakeholders in 2024 to identify and
In August, the department took part in the Bank for examine key risks to domestic financial stability
International Settlements Innovation Hub SupTech & and has prepared input for the quarterly Financial
AI Symposium in Basel, leading the LLM workstream. Stability Indicators Report for the Financial Stability
The international working group continues to develop and Risk Control Committee of the State of Qatar.
the “Risk Navigator” tool, which will help supervisory
authorities identify evidence of specific risks in written
texts such as news articles and internal documents.
