12:14 - 3.12.2025

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December 3, Fineko/abc.az. In order to improve control processes, the Central Bank of Azerbaijan (CBA) has successfully implemented the Control Audit Management project based on the use of SupTech solutions (control technology).

ABC.AZ reports, referring to the CBA, that the purpose of this project, implemented within the framework of the Financial Sector Development Strategy for 2024-2026, is to fully automate the planning, conduct and tracking of audit results by implementing a special platform for managing control audits, collecting data into a single database and effectively implementing a risk-based control method. As part of the ongoing work, the relevant departments of the Central Bank overseeing financial institutions have been provided with appropriate software to effectively perform their verification functions.

"Conducting audits, using this software, has made it possible to prioritize processes based on risks, make audit plans more efficiently, and promptly monitor the status of compliance with instructions given to financial institutions. At the same time, as part of automation, it was possible to standardize inspection procedures, compile inspection reports in a shorter time according to predefined forms and store all information in a single electronic database," the CBA says.