On March 29th, 2022, the Indonesian Financial Services Authority (OJK) launched the Suptech Integrated Data Analytics (OSIDA), a new application for better monitoring the financial services industry through automatization of data collection and analysis. OSIDA will detect early warning signals and compliance checks as early indications of governance weaknesses in bank business activities, potential fraud, data manipulation, and non-compliance with regulations. OSIDA’s data analytics functions AI-based reporting data processing tools.
With OSIDA, data analytics automation that has been mainly descriptive now includes automation in the area of diagnosis, predictive, and prescriptive analytics that can be utilized for offsite surveillance needs and onsite checks. Furthermore, OSIDA can detect early warning signals and compliance checks that are expected to examine anomalies from early indications of governance weaknesses in bank business activities, potential violations, data manipulation, and non-compliance with provisions.