Following a tenders process, the Bank of Israel has chosen accountant Dudi Bavli to lead a new division being established in the Banking Supervision Department—the Technology and Innovation Division.
The new division is intended to provide a response to the major technological changes that are taking place and are expected to take place in the banking system in the next few years. The division will serve as a proactive and professional guide to the banks and the credit card companies in navigating these changes, will assist the Supervisor of Banks in setting supervisory policy in areas of technology and innovation—areas that contain many opportunities alongside risks—and will provide a rapid and professional response to banks regarding technological initiatives they wish to launch.
Supervisor of Banks Dr. Hedva Ber said, “We have set the issue of technology and innovation as a main issue in the Banking Supervision Department’s work over the coming years, since technology makes it possible to increase competition both within and outside the banking system, and to support the required streamlining of the banks. We decided to expand the Department’s resources devoted to the area of technology and innovation, with the aim of providing a response to the technological revolution that we wish to advance in the coming years. I wish Dudi Bavli, head of the new division, much success in his position.”
Dudi Bavli is an accountant with a Master’s degree cum laude in business management from the Hebrew University of Jerusalem. He brings with him knowledge and experience in both the technological and the banking fields. He began his technological career during his military service, in the 8200 technology unit of the Intelligence Corps. Thereafter, he worked for a number of years in IT control—at an accounting firm, at one of the banks in Israel, and in the Banking Supervision Department. In the past two years, he has served as the deputy head of the Operational Risk and IT Examination Unit in the Banking Supervision Department.
The Technology and Innovation Division will be built gradually, and will include the following roles and areas of responsibility:
– Leading supervisory policy and directives on all aspects of technology issues—innovation, information systems, core systems, information, outsourcing and interfacing with third parties, and more.
– On-going monitoring and analysis of banking technology developments and in the payments area in Israel and around the world.
– Providing an on-going response to banks enquiring about new technological initiatives, while examining the risks and setting requirements for containing them.
– Methodical identification of technological risks and instructing the banks in handling them. This includes technological risks in existing systems, risks of embezzlement (computer and data), security, leakage of information, and more, all while working in cooperation with the other divisions in the Department and with the cyber function, in interfacing areas.
– Initiating requirements of the banks regarding the transparency and availability of information for the customers’ benefit and to increase competition.
– Interface with regulators and banks around the world on these issues.