Which is the need to implement the project ?
Modern economies need a balanced use of the two main funding sources of businesses, namely the banking system and the capital market. However, Greece, in the last decade, was not able to effectively exploit the advantages existing in capital markets. This is evident from the relatively low capitalisation of the country as a percentage of GDP. This does not only adversely affect the Greek per capita GDP, but it also relates to the low total gross savings of the country as a percentage of GDP. For the solution of a more effective functioning of the market, the capital market regulator plays a key role.
In this context, the Hellenic Capital Market Commission aims at the strengthened supervision of capital markets through the digital transformation, as well as at the reform of laws, its internal procedures and organisation. Furthermore, it aims at restructuring and developing the current information system infrastructure, for the effective management of the data received, stored and processed, in connection with the capital market participants, who are under its supervision. Furthermore, it aims at restructuring and developing the current information system infrastructure, for the effective management of the data received, stored and processed, in connection with the capital market participants, who are under its supervision. In that regard, the Hellenic Capital Market Commission is in need of both business process redesign and substantial upgrading of its IT infrastructure, aiming at strengthening its supervisory capacities. The Hellenic Capital Market Commission aims to improve its operational capacities, especially related to data management, and to proceed to its structural changes. These changes will allow the Hellenic Capital Market Commission to streamline procedures, to bring different divisions closer, and to exploit technology and adopt advanced technological solutions in data management and data analysis, allowing it to strengthen its role as a supervisory authority of the Greek market.
What is the object of the project?
The object of the Project consists of the provision of tailor-made client advisory services of technical and operational support to the Hellenic Capital Market Commission, on the maturation, supervision, management and implementation of the subprojects of Action “Development of the Capital Market”.
The Subproject of the specific Action of the National Recovery and Resilience Plan (NRRP), are the following:
1. Introduction of Market Surveillance System
Introduction of system for the surveillance and monitoring of the transactions,in accordance with the requirements established by the Market Surveillance Division of the Hellenic Capital Market Commission. The introduction of the above system, will significantly improve the existing infrastructure of the Hellenic Capital Market Commission, as regards the monitoring and audit of transactions, allowing the effective operation of its auditing and supervisory services. The adoption of transaction monitoring methods through risk monitoring systems, also leads to a more modern form of supervision. The following, in combination with the decrease in the auditors’ workload that arises from time-consuming analysis procedures, will lead to the unlocking of productive potential for the improvement in quality of the auditing and supervisory procedures of the Hellenic Capital Market Commission. The aim of Market Surveillance is the development or the acquisition of a transaction monitoring and control system, of receiving and processing supervisory information. It concerns the development and/or acquisition of infrastructure and applications for the reception, storage, retrieval and management of transactions in stock exchange data and auxiliary information for the production and management of notifications and supervisory reports.
2. Introduction of a system for data collection, processing, analysis and monitoring
Introduction of a large-scale integrated system for data collection, processing, analysis and monitoring. The introduction of the large-scale information system and the integration of all data collected at present (and in the future) by the HCNC staff; will allow the multidimensional analysis, review and overview of the current market conditions, the detailed regulation of the procedures and interventions, as required to maintain a healthy and developing capital market.
3. Cybersecurity, cyber defense, cyber resilience
The concept of cybersecurity, cyber defense, cyber resilience is imperative for these two systems. Due to the constantly expanding scope of the project of HCNC, the remote work of the staff due to COVID-19, and, therefore, the infrastructure of its information systems, an extended cybersecurity programme is required to ensure that technology can be used a way as to allow all, the users to trust the confidentiality, integrity and availability of the information, and to adopt decisions and measures, based on this trust. Cyber risk management is a complex, multifaceted endeavour, requiring the participation of the whole organisation, from the senior management to the users and finally the IT team that develops, implements and operates the infrastructure. Risk management can be considered to be a holistic activity, which is fully integrated in every aspect of the organisation of HCNC.
