The Financial Sector Conduct Authority is advancing its digital transformation with the Integrated Regulatory System (IRS), an automated platform designed to streamline processes, boost efficiency, and enhance agility in decision-making.
During a panel discussion at the FSCA’s annual Industry Conference held last week, chief information officer Phokeng Mogase (pictured) outlined the initiative, underscoring the need to improve customer experience and operational efficiency.
Mogase explained that the IRS (Suptech) is divided into three phases – Returns Module, Risk Module, and Licensing Module – and will go live after completion.
After completing phase 2 and before starting phase 3, the FSCA will conduct a pilot phase, allowing selected participants to test the submission of returns functionality before full implementation.
Mogase said industry engagement plans are being finalised, with guidance on system preparation expected to be shared with the industry in September this year.
The go-live target is September 2026.
“But you all know that technology projects are quite volatile and quite agile, but all hands are on deck towards a Suptech that is live around the third quarter of next year,” Mogase said.
To support the transition during go-live, the FSCA will provide training guides, FAQs, troubleshooting resources, and infographic videos. A dedicated support centre will be available during the pilot and launch phases, alongside an online meeting scheduler for one-on-one assistance.
IRS overview
The IRS Suptech system will transform regulatory processes by consolidating all interactions and data into a single platform, says Loraine van Deventer, the head of the supervisory frameworks department at the FSCA.
“IRS isn’t just a system update or upgrade. It’s about optimising our resources, streamlining processes, enhancing efficiency, and truly transforming how we engage with you as our regulated entities. For me, it’s similar to upgrading from the old fax machines to email,” she said.
The system aims to eliminate inefficiencies caused by fragmented, sector-specific regulatory platforms. Entities with multiple authorisations will no longer need to submit the same information in different formats across various systems.
“IRS is going to solve all of these challenges by introducing a single, integrated system covering all sectors and providing a single, comprehensive profile for each entity, no matter how many sectors you operate in,” Van Deventer explained.
The platform will also standardise regulatory processes, create a centralised data repository, and improve accessibility.
“It’s going to provide for a single digital portal that enables you to interact with us in a more seamless and efficient manner,” she said.
IRS will function as an end-to-end regulatory hub, handling everything from licensing applications and exemptions to returns submissions and levy checks.
“For the FSCA, it will give a complete 360-degree, real-time view of all its entities, no matter which team or division interacts with them,” Van Deventer added.
By consolidating entity-related data under a single profile, IRS will ensure that any issues arising in one area are immediately visible across all regulatory functions, enabling a faster, more co-ordinated supervisory approach.
Phase 2 – risk model
According to Van Deventer, the IRS system will enhance data-driven decision-making by streamlining risk assessments and automating regulatory processes.
“IRS isn’t just a data repository – it’s a data management tool that analyses and simplifies information using smart analytics and dashboards,” she said.
A key feature is the risk model, which will automate the FSCA’s risk assessments by integrating quantitative and qualitative data into a single profile for each entity, covering all authorisations. It will pull data from multiple sources to ensure a holistic risk view.
“At the moment, risk assessments require quite a lot of manual effort, but with IRS, this will be automated and standardised, making our risk calculations more accurate and consistent. If a risk factor changes, IRS will automatically update that entity’s risk profile,” Van Deventer explained.
The model follows a two-step process: assessing an entity’s potential impact and then evaluating its residual risk, factoring in control measures. This risk profile will determine supervisory intervention levels.
“For example, a high-impact entity might be required to report more frequently than a low-impact entity. The risk profile of the entity will also determine the level of supervisory intensity,” she said.
The model assesses risks across categories such as governance, business models, financial and operational resilience, business conduct, and anti-money laundering (AML), to name a few.
“This model is heavily data-driven, drawing from multiple sources, with the regulatory returns – particularly the Omni – being the most critical. The Omni will create the baseline risk profile, which will then be enhanced by other data sources,” Van Deventer said.
With the risk model phase now finalised, adjustments to the Omni are planned.
“Not only to respond to valuable industry feedback but also to enhance its focus on the key risk matrix of the model – there will be consultation on these changes,” she noted.
The FSCA also plans to review regulatory returns to eliminate duplication.
“Especially on the risk model, we will be conducting a pilot using selected entities to identify and address any potential issues and ensure it works as envisaged,” Van Deventer said.
What about COFI?
Van Deventer said the regulatory landscape is constantly evolving, which is why IRS is designed with flexibility in mind.
“Future reforms such as COFI are already being considered as part of the design process to ensure seamless integration into the system with minimal disruption for both you and us when COFI comes into effect,” she said.
One major change under COFI is the shift away from sector-specific licences.
“The biggest impact, probably from a COFI perspective, is moving away from sector-specific licences. So, while the system currently will still accommodate existing sector-based authorisations or licences, it will do so using a central entity profile approach,” Van Deventer explained.
As part of IRS, sector-specific licensing forms will be replaced with a single, streamlined application.
“Hopefully, thereby, we will simplify the licensing process and standardise the licensing process across all the sectors,” she said.
To ensure data consistency across sectors, entities may need to provide additional profile information.
“You may see requests for additional profile data,” Van Deventer noted.
The FSCA also plans ongoing data clean-ups to enhance data quality.
“For example, data sets like the FAIS representative registers may require some refinement to improve accuracy, and then also just to align with our new system,” she said.
Key features of the system
Users will access all regulatory interactions through a single platform, the FSCA regulatory portal. Registration on the portal is mandatory, and it will serve as the central hub for all authorisation-related processes.
Designed to keep users informed, the portal will feature personalised dashboards displaying pending notifications, upcoming deadlines, and outstanding submissions.
“This will give us a real-time overview of your compliance status. It will also provide for automatic email and portal notifications to ensure that nothing is missed,” said Van Deventer.
Explaining the system’s integration, Van Deventer said that if a required return is not submitted, the portal will automatically feed this data into the risk model, because non-compliance is a key risk indicator.
“The system in the background will calculate that risk based on various factors and measurements, and your risk profile will be updated automatically if a submission is not submitted on the due date.”
All communications with the FSCA regarding returns, applications, or interventions will be linked within the portal, giving users full access to their engagement history.
“So, no more guessing who to email or digging through old messages. Everything you need is right there in one place on the portal.”
Van Deventer added that the portal’s modern interface will simplify return submissions and provide instant feedback on validation errors.
“Which means that there will be no more back-and-forth emails on the submission of your returns just to correct minor issues.”
