89. Supervisors should also properly record, monitor, and analyse their own supervision activities and outputs. Supervisors, when developing their supervision models, should ensure that they have a repository for recording supervisory engagements (ideally in digital form) with each entity including details of the issues identified, relevant action plans and the risk assessment for each entity. The supervisor should be able to extract data and management information (MI) in order to measure performance against key risk indicators and on issues identified and risk profiles of each individual entity and sector, and feed these in aggregate form back into the NRA process.

90. Supervisors are encouraged to use data to determine and demonstrate the impact of their supervision. For example, using a system to record supervisory engagements that enables the extraction of data to illustrate how supervision has impacted risk management and compliance, both at the firm and sectoral level. Data can help to identify changing patterns in terms of numbers, degree of seriousness of issues identified overtime and fluctuations in ratings of the effectiveness of the controls. This includes the analysis of the changes in the quality or risk management and risk profile of the individual institutions as well as overall trends in the sector, including de-risking and financial exclusion concerns.