Gaidar Forum experts discuss financial control amid digitalization of the economy

On January 18, the Gaidar Forum participants discussed changes in methods and technologies of state financial control, banking and fiscal supervision related to the formation of the global digital economic space. They discussed institutional innovations in public financial control, forecasts for the banking sector and budgetary supervision in the digital economy.

The moderator, by Director of RANEPA Institute of Public Administration and Civil Service Igor Bartsits, pointed out the relevance of the issue, adding that it is never overlooked by a single conference today. He then gave the floor to Chief Auditor of the Central Bank Valery Goreglyad.

“The entire financial market structure is changing before our eyes, and these changes are due to the development of digital technologies,” Goreglyad said, adding that today, a new type of financial transactions is becoming widespread – contactless transactions, which raise most of the information security concerns.

The expert identified the main trends in the information sphere: big data, artificial intelligence, and cybersecurity. He also talked about the goals in financial technologies and digitalization – the transition to fully digital interaction, the development and implementation of financial technologies in the financial market and the Bank of Russia, the creation of an optimal environment for the development of the digital economy.

Head of the Federal Treasury Roman Artyukhin noted that in the digital environment, “a controller has become a participant in business processes,” because the new technologies “reduce the distance between the controller and the object of supervision.” As a consequence, the controller has a responsibility to give feedback much more promptly.

Tatyana Blinova, Auditor with the Accounts Chamber, spoke about the kind of employees needed in the digital economy era. “A specialist who contributes to the development of this system must have deep knowledge of jurisprudence, finance, and IT. This sets the education system tasks of a fundamentally new quality,” she noted.

“We are on the verge of a new, fundamentally different, industrial revolution,” Executive Director of Deloitte Analytics Institute Alexei Minin, said. The speaker is confident that it will lead to a global economy, which will incorporate everything that can be dematerialized, including banks.

According to forecasts, by 2030, the global economy will switch to efficient markets, the expert said. Digital economy is an economy created by machines and for machines, but it certainly needs human control, he added.

The organizers include the Presidential Academy of National Economy and Public Administration (RANEPA), the Gaidar Institute for Economic Policy (Gaidar Institute) and the Association of Innovative Regions of Russia (AIRR).

The program outline is available at the forum website.

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The general partners of the Gaidar Forum are Gazprom and Gazprombank; strategic partners include Novartis, Johnson&Johnson, RZD, MSD, AstraZeneca, the ACIG Group of Companies, Mastercard, Coca-Cola, Russian Agricultural Bank, Pharmstandard JSC, Microsoft; O1 Group, Unilever, EY, Russian Brewers’ Union, Russian Direct Investment Fund are partners and RVC.

The general information partners include the Rossiya 24 TV channel, RBC and TASS news agencies. The official information agency is Rossiya Segodnya. The general online media partner is Gazeta.RU. The general radio partner is Business FM. The strategic information partners are Kommersant Publishers, the RT TV channel and Interfax. The main information partners are Rossiyskaya Gazeta and Federalpress news agency. Other media partners include, PRIME news agency, EFE,, Expert RA, Radio Ekho Moskvy, Parlamentskaya Gazeta, BRICS, National Banking Journal, Banking Review, Financial One, Standards and Quality news agency, AK&M, Ekonomika i Zhizn weekly, Invest Foresight online magazine, Strategia magazine, Naans Media, the Public Administration scientific political journal, the PRO BUSINESS TV channel, the Indicator online science journal, the Bankovskoye Delo (Banking Business) magazine, RNS news agency, Business Excellence magazine, Cision, the Budget magazine, Information platform “Russian planet – Smart Russia”.