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Providing high quality capacity building programs for financial supervisors and regulators to build more stable and inclusive financial systems. Toronto Centre is an independent not-for-profit organization that promotes financial stability and access to financial services globally, particularly in emerging markets and developing countries.
www.torontocentre.org
What financial supervisors and regulators do every day has a ripple effect that cascades across government, NGOs, and the private sector impacting developing economies and those living in them. Toronto Centre’s podcast series will feature simulating panel sessions and interviews on timely topics such as, financial crisis, financial stability, climate change, gender equality, financial inclusion, fintech and much more.
www.torontocentre.org
What financial supervisors and regulators do every day has a ripple effect that cascades across government, NGOs, and the private sector impacting developing economies and those living in them. Toronto Centre’s podcast series will feature simulating panel sessions and interviews on timely topics such as, financial crisis, financial stability, climate change, gender equality, financial inclusion, fintech and much more.
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Financial crime is a significant threat to the safety and security of citizens and to the integrity of individual countries and the global financial system. While the proliferation of digital technologies presents many opportunities for financial systems, it also has introduced a new age of financial crime. For instance, crypto assets are a currency of choice among criminals.The panel discussed:The importance of global implementation of FATF’s standards to ensure responsible financial sector growthUsing the latest data technologies to combat financial crimeHow financial supervisors can better detect criminal activity and enhance know-your-customer protocolsHow policymakers and supervisors can advance global coordination to combat financial crimeOpening Remarks:Ian Gorst, Minister of External Affairs, Government of JerseyPanelists:Abdul Rasheed Ghaffour, Governor, Bank Negara MalaysiaT. Raja Kumar, President, Financial Action Task Force (FATF)Cecilia Skingsley, Head, BIS Innovation Hub, Bank for International Settlements Moderator:Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto CentreRead their biographies here. https://www.torontocentre.org/
The nature of retail conduct supervision, which can often be more prescriptive and rules based, can result in different approaches to intervention.This TC Note and accompanying podcast discusses how supervisors should take a more proactive risk-based approach to dealing with potential areas of misconduct and apply the key principles of risk-based supervision to facilitate an earlier identification and remediation of issues.Speaker: Karen Badgerow, Program Leader, Toronto CentreHost: Chuin Hwei Ng, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here.https://www.torontocentre.org/
Stress testing should be a critical element of risk management for most financial institutions. It should alert boards and senior management to potential adverse outcomes related to a broad range of risks and vulnerabilities, identify potential losses, liquidity needs, and operational responses should adverse shocks occur. Supervisors should, in turn, have a strong interest in stress testing by financial institutions. This TC Note and accompanying podcast discusses the need for financial institutions to conduct stress testing, what types of stress tests and scenario analyses are used, possible adverse outcomes, key areas in stress testing supervision, and the possible usages of the results by financial institutions.Speaker: Clive Briault, Chair, Banking Advisory Board, Toronto CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here.https://www.torontocentre.org/
Supervisory stress testing is a technique used to assess the robustness of financial institutions and the broader financial system to severe but plausible shocks. Since the Global Financial Crisis of 2008, it has emerged as an important tool for supervisors that complements other approaches and methods.Stress testing is one of the more complex tasks undertaken by supervisory authorities. Primarily used to inform solvency and liquidity adequacy assessments, it is also a critical method for exploring emerging risks and the threats they pose to financial institutions.This TC Note and accompanying podcast discusses the design, effective use, limitations, and interpretation of stress tests by financial supervisors. It explores a range of stress tests, from elementary, top-down applications to more sophisticated tests using scenarios applied bottom-up to multiple financial institutions. Speaker: R. Barry Johnston, Program Leader, Toronto CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
Liquidity is fundamental to the operation of financial institutions. Problems can quickly arise and escalate, threatening the stability of the financial system.This TC Note and accompanying podcast focuses on good practices in liquidity management by financial institutions in the banking, insurance, pensions, and securities sectors. It provides guidance on how supervisors should assess liquidity management, including the use of scenario analysis and stress testing. Lessons learned from recent high-profile financial institution failures are explored.Speaker: Paul Wright, Program Leader, Toronto CentreHost: Chuin Hwei Ng, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
The world's most economically vulnerable populations are frequently impacted by natural catastrophes (NatCats).The International Association of Insurance Supervisors' (IAIS) recent report, A call to action: the role of insurance supervisors in addressing natural catastrophe protection gaps, outlines actions insurance supervisors can take.The speakers discuss key takeaways from the report including:How closing the protection against gap for natural catastrophes could improve financial stability, particularly for emerging markets and developing economiesThe importance of improving consumer financial literacyCreating an enabling regulatory and supervisory environment to expand access to affordable insurance productsRead our Climate and Biodiversity Loss Risks Toolkit to learn more.Speaker: Jacqueline Friedland, Executive Director, Risk Assessment and Intervention Hub, Supervision Sector, Office of the Superintendent of Financial Institutions (OSFI), Vice Chair, Protection Gap Task Force, International Association of Insurance Supervisors (IAIS)Host: Anatol Monid, Senior Director, Programs, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
Experts from the development and financial supervision sectors discussed some of the challenges and solutions for farmers from emerging markets and developing economies in accessing finance to adapt to climate change.Key takeaways from this insightful conversation include the need to:Build a common vision and establish a dialogue between supervisors and the marketIncrease access to finance for small holder farmers through safe digital solutionsImplement gender-inclusive policies to address specific barriers women faceToronto Centre and MEDA co-hosted this event as part of Global Affairs Canada's 2024 International Development Week.Panelists:Tomás Soley, Superintendent, General Superintendence of Insurance of Costa Rica (SUGESE)Nadia Guerch, Senior Regional Director for Latin America, Eastern Europe and Asia Pacific, MEDAOmoneka Oyier, Director, Business Value Creation, MEDAModerator:Carl Hiralal, Insurance and Pensions Advisory Board, Toronto CentreRead the transcript here. Read their biographies here.https://www.torontocentre.org/
The International Sustainability Standards Board (ISSB) has developed new standards for sustainability reporting and climate-related disclosure.This new TC Note and accompanying podcast discuss the benefits, challenges, and actions needed for the standards to reach the goals they were set out to meet. They outline how the standards can help achieve the following key supervisory goals:Investor and consumer protectionSafety and soundness of financial institutionsFinancial system stability and alignment with national climate targetsSpeaker: Alison Harwood, Program Leader, Toronto CentreHost: Eric Pezet, Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
In 2023, the Consultative Group to Assist the Poor (CGAP) released a technical guide on Digital Financial Services for Financial Inclusion: Tools for Supervisors.This podcast highlights key takeaways from the guide, including:How to improve supervisory dataAn approach to designing supervisory frameworkHow artificial intelligence can improve or impair inclusionSpeakers: Juan Carlos Izaguirre, Senior Financial Sector Specialist, CGAPMehmet Kerse, Senior Financial Sector Specialist, CGAPHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/https://www.cgap.org/
To achieve net-zero, every economic sector will need to decarbonize, and financial institutions need to fund activities supporting this transition. Financial institutions and their customers will need to develop credible transition plans.The panel discussed:the common elements for transition plans;the need for financial regulators to set supervisory expectations for transition plans; and,how transition plans should be considered within the prudential framework.Panelists:Martin Moloney, Secretary General, International Organization of Securities CommissionsIrene Espinosa Cantellano, Deputy Governor, Banco de MéxicoMichael Jantzi, Board Member, International Sustainability Standards BoardThomas Beretti, Senior Advisor to the NGFS Secretariat; Head of Division, Climate Change Centre, Banque de FranceModerator:Babak Abbaszadeh, President and CEO, Toronto CentreRead the transcript here. Read their biographies here.https://www.torontocentre.org/
Emerging Markets and Developing Economies (EMDEs) are facing numerous hurdles in mobilizing the necessary transition financing for decarbonization, including fiscal constraints, restricted access to private capital, and a shortage of expertise in project development and financing. Ramping up blended finance efforts is critical for this transition.The panel discussed:some practical examples of successful blended finance transactions; and,the role that financial regulators and supervisors can play in creating a conducive and stable environment for these transactions.Panelists:Laura Santa, Sustainable Finance Group Leader, Financial Superintendency of Colombia (SFC)Andrew Ahiaku, Director and Head of Financial Sector, Aceli AfricaAlan Elizondo, General Director, Fideicomisos Instituidos en Relación con la Agricultura (FIRA)Dr. Nnamdi Igbokwe, Director, Knowledge and Thought Leadership, Convergence Blended FinanceModerator:Demet Çanakçi, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here.https://www.torontocentre.org/Read our TC Note to learn more about blended finance: https://www.torontocentre.org/index.php?option=com_content&view=article&id=236&Itemid=99https://www.convergence.finance/Read more about barriers and recommendations for blended finance: https://www.convergence.finance/resource/state-of-blended-finance-2023/view
This TC Note and podcast address issues encountered by introducing risk-based supervision. These range from technical matters to more complex challenges, such as:appropriate calibration of ratings;risk-management controls;managing on- and off-site work;significant enterprise-wide activities;treating ‘unsupervisable’ structures;independent local boards; andupstreaming of profits to parent institutions.Speaker: Paul Wright, Program Leader, Toronto CentreHost: Chuin Hwei Ng, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
This TC Note and podcast brings together principles and practices related to financial sector oversight that are relevant to financial inclusion, including proportionate regulation, risk-based supervision, and consumer empowerment. They emphasize the need to understand and manage linkages and trade-offs between different policy areas, and cover some cross-cutting issues that supervisors are facing, such as new innovations and sources of competition, gender disparities in financial inclusion, and the role of financial inclusion in crisis responses.Speaker: Laura Brix Newbury, Program Leader, Toronto CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
The Intact Centre for Climate Adaptation at the University of Waterloo recently released a report on Integrating Physical Climate Change and Extreme Weather Risk into Institutional Investing. The report examines the strategic and financial impact physical climate risks have on businesses.In this podcast, the speakers address some topics financial supervisors and regulators should consider:the impact of physical climate change and extreme weather risk on the financial sector;the state of global disclosures and frameworks; and,tools available to reduce risk.Speaker: Kathryn Bakos, Director, Climate Finance and Science, Intact Centre on Climate Adaptation, University of WaterlooHost: Shelina Visram, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
Crypto regulation was a key agenda of the G20 summit. While regulations and a framework have yet to be finalized, consensus emerged that a blanket ban was not feasible. The joint declaration noted that the G20 will continue to “closely monitor the risks of the fast-paced developments in the cryptoasset ecosystem,” and the leaders endorsed the Financial Stability Board’s (FSB’s) “high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements.”The panel discussed:macro financial consequences,regulatory aspects,cross-border framework and cooperation; andsupervisory implications.Panelists:William C. Dudley, Chair, Bretton Woods Committee (BWC); Former President and CEO, Federal Reserve Bank of New YorkNezha Hayat, Chairperson and Chief Executive Officer, Moroccan Capital Market Authority (AMMC)Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank (Central Bank of Sweden)Olivier Fines, Head, Advocacy and Capital Markets Policy Research for EMEA, CFA InstituteModerator:Marina Moretti, Deputy Director, Monetary and Capital Markets, International Monetary Fund (IMF)Read the transcript here. Read their biographies here.
Central banks and supervisors need to consider climate change and biodiversity loss, which are interconnected and mutually reinforcing. Looking ahead, dealing with nature-related risks may also involve transition plans. Transition plans are crucial to credible implementation. The panel discussed:how central banks and supervisors should adjust to better capture climate-related impacts;the effects of tighter monetary policy on climate investments in industrialized economies and their implications for emerging markets and developing economies; and,what transition plans should entail and the objectives they should serve.Opening Remarks:The Honourable Ahmed Hussen, Minister of International Development, Government of CanadaPanelists:The Honourable John Rwangombwa, Governor, National Bank of RwandaSabine Mauderer, Vice-Chair, Network for Greening the Financial System; Board Member, Deutsche BundesbankJean-Paul Servais, Chair, IOSCO Board; Chair, Belgium's Financial Services and Markets AuthorityStefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank (Central Bank of Sweden)Moderator:Jean Pesme, Global Director, Finance, Competitiveness & Innovation, World BankRead the transcript here. Read their biographies here.
Annually, the world’s 280 million migrant workers send USD 1 trillion to 800 million family members. This TC Note and podcast explains why insurance and pensions for these workers is an important area of focus for supervisors. They address how supervisors following a risk-based approach can tackle key risks for migrant workers and service providers, and the role supervisors can play in expanding coverage, particularly in the informal sector. Speaker: William Price, Program Leader, Toronto CentreHost: Lay Geok Yeo, Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
The frequency and devastation of climate-related disasters in Small Island Developing States (SIDS) are growing. The risks of financial instability, food insecurity, and human loss and suffering are increasing and impeding economic growth. While SIDS have contributed the least to global climate change, they are hardest hit by natural disasters. The consequences for their economies and people’s lives are catastrophic. Part of the solution is accelerating the transition to net zero and sustainable development. Our speakers shared perspectives and insights on effective approaches for governments, policy makers, and financial sector leaders.Speaker: Timothy N.J. Antoine, Governor, Eastern Caribbean Central Bank; Board Member, Toronto CentreModerator: Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto CentreModerator: Erin Tansey, Director, Sustainable Inclusive Economies Program, International Development Research Centre (IDRC)Read the transcript here. Read their biographies here. Toronto Centre and the IDRC co-hosted this event on the margins of the Canada-CARICOM Summit.https://www.torontocentre.org/
This TC Note and accompanying podcast discuss the food security issue, which is relevant to supervisory objectives such as institutional soundness and the maintenance of sound, fair and stable markets, as well as consumer protection and retail market conduct.Speaker: Craig Thorburn, Program Leader, Toronto CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
The International Organization of Securities Commissions (IOSCO) called for the development of the International Sustainability Standards Board (ISSB) in 2021, with the idea of developing a common language in which issuers worldwide could report on sustainability matters.Very recently, the ISSB adopted two new standards addressing sustainability and climate disclosure, which were immediately endorsed by IOSCO.This podcast will discuss these new standards, their upcoming implementation, and their potential impacts, as well as the Task Force’s other ongoing initiatives.Speaker: Rodrigo Buenaventura, Chair, Comisión Nacional del Mercado de Valores (CNMV); Chair, Sustainable Finance Task Force, IOSCOHost: Jean Lorrain, Chair, Securities Advisory Board, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/
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