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 se ...
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Ep. 154: The Rise of AI - Transforming Financial Markets and Supervision
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This panel took place at the 2024 International Monetary Fund and World Bank Group Annual Meetings. In today's fast-changing financial landscape, artificial intelligence (AI) is at the forefront of transformation, reshaping how markets operate and how they are regulated. As we embrace AI's immense potential, it is crucial to address ethical conside…
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This was the fifth webinar of the series on the revised Core Principles for effective banking supervision. The panel discussed the inclusion of climate risk in the updated Core Principles and highlight why both banks and supervisors should adopt flexible practices to address the evolving nature of climate risks. Panelists: Elsie Addo Awadzi, Deputy…
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This was the fourth webinar of the series on the revised Core Principles for effective banking supervision. The revised Core Principle 25 emphasizes banks’ capacity to handle severe operational risks, including pandemics, cyber threats, and natural disasters. Additionally, the revisions introduce a proportionality approach, aligning regulatory rule…
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Ep. 151: Risk Management and Business Model Sustainability
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This was the third webinar of the series on the revised Core Principles for effective banking supervision. The Basel Committee wants banks to institute a sound risk culture, to maintain strong risk management practices, and to adopt and implement sustainable business models. The revised Core Principles make clear that the assessment of business mod…
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Ep. 150: Digitalization in Finance
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This was the second webinar of the series on the revised Core Principles for effective banking supervision. Advances in digitalization and financial technology continue to affect the landscape of the financial system, including the provision of banking services. The Core Principles for effective banking supervision (BCP) have been amended to reflec…
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Ep. 149: Financial Risks and Macroprudential Supervision
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This was the first webinar of the series on the revised Core Principles for effective banking supervision. The post-Global Financial Crisis (GFC) period has seen banks continue to build their resilience to financial risks, underpinned by stronger regulatory and supervisory frameworks, including the Basel III standards. The Core Principles for effec…
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The worldwide total of forcibly displaced persons (FDPs) reached 110 million in 2022, with the cross-border refugee population standing at 36.4 million in 2023. The continuing cross-border refugee crisis caused by global conflict has created great vulnerabilities for FDPs. This TC Note and accompanying podcast discuss the expansion of access to fin…
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Cross-border supervision is one of the more challenging supervisory priorities. It adds layers of complexity, new stakeholders, and potential challenges to effective supervision. This TC Note and accompanying podcast discus the implications for home and host financial supervisors of cross-border supervision of the adequacy of capital and liquidity.…
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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 currenc…
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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 …
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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 tu…
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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 tas…
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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 gu…
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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 spea…
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Ep. 140 - Agricultural and Financial Systems’ Adaptation to Climate Change
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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 supervis…
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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 achiev…
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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 data An approach to designing supervisory framework How artificial intelligence can improve or …
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Ep. 137 - Supporting Net-Zero Transition Planning
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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 supervi…
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Ep. 136 - Blended Finance for Climate Adaptation: Implications for Supervisors
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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. …
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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 loc…
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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 som…
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Ep. 133 - Integrating Climate Change Risk into Institutional Investing: From Rhetoric to Action
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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 …
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Ep. 132 - Executive Panel Session: Digital Finance and Crypto Assets Oversight: Where Do We Stand?
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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 Finan…
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Ep. 131 - Executive Panel Session: Nature-Related Risks, Macroeconomic Impacts, and Transition Planning
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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 b…
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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…
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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…
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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 Centre Host: Demet Çanakçı, Senior Progra…
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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 a…
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Everyday in Canada, millions of people place their trust in payment service providers (PSPs) whenever they tap their card on a payment terminal or make an online purchase. In 2021, the Bank of Canada (the Bank) was tasked with building a mandate to supervise PSPs to ensure safe and efficient retail payments. This podcast discusses the challenges in…
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This TC Note and accompanying podcast address the rapid rise of cyber risk, which presents unique challenges to the financial sector. They provide guidance on how to determine an effective strategy to deal with this constantly evolving risk and deliver that strategy with the resources available. Speaker: Lyndon Nelson, Program Leader, Toronto Centr…
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Ep.124 - The Power of Data, Technology, and Collaboration to Combat Money Laundering Across Institutions and Borders
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Money laundering is a global problem that undermines the integrity and safety of the global financial system. In this podcast, Beju Shah introduces the BIS Innovation Hub’s recent initiative, Project Aurora. He discusses leveraging data, technology and collaboration to improve AML efforts through collaborative analysis and learning while upholding …
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Ep. 123 - Introduction for Supervisors to Scenarios and Stress Tests of Climate Change Risks
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In this podcast, the speakers examine climate scenarios and practical guidance on the design of climate stress tests. They discuss the uncertain nature of climate risks and the tools available to assess them. Read their biographies here. Read the transcript here. Read the TC Note here.Por Toronto Centre
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In this podcast, the speakers examine the reasons for introducing a retail CBDC, the key choices in its design, and how supervisors can address arising risks and opportunities. Considerations include financial stability, inclusion, AML, and cross-border remittances. Read their biographies here. Read the transcript here. Read the TC Note here.…
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Ep. 121 - The Role of AML Regulators in Financial Inclusion
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Ensuring everyone has access to financial services is paramount to sustainable economic development. In this podcast, the speakers will discuss: · the role of financial regulators and supervisors as facilitators of financial inclusion; · the importance of access for disadvantaged people, and · risk-based approach to anti-money laundering (AML). The…
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Speaker: Dr. Kennette Thigpen Harris CEO and Founder, Welltrust Partners Host: Shelina Visram Program Director, Toronto Centre Description: It probably doesn’t come as a surprise that employee mental health concerns are at an all-time high. Employees’ mental health can have a critical impact on their company’s morale, engagement, and bottom line. I…
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Ep. 119 - Addressing Greenwashing in Financial Services
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Financial markets play a key role in enabling the transition towards carbon neutrality. Mandatory global disclosure standards with industry-specific metrics are therefore vital to ensure that financial flows are aligned with green and transition objectives. The panelists discuss: key challenges with respect to taxonomies, green external reviews, cl…
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Climate change, biodiversity loss, and food security are interlinked and pose a serious threat to financial stability and global prosperity. The panelists discuss: how climate and biodiversity risks are threatening global food security, financial stability and inclusion; and what policymakers and supervisors can do to mitigate this most pervasive t…
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In celebration of our 25th anniversary, we hosted a fireside chat featuring Toronto Centre board chair and former Governor of the Central Bank of Sweden, Stefan Ingves. Mr. Ingves recently retired as the Governor after serving a 17-year term. He shared his perspectives on how cyber risk, digital currencies, climate change, and payment systems are c…
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Ep. 116 - International Women's Day: Using Data to Close the Gender Gap
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The Global Findex 2021 revealed a reduction in the gender gap from 9% to 6% in access to formal financial services in developing economies. This is a positive indication that changes in mindset and practice are shifting the norms. The speakers from Mennonite Economic Development Associates (MEDA), MiCrédito, and Toronto Centre discussed: their resp…
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This podcast identifies how financial supervisors should use The Global Findex 2021 to implement gender-aware supervisory practices. Read their biographies here. Read the transcript here. View the Global Findex chapter summaries here. View the Global Findex data sets here. View the Global Findex gender brief here. Read our Gender-Aware Supervision …
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The Global Findex Database is an internationally recognized source of data on global access to financial services. In this podcast, the speakers discuss the key takeaways from The Global Findex 2021, including: Gaps in access to and usage of financial services by women; Roles of policymakers and regulators in balancing inclusion initiatives and con…
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Ep. #113 - Food Security: A Must for Economic Recovery
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In celebration of Canada’s International Development Week, the panel discussed how to make food and water security part of global economic recovery. They also explored the roles of the financial, health, and food sectors in driving long-term change and sustainability. Panelists: Elissa Golberg – Ambassador of Canada to Italy, Albania, Malta and San…
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Ep. #112 - Climate Change, Finance, and Development
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In celebration of Toronto Centre's 25th anniversary, this discussion explored strategies to transition towards a green, stable, and inclusive global financial system. Read their biographies here. Read the transcript here.Por Toronto Centre
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This podcast examines the regulation and supervision of retail payment systems (RPS). RPS provide advantages such as innovation, but also present risks to users and financial stability. Read their biographies here. Read the transcript here.Por Toronto Centre
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Ep. #110 - Inclusive Growth: Transformative Approaches to Women’s Economic Empowerment
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The pandemic, geopolitical uncertainties, persistent barriers, and gender norms have disrupted the world economy and stalled progress on the Sustainable Development Goals, particularly the one to achieve gender equality by 2030. However, some countries have been successful in advancing strategies for women's empowerment and financial inclusion. The…
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L'innovation financière évolue à un rythme très rapide. Ce podcast abordera la question de savoir où en sont les régulateurs et les superviseurs dans les différentes initiatives relatives aux Fintech, quels sont les avantages du travail du Réseau mondial d'innovation financière (GFiN), ainsi que l'orientation et les impacts des différentes initiati…
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Financial innovation is evolving at a very fast pace. This podcast will discuss where regulators and supervisors stand on various initiatives relating to Fintech, the impacts on financial inclusion, and the benefits of the Global Financial Innovation Network (GFiN)’s work. Read their biographies here. Read the transcript here.…
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This Toronto Centre Note and accompanying podcast will help front-line supervisors assess the risk factors specific to individual firms and how the norms set out in guidance may need to be modified in individual assessments. Read their biographies here. Read the transcript here.Por Toronto Centre
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Ep. #106 - The Promises and Perils of Digital Transformation
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Digital transformation is a goal throughout the G20. It affects not only economics but also all aspects of society: finance, women issues, government administration and public services. The challenges include infrastructure, payments, and central bank digital currencies (CBDCs), just to name a few. The panel focused on issues related to digitizatio…
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This Toronto Centre Note and accompanying podcast focus on the use of a risk-based approach to retail conduct supervision. It also addresses the challenges of supervising for good consumer outcomes. Read their biographies. Read the transcript. Read the TC Note.Por Toronto Centre
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