Toronto Centre Community

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Resilient and Inclusive Financial Services Delivery During COVID-19

TC survey of financial supervisors and financial services providers in Rwanda, Sierra Leone and Zambia

Toronto Centre report draws on the lessons that main actors in Zambia, Rwanda, and Sierra Leone have learned about resilience in the times of COVID-19. It identifies key insights into how these actors have continued to expand financial inclusion and what the current risks are: i) the growing importance of digital financial services both in the short term and long run as services expand; ii) the importance of an environment that is conducive to digital inclusion for the most marginalized markets; iii) the rising risks relating to trust and concerns around data privacy, transparency and fraud in a time when face-to-face models are more difficult to achieve; and iv) the need to enhance information gathering for effective and realistic supervision.

Publisher: Toronto Centre Release date: Nov 2021

Type: Consultative, discussion and issues paper

Topics: COVID-19, Recovery and resolution

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Issues Paper on Insurer Culture

IAIS paper explores the role of insurer culture

International Association of Insurance Supervisors Issues Paper explores the role of insurer culture, which informs decisions, behaviours and practices across an insurer's business, as a critical intersection point for managing prudential and conduct risks.

Publisher: Global Standard-Setting Bodies Release date: Nov 2021

Type: Consultative, discussion and issues paper

Topics: Conduct

Sectors: Insurance

Roundtable Discussion Proceedings: Climate Risks

Proceedings of a Toronto Centre roundtable discussion of central banks governors and heads of supervisory authorities from developing and developed countries to explore the impact of climate change on their countries and financial sectors.

Publisher: Toronto Centre Release date: Nov 2021

Type: TC Notes

Topics: Climate change

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Lessons Learnt from the COVID-19 Pandemic from a Financial Stability Perspective

FSB report on lessons learnt from the pandemic

Financial Stability Board report updates the July interim report on the preliminary lessons learnt for financial stability from the COVID-1 pandemic, and outlines actions by the FSB and other standard-setting bodies in response to those lessons.

Publisher: Global Standard-Setting Bodies Release date: Oct 2021

Type: Consultative, discussion and issues paper

Topics: COVID-19, Macroprudential, Crisis management and contingency planning, Recovery and resolution

Sectors: Banking

Principles on Outsourcing

IOSCO final report on updated outsourcing principles

International Association of Securities Commissions updated outsourcing principles for regulated entities that outsource tasks to service provides. The revised principles comprise a set of fundamental precepts and seven principles. The fundamental precepts cover issues such as the definition of outsourcing, the assessment of materiality and criticality, their application to affiliates, the treatment of sub-contracting and outsourcing on a cross-border basis.

Publisher: Global Standard-Setting Bodies Release date: Oct 2021

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Securities

Cyber Incident Reporting: Existing Approaches and Next Steps for Broader Convergence

FSB report on ways to achieve greater convergence in cyber incident reporting

Financial Stability Board report explores whether greater convergence in the reporting of cyber incidents could be achieved in light of increasing financial stability concerns, especially given the digitalization of financial services and increased use of third-party service providers.

Publisher: Global Standard-Setting Bodies Release date: Oct 2021

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance, Pensions, Securities

Progress Report on the Guide for Supervisors

NGFS progress report on implementation of recommendations

Network for Greening the Financial System report highlights progress made by NGFS supervisors in integrating climate-related and environmental risks into their supervisory activities. It provides updated and granular guidance structured around 12 Focus Areas and supported by case studies on global supervisory practices.

Publisher: International Organizations Release date: Oct 2021

Type: Consultative, discussion and issues paper

Topics: Climate change

Sectors: Banking, Insurance, Pensions, Securities

FSB Financial Stability Surveillance Framework

FSB framework supports comprehensive, methodical and disciplined review of vulnerabilities

Financial Stability Board framework embodies four key principles: i) focus on vulnerabilities that may have implications for global financial stability; ii) scan vulnerabilities systematically and with a forward-looking perspective, while preserving flexibility; iii) recognize differences among countries; and iv) leverage the comparative advantages of the FSB while avoiding duplication of work.

Publisher: Global Standard-Setting Bodies Release date: Sep 2021

Type: Consultative, discussion and issues paper

Topics: Financial market infrastructure

Sectors: Banking, Insurance, Pensions, Securities

The Impact of Climate Change on the Financial Stability of the Insurance Sector

IAIS report assesses how insurance sector investments are exposed to climate change

International Association of Insurance Supervisors report discusses the impact of climate change on the financial stability of the insurance sector. It assesses how insurance sector investments are exposed to climate change.

Publisher: Global Standard-Setting Bodies Release date: Sep 2021

Type: Consultative, discussion and issues paper

Topics: Climate change

Sectors: Insurance

A Climate Risk Toolkit for Financial Supervisors

TC climate risk toolkit for financial supervisors who are considering how best to respond to climate-related risks

Toronto Centre toolkit builds supervisory capacity in factoring climate-related risks into the assessment of the risks facing financial institutions and of financial stability more generally, in delivering higher standards of disclosure to enable investors and consumers to make well-informed decisions, and in addressing the impact of climate change on financial inclusion. It addresses four broad questions corresponding to the stages that a supervisory authority should follow when addressing climate-related risks to its supervisory objectives: i) what might be the impact of climate change on your country; ii) what might be the impact of climate-related risks on financial institutions, on financial stability, and on users of financial products and services in your country; iii) what supervisory actions should be taken in response to climate-related risks; and iv) can and should supervisors do anything to influence climate change itself?

Publisher: Toronto Centre Release date: Sep 2021

Type: TC Notes

Topics: Climate change

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

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Resources

382 records

Resilient and Inclusive Financial Services Delivery During COVID-19

Issues Paper on Insurer Culture

Roundtable Discussion Proceedings: Climate Risks

Lessons Learnt from the COVID-19 Pandemic from a Financial Stability Perspective

Principles on Outsourcing

Cyber Incident Reporting: Existing Approaches and Next Steps for Broader Convergence

Progress Report on the Guide for Supervisors

FSB Financial Stability Surveillance Framework

The Impact of Climate Change on the Financial Stability of the Insurance Sector

A Climate Risk Toolkit for Financial Supervisors

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