Operational risk

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Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

IMF report on cyber-attacks and vulnerabilities of financial institutions

International Monetary Fund research paper documents cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. Outlines a quantitative framework to assess cyber risk for the financial sector.

Publisher: International Organizations Release date: Jun 2018

Type: Consultative, discussion and issues paper

Topics: Cyber risk, Operational risk, Risk management, Systemic risk

Sectors: Banking, Insurance, Securities

The PRA's Methodologies for Setting Pillar 2 Capital

PRA policy statement on its Pillar 2 capital requirements

UK Prudential Regulatory Authority updated methodology for setting Pillar 2 capital requirements. Sets out methodologies to inform setting a firm’s Pillar 2A individual capital guidance for credit risk, market risk, operational risk, counterparty credit risk, credit concentration risk, and interest rate risk in the banking book and pension obligation risk. Pillar 2B provides information on the purpose of a PRA buffer, how it is determined and how it relates to the CRD IV buffers. Also provides details on PRA’s approach to tackling weak governance and risk management under Pillar 2B.

Publisher: National Regulators Release date: Apr 2018 Country: United Kingdom

Type: Supervisory Practice

Parent: Capital Requirements Directive - CRD IV, Capital Requirements - CRD IV/CRR – Frequently Asked Questions

Peer: Assessing Capital Adequacy Under Pillar 2

Topics: Capital adequacy, Credit risk, Market risk, Operational risk, Interest rate risk

Sectors: Banking

Joint Committee Final Report on Big Data

EBA, EIOPA and ESMA report analyzes impact of big data on consumers and financial firms

European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority report concludes that benefits of big data outweigh potential risks to financial services consumers. Benefits for the financial industry and consumers include: i) more tailored products and services; ii) improved fraud analytics; and iii) enhanced efficiency of organizational internal procedures. Risks include: i) potential for errors; and ii) increasing level of segmentation enabled by big data may potentially influence access and availability of certain financial services or products.

Publisher: Regional Standard-Setting Bodies Release date: Mar 2018

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Consumer education and protection, Operational risk

Sectors: Banking, Insurance, Pensions, Securities

Guide to Assessments of FinTech Credit Institution Licence Applications

ECB guide for potential FinTech bank applicants

European Central Bank guideline enhances transparency for potential FinTech bank applicants and increases their understanding of the procedure and criteria applied by the ECB in its assessment of licence applications.

Publisher: Regional Standard-Setting Bodies Release date: Mar 2018

Type: Guideline

Peer: Guide to Assessments of Licence Applications

Topics: Financial inclusion, Financial market infrastructure, Corporate governance, Operational risk, Licensing, FinTech

Sectors: Banking

Pillar 3 Disclosure Requirements - Updated Framework

BCBS proposed disclosure requirements to update Pillar 3 framework

Basel Committee on Banking Supervision proposed additional disclosure requirements related to the finalization of the Basel III framework. Include: i) revised disclosure requirements for credit risk, operational risk, leverage ratio and credit valuation adjustment; ii) new requirements to benchmark risk-weighted assets (RWA) outcomes of banks' internal models with RWA calculated according to the standardized approaches; and iii) revised overview templates on risk management, key prudential metrics and RWA.

Publisher: Global Standard-Setting Bodies Release date: Feb 2018

Type: Consultative, discussion and issues paper

Parent: Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems

Peer: Pillar 3 Disclosure Requirements - Consolidated and Enhanced Framework

Topics: Transparency and disclosure, Capital adequacy, Operational risk

Sectors: Banking

Finalising Basel III

BCBS brief summarizes main features of the final Basel III framework

Basel Committee on Banking Supervision brief sets out highlights of Basel III, including: i) main features; ii) focus on risk-weighted assets; iii) improving treatment of credit risk; iv) streamlining treatment of operational risk; v) adding a leverage ratio surcharge for the largest banks; vi) creating a more robust risk-sensitive model output floor; and vii) timeline for implementation.

Publisher: Global Standard-Setting Bodies Release date: Jan 2018

Type: Consultative, discussion and issues paper

Parent: Basel III Regulatory Framework for Banks, Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems

Topics: Capital adequacy, Liquidity risk and rules, Operational risk

Sectors: Banking

Climate Change: The Challenges for Institutional Investors and Regulators

TC webcast on climate change and its impact on global capital markets

Toronto Centre executive panel video discusses climate change and its impact on global financial markets.

Publisher: Toronto Centre Release date: Dec 2017

Type: TC Videos

Topics: Climate change , Risk management, Cyber risk, Operational risk, FinTech

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

Artificial Intelligence and Machine Learning in Financial Services

FSB report examines market developments and their financial stability implications

Financial Stability Board report considers the financial stability implications of the growing use of artificial intelligence (AI) and machine learning in financial services. Identifies potential benefits and risks for financial stability that should be monitored, including: i) application of AI and machine learning by regulators and supervisors can help improve regulatory compliance and increase supervisory effectiveness; ii) applications of AI and machine learning could result in new and unexpected forms of interconnectedness between financial markets and institutions; iii) network effects and scalability of new technologies may give rise to third-party dependencies; iv) lack of interpretability or auditability of AI and machine learning methods could become a macro-level risk; and v) adequate testing and "training" of tools with unbiased data and feedback mechanisms is important to ensure applications do what they are intended to do.

Publisher: Global Standard-Setting Bodies Release date: Nov 2017

Type: Consultative, discussion and issues paper

Topics: FinTech, Operational risk, Cyber risk, Conduct

Sectors: Banking, Securities, Insurance

Regulatory Sandboxes

TC note on the use of regulatory sandboxes as a means to pilot financial inclusion

Toronto Centre note explains key concept underlying regulatory sandboxes and highlights recent developments worldwide in their use for testing financial innovations that may not adhere neatly to existing regulatory frameworks. It discusses possible sandbox objectives, different sandbox operating models, and potential benefits and risks. It seeks to help authorities to identify issues that need to be taken into consideration when making decisions on creating, designing and operating a regulatory sandbox.

Publisher: Toronto Centre Release date: Oct 2017

Type: TC Notes

Peer: Modernizing Digital Financial Regulation, FCA Regulatory Sandbox, FinTech: Considerations on How to Enable a 21st Century Financial Services Ecosystem, Regulating a Revolution: From Regulatory Sandboxes to Smart Regulation

Topics: Financial inclusion, Compliance function, Operational risk, Transparency and disclosure, FinTech

Sectors: Securities, Insurance

Technology: New Challenges and Tools for Financial Supervision

TC Spanish-language webcast on the transformative effect of technology on the financial services industry and supervision

Toronto Centre Spanish-language webcast focuses on how technological innovation is transforming the financial services industry and its supervision. Discusses how the development of digital financial services is advancing the financial inclusion objectives through creating new challenges and new sources of risks, and how technology is bringing new tools that support the monitoring of risks and compliance work carried out by supervisors.

Publisher: Toronto Centre Release date: Oct 2017

Type: TC Videos

Topics: Operational risk, Risk management, Compliance function, Supervisory framework

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

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Resources

382 records

Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

The PRA's Methodologies for Setting Pillar 2 Capital

Joint Committee Final Report on Big Data

Guide to Assessments of FinTech Credit Institution Licence Applications

Pillar 3 Disclosure Requirements - Updated Framework

Finalising Basel III

Climate Change: The Challenges for Institutional Investors and Regulators

Artificial Intelligence and Machine Learning in Financial Services

Regulatory Sandboxes

Technology: New Challenges and Tools for Financial Supervision

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