Operational risk

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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

Blockchain: Opportunities for Private Enterprises in Emerging Markets

IFC report examines the potential and perils of blockchain with particular focus on financial sectors

International Finance Corporation report provides an overview of blockchain technology and its applications in emerging markets. Examines whether blockchain can be used to mitigate de-risking by financial institutions and looks closely at the financial services sector. Includes an overview of how blockchain plays into the wider spectrum of financial technology (FinTech) innovations and the resulting provision of financial services, and an analysis of blockchain's contribution to reaching the unbanked and underbanked in various emerging markets.

Publisher: International Organizations Release date: Oct 2017

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Operational risk, FinTech

Sectors: Banking, Insurance, Microfinance, Securities

The Future of Risk Management in the Digital Era

McKinsey and IIF report on banks' views on the impact of digitization on their risk management functions

McKinsey & Company and Institute of International Finance report based on a survey of banks to determine views on the impact of digitization on the risk management function's mandate, role and organization; the capabilities, talent, culture and ways of working required to deliver a digitized risk function; how to embark on a transformation program that digitizes the risk function; and what impact such a transformation would have. Describes the key drivers that make change necessary and lays out a longer-term vision, as well as shorter-term, more practical initiatives observed at numerous institutions that are already having an impact by digitizing risk management.

Publisher: Others Release date: Oct 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Risk management, FinTech

Sectors: Banking

Cyber Security & Financial Stabililty

IIF staff paper examines how cyber-attacks could impact the global financial system

Institute of International Finance staff paper analyzes the relationship between cyber-attacks and overall stability of the financial sector, including transmission channels and different types of scenarios where cyber-attacks and other incidents could have systemic repercussions.

Publisher: Industry Groups Release date: Sep 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Cyber risk

Sectors: Banking, Insurance, Securities

Blockchains, Distributed Ledgers and Funds Transfers: An Overview

FSD Africa report looks at opportunities presented by distributed ledger technology

Financial Sector Deepening Africa report looks at opportunities presented by distributed ledger technology for new ways of performing fund transfers, payment settlement and regulatory oversight.

Publisher: Others Release date: Aug 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Financial market infrastructure

Sectors: Banking, Microfinance

Regulatory Approaches to Enhance Banks' Cyber-Security Frameworks

BIS paper analyzes regulatory approaches to banks' cyber-risk in Hong Kong SAR, Singapore, United Kingdom and United States

Bank for International Settlements analysis suggest that some common regulatory requirements are now emerging, and supervisory approaches to assessing banks' cyber-risk vulnerability and resilience seem to be converging towards a "threat-informed" or "intelligence-led" framework. Offers high-level policy considerations, which may be helpful for bank supervisors contemplating or planning to introduce or enhance cyber-risk regulation and supervision.

Publisher: International Organizations Release date: Aug 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Supervisory framework, Risk management, Cyber risk

Sectors: Banking

Cyber Risk, Market Failures and Financial Stability

IMF report looks at cyber risk, market failures in cybersecurity and financial stability risks

International Monetary Fund report examines properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explores how systemic cyber risk interacts with other financial stability risks. Examines current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper detection and management of systemic cyber risk. Discusses policy measures that can increase the resilience of the financial system to systemic cyber risk.

Publisher: International Organizations Release date: Aug 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Cyber risk

Sectors: Banking, Insurance, Securities

The 2017 Brookings Financial and Digital Inclusion Project Report: Building a Secure and Inclusive Global Financial Ecosystem

Brookings study evaluates access to and usage of affordable financial services across 26 countries

Brookings Institution report identifies three key overall findings to advance financial inclusion: i) growth in national level recognition that financial inclusion is a key ingredient for sustainable development; ii) FinTech possesses tremendous potential to accelerate progress toward financial inclusion; and iii) countries must amplify investments in cybersecurity efforts and knowledge-sharing in order to fully reap the benefits of financial services innovation.

Publisher: Others Release date: Aug 2017

Type: Consultative, discussion and issues paper

Peer: The 2016 Brookings Financial and Digital Inclusion Project Report: Advancing Equitable Financial Ecosystems , The 2015 Brookings Financial and Digital Inclusion Project Report: Measuring Progress on Financial Access and Usage

Topics: Consumer education and protection, Financial inclusion, Operational risk, FinTech, Cyber risk

Sectors: Banking, Insurance, Microfinance, Microinsurance

Cyber Insurance Underwriting Risk

PRA supervisory statement sets out expectations of firms regarding of cyber insurance underwriting risk

UK Prudential Regulation Authority supervisory statement sets out proposed expectations of insurance firms regarding cyber insurance underwriting risk. Expectations are set out in three broad areas: i) non-affirmative cyber risk; ii) cyber risk strategy and risk appetite; and iii) cyber expertise.

Publisher: National Regulators Release date: Jul 2017 Country: United Kingdom

Type: Supervisory Practice

Topics: Operational risk, Consumer education and protection, Cyber risk

Sectors: Insurance

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Resources

382 records

Regulatory Sandboxes

Technology: New Challenges and Tools for Financial Supervision

Blockchain: Opportunities for Private Enterprises in Emerging Markets

The Future of Risk Management in the Digital Era

Cyber Security & Financial Stabililty

Blockchains, Distributed Ledgers and Funds Transfers: An Overview

Regulatory Approaches to Enhance Banks' Cyber-Security Frameworks

Cyber Risk, Market Failures and Financial Stability

The 2017 Brookings Financial and Digital Inclusion Project Report: Building a Secure and Inclusive Global Financial Ecosystem

Cyber Insurance Underwriting Risk

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