Operational risk

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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

Realizing the Potential of Blockchain

WEF report sets out multi-stakeholder approach to the stewardship of blockchain and cryptocurrencies

World Economic Forum survey of blockchain governance challenges and multi-stakeholder cooperation opportunities. Discusses: i) global governance networks; ii) differences between internet of information and blockchain; iii) most urgent threats; and iv) the need for a proper legal structure, regulatory restraint, diversity of viewpoints and scientific research in tandem with business development.

Publisher: Others Release date: Jun 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Financial market infrastructure

Sectors: Banking, Insurance, Pensions, Securities

Guidelines on ICT Risk Assessment Under SREP

EBA guideline on common means to assess Information and Communication Technology risk

European Banking Authority guideline sets out the requirements supervisors should apply in their assessment of ICT when: i) focusing on the general provisions and application of scoring as part of the SREP assessment of risks to capital; ii) assessing institutions' governance and strategy on ICT; and iii) assessing institutions' ICT risk exposures and controls.

Publisher: Regional Standard-Setting Bodies Release date: May 2017

Type: Guideline

Parent: Guidelines on Common Procedures and Methodologies for the Supervisory Review and Evaluation Process (SREP)

Peer: Guidelines on Assessment of ICAAP and ILAAP under SREP, Revised Procedures and Methodologies for the Supervisory Review and Evaluation Process and Supervisory Stress Testing

Topics: Risk management, Operational risk, Corporate governance, Capital adequacy

Sectors: Banking

Ensuring Financial Education and Consumer Protection for All in the Digital Age

OECD report discusses implications of digitization of finance for financial education and consumer protection

Organisation for Economic Co-operation and Development report explores challenges and opportunities resulting from today's digital revolution for consumers, small businesses and particularly disadvantaged groups. Highlights the need to further enhance consumer protection and financial education frameworks to more effectively target digital finance, and identifies financial literacy initiatives and policy options that can help consumers better manage any potential digital risks and benefits. Illustrates the use of digital tools to deliver financial education while addressing the role of public private and other relevant stakeholders.

Publisher: International Organizations Release date: Apr 2017

Type: Consultative, discussion and issues paper

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

Sectors: Banking, Insurance, Pensions, Securities

Distributed Ledger Technology in Payment, Clearing and Settlement

CPMI report provides analytical framework for review and analysis of DLT arrangements

Committee on Payments and Market Infrastructure report provides an analytical framework for central banks and other authorities to review and analyze the use of distributed ledger (blockchain) technology in payment, clearing and settlement activities. Focuses on potential implications for efficiency and safety and for the broader financial markets. Framework is directed primarily at arrangements that involve restricted ledgers, reflecting the main types of arrangements currently being developed in the financial sector.

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

Type: Consultative, discussion and issues paper

Topics: Operational risk, Financial market infrastructure

Sectors: Banking, Securities

The Distributed Ledger Technology Applied to Securities Markets

ESMA report provides overview of blockchain technology

European Securities and Markets Authority report looks at benefits and risks of distributed ledger technology (DLT) or blockchain technology to securities markets and how it maps to existing EU regulation.

Publisher: Regional Standard-Setting Bodies Release date: Jan 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Financial market infrastructure

Sectors: Securities

Key Questions on Cyber Risk and Cyber Risk Insurance

Geneva Association overview of main research topics and future research directions in cyber risk and cyber risk insurance

Geneva Association report sets out main areas of research and key studies in the field of cyber risk and cyber insurance. Makes recommendations about potential role of insurers and governments in addressing cyber risks.

Publisher: Industry Groups Release date: Dec 2016

Type: Consultative, discussion and issues paper

Topics: Operational risk, Cyber risk

Sectors: Banking, Insurance, Securities

Proportionate Regulatory Frameworks in Inclusive Insurance

A2ii lessons learned from microinsurance regulation in India

Access to Insurance Initiative (A2ii) report on results of microinsurance regulations in India, supervisory approaches taken and lessons learned from past experiences. Examines ongoing and emerging market trends and challenges for insurance supervisors, particularly with regard to formalization, mass distribution and digital technology. Highlights areas where supervisory capacity-building will be highly important as inclusive insurance markets worldwide continue to innovate and grow.

Publisher: Others Release date: Nov 2016 Country: India

Type: Consultative, discussion and issues paper

Topics: Supervisory framework, Operational risk, Financial inclusion

Sectors: Microinsurance

Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime

FinCen advisory for banks to understand their obligations

Financial Crimes Enforcement Network advisory assists financial institutions in understanding their obligations regarding cyber-events and cyber-enabled crime. Advises on: i) reporting cyber-enabled crime and cyber-events; ii) including relevant and available cyber-related information in suspicious activity reports (SARs); iii) collaborating between Bank Secrecy Act/Anti-Money Laundering units and in-house cybersecurity units to identify suspicious activity; and iv) sharing information including cyber-related information, among financial institutions to guard against and report money laundering, terrorism financing, and cyber-enabled crime.

Publisher: National Regulators Release date: Oct 2016 Country: United States

Type: Consultative, discussion and issues paper

Topics: Operational risk, Risk management, Cyber risk

Sectors: Banking

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Resources

382 records

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

Cyber Insurance Underwriting Risk

Realizing the Potential of Blockchain

Guidelines on ICT Risk Assessment Under SREP

Ensuring Financial Education and Consumer Protection for All in the Digital Age

Distributed Ledger Technology in Payment, Clearing and Settlement

The Distributed Ledger Technology Applied to Securities Markets

Key Questions on Cyber Risk and Cyber Risk Insurance

Proportionate Regulatory Frameworks in Inclusive Insurance

Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime

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