2009

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A Framework for Assessing Systemic Risk

WB proposal for a systemic risk assessment framework

World Bank Policy Research Working Paper proposing a simple analytical framework that can be used by authorities with financial crisis management responsibilities in times of crisis to assess the extent to which a particular crisis situation poses systemic risk that might justify use of public resources.

Publisher: International Organizations Release date: Dec 2009

Type: Consultative, discussion and issues paper

Topics: Deposit insurance, Liquidity risk and rules, Supervisory structures, Systemic risk, Crisis management and contingency planning

Sectors: Banking

Tools for Regulatory Quality and Financial Sector Regulation

OECD comparative analysis on improving the quality of regulation

Organisation for Economic Co-operation and Development report compares how certain international standards intended to improve the quality regulation are applied in the United States, Canada, Australia, the United Kingdom and France. Compares key provisions of the Basel Core Principles and IOSCO Objectives and Principles of Securities Regulation with the OECD's 2005 Guiding Principles for Regulatory Quality and Performance, and 2009 Policy Framework for Effective and Efficient Financial Regulation. Analyzes regulatory independence and accountability, powers, impact assessments, and accountability mechanisms.

Publisher: International Organizations Release date: Dec 2009

Type: Consultative, discussion and issues paper

Peer: Policy Framework for Effective and Efficient Financial Regulation

Topics: Transparency and disclosure, Supervisory framework, Corporate governance

Sectors: Banking, Insurance, Pensions, Securities

On and Offsite Inspections

Primer for insurance supervisors on onsite and offsite inspections of insurers

Guidance for the conduct of onsite and offsite inspections of insurers. Issue 13 of World Bank's Primer Series on Insurance.

Publisher: International Organizations Release date: Nov 2009

Type: Guideline

Topics: Supervisory framework

Sectors: Insurance

The National Credit Bureau: A Key Enabler of Financial Infrastructure and Lending in Developing Economies

McKinsey working paper discussing unique challenges of lending in developing economies

McKinsey working paper concluding that establishment of a credit bureau from scratch in an emerging market is a multi-year program requiring a phased approach to accomplish a vision involving a number of banks and services. An end-to-end approach is optimal for developing national credit bureaus in developing economies. The long-term vision should be to build up a large data provider base, including non-banking financial institutions, utilities and retailers, so that comprehensive credit information reports about commercial and consumer exposures can be provided to subscribers.

Publisher: Others Release date: Nov 2009

Type: Consultative, discussion and issues paper

Topics: Credit risk, Risk management

Sectors: Banking

Guideline - Stress Testing

OSFI's expectations for stress testing by banks and insurance companies

Office of the Superintendent of Financial Institutions guideline sets out OSFI’s expectations for stress testing by regulated institutions. Applies to banks, trust and loan companies, cooperative credit associations, life insurance companies, property and casualty insurance companies and insurance holding companies. Stress testing is be imbedded in enterprise wide risk management. Should serve the purposes of: i) risk identification and control; ii) providing complementary risk perspective to other risk management tools; iii) supporting capital management; and iv) improving liquidity management. Addresses the role of the board and senior management.

Publisher: National Regulators Release date: Nov 2009 Country: Canada

Type: Guideline

Topics: Stress-testing, Risk management

Sectors: Banking, Insurance

Taking-up and Pursuit of the Business of Insurance and Reinsurance (Solvency II)

Directive 2009/138/EC of the European Parliament and Council of 25 November 2009 on insurance and reinsurance

European Commission directive provides legal framework for harmonizing prudential requirements governing insurance and reinsurance undertakings, including capital requirements, valuation techniques, and governance and reporting standards. Sets out rules for the supervision, reorganization and winding-up of insurance and reinsurance firms and groups.

Publisher: Regional Standard-Setting Bodies Release date: Nov 2009

Type: Standard

Topics: Capital adequacy, Supervisory framework, Recovery and resolution, Transparency and disclosure

Sectors: Insurance

Macroprudential Supervision of Financial Institutions: Lessons from the SCAP

FRBNY paper discussing key features of bank stress test and how they can be leveraged to improve bank supervision in the future

Federal Reserve Bank of New York report advocating a macroprudential perspective for regulatory reform in the US. Discusses Supervisory Capital Assessment Program (SCAP), or bank “stress test,” as showing how macro- and microprudential perspectives can be joined to create a stronger supervisory framework that addresses a wider range of supervisory objectives. Reviews key features of SCAP and how they can be levered to improve bank supervision in future.

Publisher: National Regulators Release date: Oct 2009

Type: Consultative, discussion and issues paper

Topics: Macroprudential, Stress-testing

Sectors: Banking

Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations - Background Paper

Preliminary FSB, IMF and BIS guidance including conceptual and analytical approaches to assessment and possible form for general guidelines

Results of a survey of country authorities conducted by the Financial Stability Board, International Monetary Fund and Bank of International Settlements. The survey had quantitative and qualitative components. Quantitative: countries were asked to indicate if a particular sector is systemic, and whether individual institutions in that sector are systemic. They were then asked to rank the five most important factors contributing to their classification of systemic relevance, both before and after the onset of the current crisis. Qualitative was made up of three parts: i) how countries assess systemic relevance; ii) the design of a framework to assess systemic relevance; and (iii) where relevant, how financial crises have informed approaches to identifying systemic relevance. Survey results informed the preparation of a subsequent guidance.

Publishers: Global Standard-Setting Bodies, International Organizations Release date: Oct 2009

Type: Consultative, discussion and issues paper

Topics: Systemically important financial institutions (SIFIs)

Sectors: Banking, Insurance, Securities

Risk-Based AML/CFT Approach for the Insurance Sector

FATF guideline on risk-based approach to anti-money laundering/combatting the financing of terrorism in the insurance sector

Financial Action Task Force guidance: i) supports development of a common understanding of what the risk-based approach involves; ii) outlines high-level principles involved in applying the risk-based approach; iii) identifies characteristics of risks indicating that enhanced mitigation strategies may be warranted; iv) describes good public and private sector practice in the design and implementation of an effective risk-based approach; and v) fosters communications between public and private sectors that are conducive to the prevention of money laundering and terrorist financing.

Release date: Oct 2009

Type: Guideline

Peer: National Money Laundering and Terrorist Financing Risk Assessment, Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion

Topics: Risk-based supervision, Money laundering and terrorist financing, Financial inclusion

Sectors: Insurance

Guidance to Assess the Systemic Importance of Financial Institutions

Joint IMF, FSB and BIS report outlining conceptual and analytical approaches

Joint International Monetary Fund, Financial Stability Board and Bank for International Settlements guidance for national authorities including conceptual and analytical approaches to the assessment as well as identification of the possible form for general guidelines. Suggests that the guidelines could take the form of high level principles that would be sufficiently flexible to apply to a broad range of countries and circumstances, and outlines the possible coverage of such guidelines.

Publishers: Global Standard-Setting Bodies, International Organizations Release date: Sep 2009

Type: Guideline

Topics: Systemically important financial institutions (SIFIs)

Sectors: Banking, Insurance, Securities

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Resources

382 records

A Framework for Assessing Systemic Risk

Tools for Regulatory Quality and Financial Sector Regulation

On and Offsite Inspections

The National Credit Bureau: A Key Enabler of Financial Infrastructure and Lending in Developing Economies

Guideline - Stress Testing

Taking-up and Pursuit of the Business of Insurance and Reinsurance (Solvency II)

Macroprudential Supervision of Financial Institutions: Lessons from the SCAP

Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Considerations - Background Paper

Risk-Based AML/CFT Approach for the Insurance Sector

Guidance to Assess the Systemic Importance of Financial Institutions

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