FinTech

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Supervision of Cyber Risk

TC Note provides broad discussion of cyber risk and sets out framework for its supervision

TC Note sets out the nature of cyber risk and outlines the fundamental elements of a framework for implementing an effective supervision program for cyber risk assessment in regulated financial institutions. Discusses how supervisors may assess institutions' governance policies and practices for cyber risk management.

Publisher: Toronto Centre Release date: Dec 2018

Type: TC Notes

Peer: FinTech, RegTech and SupTech: What They Mean for Financial Supervision

Topics: Cyber risk, FinTech, Operational risk

Sectors: Banking, Insurance, Pensions, Securities

Cyber Lexicon

FSB lexicon of key terms related to cyber security and cyber resilience in the financial sector

Financial Stability Board common lexicon of terms to support work of standard setting bodies and national authorities in dealing with cyber risk.

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

Type: Consultative, discussion and issues paper

Topics: Cyber risk, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Principles to Promote Fairness, Ethics, Accountability and Transparency in the Use of Artificial Intelligence and Data Analytics

MAS guidance on the responsible use of artificial intelligence and data analytics

Monetary Authority of Singapore principles provide guidance to firms offering financial products and services on the responsible use of artificial intelligence and data analytics to strengthen internal governance around data management and use.

Publisher: National Regulators Release date: Nov 2018 Country: Singapore

Type: Consultative, discussion and issues paper

Topics: Cyber risk, FinTech, Corporate governance

Sectors: Banking, Insurance, Pensions, Securities

Prudential Standard on Information Security

APRA prudential requirements for addressing cyber risk and other information security threats

Australian Prudential Regulation Authority standard to minimize the likelihood and impact of information security incidents on the confidentiality, integrity or availability of information assets, including those managed by related parties or third parties.

Publisher: National Regulators Release date: Nov 2018 Country: Australia

Type: Standard

Topics: Cyber risk, FinTech, Operational risk

Sectors: Banking, Insurance, Pensions

Machine Learning in Anti-Money Laundering

Results of IIF study of how financial institutions apply machine learning techniques to combat money laundering

Institute of International Finance summary of how machine learning techniques can help banks and insurers to improve effectiveness and efficiency in complying with anti-money laundering requirements. IIF surveyed 59 financial institutions (54 banks and five insurance companies) representing firms from all continents and across a diverse range of business models and firm sizes. Survey demonstrates that the application of machine learning and artificial intelligence is spreading in the financial industry.

Publisher: Industry Groups Release date: Oct 2018

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, FinTech

Sectors: Banking, Insurance

Global Financial Innovation Network (GFIN)

FCA consultation sets out plan for a new "global sandbox" to enable innovative firms to interact with regulators around the world

UK Financial Conduct Authority consultation to create a global sandbox or Global Financial Innovation Network (GFIN) to provide a more efficient way for innovative firms to interact with regulators. Three main functions of the proposed GFIN would be: i) to act as a network of regulators to collaborate and share experiences of innovation in respective markets, including emerging technologies and business models; ii) to provide a forum for joint policy work and discussions; and iii) to provide firms with an environment in which to trial cross-border solutions .

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

Type: Consultative, discussion and issues paper

Topics: Cross-border cooperation, FinTech, Financial inclusion

Sectors: Banking, Insurance, Securities

Open API Framework for the Hong Kong Banking Sector

HKMA approach to Application Programming Interfaces for the banking industry

Hong Kong Monetary Authority finalized framework and related implementation plan for the Open Application Programming Interface (API). Comprises a selection of Open API functions and deployment time frames, technical standards, third-party service provider guidelines, facilitation measures and maintenance models.

Publisher: National Regulators Release date: Jul 2018 Country: Hong Kong, China

Type: Supervisory Practice

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

Sectors: Banking

Big Data Meets Artificial Intelligence

BaFin consultation sets out challenges and implications for the supervision and regulation of financial services

Federal Financial Supervisory Authority of Germany (BaFin) consultation: i) addresses technological developments of big data analytics and artificial intelligence; ii) elaborates scenarios outlining the potential impact these technologies might have on the financial market and market players; and iii) highlights potential implications for financial supervisory authorities. Consultation aims to initiate discussion on the impact of digitalization on established market and supervisory structures.

Publisher: National Regulators Release date: Jul 2018 Country: Germany

Type: Consultative, discussion and issues paper

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

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Sep 2018

The Post-Crisis Challenges Facing Supervisors

TC note discusses how emerging markets can approach the implementation of post-crisis and other regulatory reforms

Toronto Centre Note discusses how emerging markets can approach implementation of recent regulatory reforms. Considers the challenges for supervisors stemming from more wide-ranging, robust and complex regulatory requirements, provides an overview of emerging risks and supervisory responses, and discusses the importance of supervisory cooperation. Identifies key challenges as: i) proportionate implementation of reforms; ii) tailoring regulation and supervision to emerging market economies; iii) maintaining a focus on fundamental issues such as credit and insurance underwriting risks; and iv) assessing emerging risks such as those arising from FinTech and cyber security.

Publisher: Toronto Centre Release date: Jul 2018

Type: TC Notes

Topics: Systemically important financial institutions (SIFIs), Cross-border cooperation, Risk-based supervision, Supervisory framework, FinTech

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

Innovative Technology in Financial Supervision (Suptech): The Experience of Early Users

FSI guidance for supervisory agencies on developing a strategy to realize the potential benefits of SupTech

Financial Stability Institute guidance outlines the experiences of early users and highlights specific considerations to develop a SupTech strategy for supervisory agencies. Sets out challenges to supervisory agencies when developing or using SupTech applications: i) increased operational risks (cyber risk, data quality, and finding the right talent); ii) computational capacity constraints; iii) management support; and iv) buy-in from supervision units. This paper outlines the experiences of early users and highlights specific considerations to develop a SupTech strategy for supervisory agencies to take advantage of these developments.

Publisher: International Organizations Release date: Jul 2018

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Supervisory framework, Supervisory structures, FinTech

Sectors: Banking, Insurance, Pensions, Securities

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Resources

382 records

Supervision of Cyber Risk

Cyber Lexicon

Principles to Promote Fairness, Ethics, Accountability and Transparency in the Use of Artificial Intelligence and Data Analytics

Prudential Standard on Information Security

Machine Learning in Anti-Money Laundering

Global Financial Innovation Network (GFIN)

Open API Framework for the Hong Kong Banking Sector

Big Data Meets Artificial Intelligence

The Post-Crisis Challenges Facing Supervisors

Innovative Technology in Financial Supervision (Suptech): The Experience of Early Users

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