Asimismo, se destaca la necesidad de modernizar la supervisión mediante herramientas SupTech y un uso intensivo de datos para una vigilancia más preventiva y eficiente. Se enfatiza el equilibrio entre promover la innovación, a través de sandboxes, open finance y marcos proporcionales, y preservar la estabilidad financiera, la protección al consumidor y la integridad del sistema, junto con el fortalecimiento de procesos digitales que impulsen la inclusión financiera con controles robustos.

Orador Invitado:

Jorge Mogrovejo González, Presidente, Asociación de Supervisores Bancarios de las Américas (ASBA); Superintendente Adjunto, Banca y Microfinanzas, Superintendencia de Banca y Seguros del Perú

Presentador: 

Michel Canta, Director de Programas, Toronto Centre

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Read the English transcript here. 

This panel took place at the 2026 International Monetary Fund and World Bank Group Spring Meetings.

Financial stability is under fire as geopolitics and cyber risk collide. As global tensions intensify and technological capabilities accelerate, financial institutions face a rapidly evolving threat landscape where cyber operations, financial crime, and state-sponsored actors are increasingly intertwined. From ransomware campaigns and sanctions evasion to sophisticated cyber intrusions targeting critical infrastructure, adversaries are exploiting digital systems and global financial networks in new and complex ways.

As these threats continue to evolve, the quantum horizon introduces an additional layer of strategic risk. This executive panel will examine how advances in quantum computing could reshape cyber and operational risk across the financial sector, while also considering the growing convergence between cyber-enabled crime, ransomware payments, sanctions evasion, and global illicit finance networks. Leaders from policy, finance, and technology will explore the implications of quantum-enabled decryption, the expanding links between cyber threats and illicit finance, and the operational vulnerabilities that could undermine confidence in critical financial infrastructure.

The discussion focused on how institutions and regulators can strengthen resilience, enhance cross-border coordination, and prepare for a future in which emerging technologies, cyber conflict, ransomware, and financial crime increasingly intersect. The panel explored what these developments mean for international efforts to combat cyber-enabled financial crime and how global standards bodies, national authorities, and financial institutions can strengthen cooperation to protect the integrity and resilience of the international financial system.

Opening Remarks:

Cindy Termorshuizen, Deputy Minister of International Development, Government of Canada

Panelists:

Giles Thomson, Director, Economic Crime and Sanctions, His Majesty's Treasury; Incoming President, FATF

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Michele Mosca, Professor, Institute for Quantum Computing, University of Waterloo

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Watch the executive panel session here.

Read the transcript here.

Read their biographies here.

In this podcast, Shri Amarjeet Singh discusses India's approach towards sustainability and climate action, including:

• Commitments announced at COP26, including the reducing emissions with short- and long-term goals
• Comprehensive frameworks for ESG, green bonds, and sustainability-linked bonds
• The SEBI Business Responsibility and Sustainability Report for climate-related disclosures
• Specific measures to mitigate the risk of greenwashing

Guest: 

Shri Amarjeet Singh, Whole-time Member, Securities and Exchange Board of India (SEBI)

Host: 

Mamta Suri, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

This TC Note makes proposals for supervisory effectiveness and—where consistent with more effective supervision—the simplification of supervisory methodologies and processes.

Drawing on lessons from recent bank failures, it identifies three ways to make supervision more effective in identifying and mitigating unacceptable risks:

1. Fully implementing risk-based supervision
2. Enhancing cross cooperation and collaboration among supervisory authorities and other organizations
3. Using SupTech carefully, recognizing the need for human intervention and judgement

Guest: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

The panel explored how geopolitical developments, financial fragmentation, and evolving systemic risks may challenge existing supervisory frameworks. It highlighted the resilience of financial systems and the role of regulatory and institutional frameworks in strengthening preparedness for extreme events.

Panelists:

Andrea Enria, Senior Advisor, Bank of England; former Chair, Supervisory Board, European Central Bank

Nicolas Véron, Senior Fellow, Peterson Institute for International Economics; Senior Fellow, Bruegel

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Watch the virtual executive panel here.

Read the transcript here.

Read their biographies here.

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Asimismo, se destaca la relevancia del diálogo técnico con la industria y del intercambio internacional de experiencias. Una supervisión efectiva impulsa mercados más dinámicos y reduce, reforzando la resiliencia económica de hogares y pequeñas empresas.

Orador Invitado:

Tomás Soley Pérez, Superintendente, Superintendencia General de Seguros (SUGESE); Superintendente, Superintendencia General de Valores (SUGEVAL)

Presentador: 

Michel Canta, Director de Programas, Toronto Centre

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Lee la transcripción aqui. 

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The panelists discussed how independence:

• Builds public trust
• Strengthens policy credibility
• Supports financial stability
• Could be weakened

Panelists:

Elsie Addo Awadzi, Visiting Fellow, Blavatnik School of Government, University of Oxford; former Deputy Governor, Bank of Ghana; Board Member, Toronto Centre

Kevin Stiroh, Senior Fellow, Resources for the Future; former Executive Vice President, Federal Reserve Bank of New York  

Moderator:

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Watch the virtual executive panel here.

Read the transcript here.

Read their biographies here.

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The speakers explored how emerging technologies are reshaping supervisory mandates, the key challenges that may lie ahead, and the global public good priorities that should guide supervisory approaches to innovation.

Panelists:

Beju Shah, Head, Toronto Innovation Centre, Bank for International Settlements (BIS)

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Watch the virtual executive panel here.

Read the transcript here.

Read their biographies here.

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This TC Note and accompanying podcast:

• Briefly describes the purpose and value of four types of supplementary documents - own risk assessments, business models, recovery plans, and climate-related transition plans
• Explores six principles for integrating the supplementary documents into risk-based supervision and the risk matrix
• Discusses how the six principles can be applied to the supervisory review of supplementary documents

Speaker: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

The discussion explored insights from the World Bank’s Global Findex 2025 survey, which shows that 79% of adults worldwide now have a bank account, up from just 50% in 2011. The speakers discussed how mobile technology and digital banking is increasing access low- and middle-income countries but emphasized access is only the first step. Financial inclusion requires strengthening the systems, policies, and consumer protections that lead to real financial resilience.

The speakers also provided practical insights for financial supervisors, including:

• How to collaborate with providers to enhance inclusion and resilience
• Strategies and tools supervisors can use to increase financial service uptake
• Approaches for individuals to save for education and health

Opening Remarks:

Barbara Curran, Director General, Social and Economic Development Programming Bureau, Global Affairs Canada

Panelists:

Leora Klapper, Lead Economist, Development Research Group, The World Bank

Mariela Zaldivar, Head, Market Conduct and Financial Inclusion, Peruvian Superintendency of Banking, Insurance and Private Pension Funds (SBS)

Rhodora M. Brazil-De Vera, Officer-in-Charge, Supervisory Policy and Research Department; Head, ESG Supervision and Surveillance Group, Bangko Sentral ng Pilipinas

Moderator:

Lindsay Wallace, Executive Director, FINCA Canada; Managing Director, Social Investment Strategies, FINCA International

Watch the virtual panel session here.

Read the transcript here.

Read their biographies here.

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This Toronto Centre Note and accompanying podcast aims to guide financial sector supervisors whose responsibilities include the supervision of companies licensed or authorized to operate and provide retail payment services (RPS) to perform risk-based supervision (RBS).

Speaker: 

Robert Urry, Program Leader, Toronto Centre

Host: 

Floris Fleermuys, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

In this podcast, the speakers explore the highlights of the report, including:

• Mobile phone ownership, internet use, digital activities, and digital safety
• The growth in financial account ownership across developing economies
• Opportunities for regulators to increase capital flows within economies
• The importance of savings and earning interest

Speaker: 

Leora Klapper, Lead Economist, Development Research Group, The World Bank

Host: 

Mamta Suri, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the 2025 Global Findex here.

This podcast explores the origins of the Forum and its first-year priorities: stress testing, the non-banking sector, and real estate markets. The speakers also discuss future goals for the Forum, including fostering public debate and integrating research into supervisory practice.

Speakers: 

Pedro Duarte Neves, Advisor, Board of Directors, Banco de Portugal

Andrea Enria, Senior Advisor, Prudential Regulation Authority; Member, Prudential Regulation Committee, Bank of England

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Visit the Forum on Financial Supervision website to learn more.

The views expressed in the podcast are those of Pedro Duarte Neves and Andrea Enria and do not necessarily reflect those of Banco de Portugal, the Bank of England, or the Eurosystem.

This timely conversation provided insights into the importance of international cooperation and the future of the financial sector in a shifting landscape. The event also marked the graduation of the first cohort of Toronto Centre’s Certified Financial Supervisor (CFS) designation—the first rigorous, exam-based professional designation for supervisors and regulators in banking, insurance, pensions, and securities. 

Panelists:

Peter Routledge, Superintendent of Financial Institutions, Canada

Moderator:

Bill Coen, Former Secretary General, Basel Committee on Banking Supervision, Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Read the transcript here. Read their biographies here. 

Watch the fireside chat here.

The convergence of artificial intelligence and digital assets, including cryptocurrencies such as Bitcoin and stablecoins, is reshaping financial markets through decentralized finance, programmable money, and AI-driven trading strategies. While these developments promise efficiency and innovation, they also raise significant supervisory and financial stability challenges around market integrity, systemic risk, and cross-border oversight.

This panel explored how supervisors can harness AI to analyze blockchain data, monitor cryptocurrencies and stablecoins in real time, and anticipate market stresses, including those stemming from decentralized finance and autonomous smart contracts while addressing emerging risks such as cyber threats, privacy concerns, and regulatory arbitrage. It also considered the skills, tools, and global cooperation needed to future-proof supervisory frameworks as these technologies scale.

Panelists:

Denny H. Kalyalya, Governor, Bank of Zambia

Sarah Breeden, Deputy Governor, Financial Stability, Bank of England

Stefan Ingves, Chair, Toronto Centre

Moderator:

Jay Surti, Division Chief, Financial Supervision and Regulation, IMF

Read the transcript here. Read their biographies here. Listen to the podcast here.

Watch the executive panel here.

In June 2025, the Financial Action Task Force (FATF), issued guidance on Financial Inclusion and Anti-Money Laundering, and Terrorist Financing (AML/CFT) measures. FATF recognizes that applying an overly cautious approach to anti-money laundering, countering the financing of terrorism, AML/CFT safeguards, can have the unintended consequence of excluding businesses and consumers from the financial system.

The speakers discussed:

• Balancing AML/CFT compliance with financial inclusion
• The potential of RegTech and SupTech to enhance financial inclusion
• The importance of sex-disaggregated data in removing barriers to financial inclusion

Speakers: 

Mehmet Kerse, Senior Financial Sector Specialist, CGAP

Louis de Koker, Consultant, CGAP; Professor of Law, La Trobe University, Australia 

Host: 

Richa Goyal, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the FATF's updated Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures here.

Listen to the first part of the podcast here.

https://torontocentre.org/

In June 2025, the Financial Action Task Force (FATF), issued guidance on Financial Inclusion and Anti-Money Laundering, and Terrorist Financing (AML/CFT) measures. FATF recognizes that applying an overly cautious approach to anti-money laundering, countering the financing of terrorism, AML/CFT safeguards, can have the unintended consequence of excluding businesses and consumers from the financial system.

The speakers discussed:

• How proportionality supports financial inclusion
• The complimentary nature of financial inclusion and financial integrity
• The consultation process with international bodies and standard setters

Speakers: 

Ivo Jeník, Senior Financial Sector Specialist, CGAP

Louis de Koker, Consultant, CGAP; Professor of Law, La Trobe University, Australia 

Host: 

Richa Goyal, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the FATF's updated Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures here.

The second part of this podcast series will be released in September 2025.

https://torontocentre.org/

This Toronto Centre Note and accompanying podcast provides an overview of an effective assessment framework. It explains each of its elements, explores the tools available for conducting assessments, and outlines how to develop a proactive supervisory response.

Speaker: 

R. Barry Johnston, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the TC Note here.

This executive panel explored adapting supervisory and regulatory frameworks to keep pace with rapid technological change, and the role of central banks and supervisors in accelerating the Sustainable Development Agenda. The conversation highlighted the urgent need for coordinated global approaches and how combatting financial crime and the illicit flow of finances, as well as responsibly leveraging AI, is foundational for a stable digital financial ecosystem. The panelists discussed lessons learned from Kenya’s adoption of mobile money.

Key themes include:

• Building supervisory capacity to respond to fintech and AI innovation
• Cyber resilience and combating financial crime as a prerequisite for achieving sustainable development
• Strengthening the financial sector’s role in supporting climate and sustainability goals
• The importance of collaboration between consumers, industry, and financial regulators and supervisors

Opening Remarks:

Deputy Ian Gorst, Minister for External Relations, Government of Jersey

Panelists:

Socorro Heysen, Board Member, Toronto Centre; Former Superintendent, Banks, Insurance, and Pension Fund Administrators, Peru

Hunter Sims, Associate Director of Business & Operations, Cambridge Centre for Alternative Finance

Tamara Cook, CEO, Financial Sector Deepening Kenya

Olaf Weber, Professor & CIBC Chair in Sustainable Finance, Schulich School of Business

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Read the transcript here. Read their biographies here.

Watch the executive panel here.

Latin America's financial sector faces mounting challenges from climate change, biodiversity loss, and shifting global expectations around environmental and social (E&S) accountability. Drawing on the findings of WWF’s 2025 Sustainable Banking Assessment — which evaluated 22 leading banks across six Latin American countries — this panel explored supervisory and policy implications for embedding E&S considerations into risk-based frameworks. 

The session brought together WWF experts, banking supervisors, and financial institutions to discuss how supervisory authorities could accelerate progress to close persistent implementation gaps in E&S risk management, especially regarding nature-related risks, science-based targets, and net-zero alignment. A key focus was on how regulators could support more consistent disclosure practices, enhance portfolio-level risk assessments, and align national frameworks with global standards such as the Taskforce on Nature-related Financial Disclosures, the International Sustainability Standards Board, and the Net-Zero Banking Alliance. 

The panel offered a timely opportunity to reflect on the evolving role of supervisors in guiding the transition toward a nature-positive and climate-resilient financial system — especially in a region with rich natural capital and heightened exposure to systemic environmental risks. 

Opening Remarks:

Roberto Troya, Senior Vice President, WWF-US Country Offices; Regional Director, WWF-Latin America

Babak Abbaszadeh, President and CEO, Toronto Centre

Panelists:

Solange Berstein, Chairwoman, Financial Market Commission of Chile

Aaron Vermeulen, Finance Practice Lead, WWF-International

Hernando José Gómez, Former Director, National Planning Department of Colombia

Moderator:

Socorro Heysen, Board Member, Toronto Centre

Read the transcript here. Read their biographies here.

Watch the executive panel here.

This Toronto Centre Note and accompanying podcast assists supervisors in formulating focused supervisory interventions which comply with sound principles of intervention. It has a somewhat different format from other Notes, providing a series of examples and inviting readers to develop what they would regard as effective supervisory interventions in each case.

Speaker: 

Paul Wright, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

The speakers discussed how securities supervisors can effectively oversee SROs to ensure accountability, transparency, and investor protection. They also highlighted practical approaches for strengthening the relationship between supervisors and SROs, especially in emerging markets.

Speaker: 

Bert Chanetsa, Program Leader, Toronto Centre

Host: 

Chuin Hwei Ng, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

The rapid evolution of financial innovation is redefining the landscape of supervision, presenting regulators and supervisors with the challenge of keeping pace with technological advancements while upholding financial stability, consumer protection, and market integrity. This session convenes leading experts to explore practical approaches for leveraging AI in supervision, equipping supervisors with the tools and insights needed to navigate an increasingly complex financial ecosystem. 

The discussion delved into how AI is reshaping financial systems to enhance resilience, with a focus on AI-driven risk management, operational efficiency, and financial inclusion. 

The panel discussed:

• The broader implications for financial stability, regulatory frameworks, and ethical considerations
• The role of AI in strengthening financial system resilience
• Innovations that enhance adaptability to market shocks and systemic risks
• Regulatory and operational challenges in integrating AI-driven solutions

Panelists:

Lesetja Kganyago, Governor, South African Reserve Bank

Andréa M Maechler, Deputy General Manager, Bank for International Settlements

Stefan Ingves, Chair, Toronto Centre

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Read the transcript here. Read their biographies here.

Watch the executive panel here.

In this webinar, the speakers discussed how supervisors can proactively navigate these challenges.

They explored:

• Key global developments, deregulation, and risks impacting financial stability
• The importance of crisis preparedness, stress testing, and mitigation strategies in times of uncertainty
• The impact of reduced international aid for emerging markets and developing economies
• Shifting global priorities and major policy changes

Panelists:

• Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank
• Elsie Addo Awadzi, Board Member, Toronto Centre; Former Deputy Governor, Bank of Ghana
• Nicolas Véron, Senior Fellow, Peterson Institute for International Economics; Senior Fellow, Bruegel

Moderator:

• Babak Abbaszadeh, President and CEO, Toronto Centre

Read the transcript here.

Read their biographies here.

Watch the virtual executive panel here.

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The speakers discuss how tailored literacy initiatives can help to bridge socio-economic gaps and will lead to people making better financial decisions. They explore how to assess the impact of the initiatives and the importance of updating them to keep pace with technological change.   

Speaker: 

Pedro Duarte Neves, Advisor, Board of Directors, Banco de Portugal

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

The views expressed in the podcast are those of Pedro Duarte Neves and do not necessarily reflect those of Banco de Portugal or the Eurosystem.

Closing the financial inclusion gender gap is essential for sustainable economic growth and stability. It empowers women socially and economically while strengthening financial systems. Safeguarding and accelerating the progress made over the past 15 years is critical to ensuring continued advancement.

The panel explored strategies to drive women’s financial inclusion, focusing on policy innovations, digital financial services, savings and loan groups, and public-private partnerships. Panelists also discussed how evolving financial ecosystems can support women entrepreneurs, expand access to credit, and promote lasting economic participation.

Panelists:

May Abulnaga, First Sub-Governor, Central Bank of Egypt; New Chair,

Gender Inclusive Finance Committee, Alliance for Financial Inclusion (AFI)

Sophie Sirtaine, CEO, Consultative Group to Assist the Poor (CGAP)

Claudine Mensah Awute, Vice President, International Programs and Operations, CARE

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Watch the webinar here.

Read the transcript here. 

Read their biographies here.

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The speakers discuss how AI can be used as a supervisory tool to improve fraud detection and risk monitoring, as well as supervising industry use. They also explore the importance of human oversight to ensure fairness in decision making, and the need for ongoing cooperation and flexibility while learning more about AI’s potential.

Speakers: 

Manoj Singh, Deputy General Manager, Central Quality Assurance, Reserve Bank of India

Kangyu Wang, PhD Candidate, Department of Philosophy, Logic & Scientific Method, London School of Economics

Host: 

Wynnell De Landro-Robinson, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

This Toronto Centre Note and accompanying podcast focuses on two types of transition plans: those focused primarily on strengthening financial institutions’ own internal risk management in the face of climate-related change, and those aimed at reducing institutions’ own contributions to such change.

Speaker: 

Paul Wright, Program Leader, Toronto Centre



Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

This TC Note and accompanying podcast discusses ways in which supervisors can assess the business models of financial institutions, and can intervene to reduce or mitigate the risks inherent in a flawed business model.

This should help supervisory authorities to consider how to incorporate business model analysis within their supervisory frameworks, and how to engage with the boards and senior management of financial institutions on this topic.

Speaker: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

https://torontocentre.org/

In today's fast-changing financial landscape, artificial intelligence (AI) is at the forefront of transformation, reshaping how markets operate and how they are regulated. As we embrace AI's immense potential, it is crucial to address ethical considerations, data privacy, and the need for transparency. Collaboration among industry stakeholders, regulators, and technology developers is essential to harness AI's benefits while effectively managing its risks.

The panel discussed:

- How AI is driving innovation, enhancing decision-making, and improving operational efficiency

- Predictive analytics capabilities that enable better risk assessment and mitigation

- Revolutionary advancements in financial supervision, such as AI-powered monitoring and compliance tools

- Rapid technological changes and ensuring that regulatory frameworks keep pace

Opening Remarks:

The Honourable Ahmed Hussen, Minister of International Development, Government of Canada

Panelists:

The Honourable John Rwangombwa, Governor, National Bank of Rwanda

Fundi Tshazibana, Deputy Governor and CEO: Prudential Authority, South African Reserve Bank; Vice-Chair, Network for Greening the Financial System

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets Department, International Monetary Fund; Board Member, Toronto Centre

https://torontocentre.org/

The panel discussed the inclusion of climate risk in the updated Core Principles and highlight why both banks and supervisors should adopt flexible practices to address the evolving nature of climate risks.

Panelists:

Elsie Addo Awadzi, Deputy Governor, Bank of Ghana; Board Member, Toronto Centre

Shahin Mahmudzade, Executive Director, Central Bank of the Republic of Azerbaijan

Moderator:

Jean Pesme, Global Director, Finance, Competitiveness & Innovation, World Bank; Board Member, Toronto Centre

View their biographies here.

https://www.torontocentre.org/

The revised Core Principle 25 emphasizes banks’ capacity to handle severe operational risks, including pandemics, cyber threats, and natural disasters. Additionally, the revisions introduce a proportionality approach, aligning regulatory rules and supervisory practices with each bank's systemic importance and risk profile. This ensures that standards are scaled appropriately, from large international institutions to smaller deposit-taking banks, without compromising regulatory strength.

The panel discussed the importance of operational resilience for banks in a rapidly changing world, as well as the role of proportionality in effectively scaling standards for different banking sectors.

Panelists:

Chuchi G. Fonacier, Deputy Governor, Central Bank of Philippines

Jessica Chew, Deputy Governor, Bank Negara Malaysia

Moderator:

Bill Coen, Former Secretary General, Basel Committee on Banking Supervision; Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

The Basel Committee wants banks to institute a sound risk culture, to maintain strong risk management practices, and to adopt and implement sustainable business models. 

The revised Core Principles make clear that the assessment of business model sustainability is a key component of effective supervision.

The panel discussed how supervisors can assess business models and determine if and how to appropriately intervene. 

Speakers:

Elsie Addo Awadzi, Deputy Governor, Bank of Ghana; Board Member, Toronto Centre

William Burn, Managing Director, Supervision Methods, Standards and Controls, Office of the Superintendent of Financial Institutions, Canada

Moderator:

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

Advances in digitalization and financial technology continue to affect the landscape of the financial system, including the provision of banking services.

The Core Principles for effective banking supervision (BCP) have been amended to reflect the impact of new risks, including risks relating to the ongoing digitalization of finance.

The panel discussed regulatory and supervisory implications of innovative technologies and their applications, as well as new competitors and business models.

Speakers:

Socorro Heysen, Superintendent, Banks, Insurance and Pension Fund Administrators, Peru; Board Member, Toronto Centre

Francesca Hopwood Road, Head, BIS Innovation Hub, London Centre

Moderator:

Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto Centre

https://www.torontocentre.org/

The post-Global Financial Crisis (GFC) period has seen banks continue to build their resilience to financial risks, underpinned by stronger regulatory and supervisory frameworks, including the Basel III standards. The Core Principles for effective banking supervision have been strengthened to reflect key elements of many of the post-GFC reforms introduced by the Basel Committee on Banking Supervision.

This panel focused on the experience with macroprudential regulation, supervision, and tools across jurisdictions.

Speakers:

Nathalie Aufauvre, Secretary General, L'Autorité de contrôle prudentiel et de résolution (ACPR), Banque de France

Bill Coen, Former Secretary General, Basel Committee on Banking Supervision; Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre 

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/



This TC Note and accompanying podcast discuss the expansion of access to finance for FDPs and the unique challenges it presents for financial regulators and supervisors, such as the need to comply with customer due diligence requirements under AML/CFT legislation.

They also outline actions that supervisors can take towards achieving financial inclusion for FDPs, including adopting risk-based approaches to customer identification requirements, implementing financial education programs, and encouraging the development of financial infrastructure in refugee centres.

Speaker: 

Mercy Buku, Program Leader, Toronto Centre

Host: 

Ruth Dueck-Mbeba, Financial Inclusion Advisor, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

This TC Note and accompanying podcast discus the implications for home and host financial supervisors of cross-border supervision of the adequacy of capital and liquidity. They also consider the challenges of cross-border supervision and conglomerate supervision.

Speaker: 

Brad Shinn, Program Leader, Toronto Centre

Host: 

Arvind Baghel, Program Director, Toronto Centre



Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

The panel discussed:

• The importance of global implementation of FATF’s standards to ensure responsible financial sector growth
• Using the latest data technologies to combat financial crime
• How financial supervisors can better detect criminal activity and enhance know-your-customer protocols
• How policymakers and supervisors can advance global coordination to combat financial crime

Opening Remarks:

Ian Gorst, Minister of External Affairs, Government of Jersey

Panelists:

Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia

T. Raja Kumar, President, Financial Action Task Force (FATF)

Cecilia Skingsley, Head, BIS Innovation Hub, Bank for International Settlements 

Moderator:

Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto Centre

Read their biographies here. 

https://www.torontocentre.org/

This TC Note and accompanying podcast discusses how supervisors should take a more proactive risk-based approach to dealing with potential areas of misconduct and apply the key principles of risk-based supervision to facilitate an earlier identification and remediation of issues.

Speaker: 

Karen Badgerow, Program Leader, Toronto Centre

Host: 

Chuin Hwei Ng, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

This TC Note and accompanying podcast discusses the need for financial institutions to conduct stress testing, what types of stress tests and scenario analyses are used, possible adverse outcomes, key areas in stress testing supervision, and the possible usages of the results by financial institutions.

Speaker: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.



https://www.torontocentre.org/

Stress testing is one of the more complex tasks undertaken by supervisory authorities. Primarily used to inform solvency and liquidity adequacy assessments, it is also a critical method for exploring emerging risks and the threats they pose to financial institutions.

This TC Note and accompanying podcast discusses the design, effective use, limitations, and interpretation of stress tests by financial supervisors. It explores a range of stress tests, from elementary, top-down applications to more sophisticated tests using scenarios applied bottom-up to multiple financial institutions. 

Speaker: 

R. Barry Johnston, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 



https://www.torontocentre.org/

This TC Note and accompanying podcast focuses on good practices in liquidity management by financial institutions in the banking, insurance, pensions, and securities sectors. It provides guidance on how supervisors should assess liquidity management, including the use of scenario analysis and stress testing. Lessons learned from recent high-profile financial institution failures are explored.

Speaker: 

Paul Wright, Program Leader, Toronto Centre

Host: 

Chuin Hwei Ng, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

The International Association of Insurance Supervisors' (IAIS) recent report, A call to action: the role of insurance supervisors in addressing natural catastrophe protection gaps, outlines actions insurance supervisors can take.

The speakers discuss key takeaways from the report including:

• How closing the protection against gap for natural catastrophes could improve financial stability, particularly for emerging markets and developing economies
• The importance of improving consumer financial literacy
• Creating an enabling regulatory and supervisory environment to expand access to affordable insurance products

Read our Climate and Biodiversity Loss Risks Toolkit to learn more.

Speaker: 

Jacqueline Friedland, Executive Director, Risk Assessment and Intervention Hub, Supervision Sector, Office of the Superintendent of Financial Institutions (OSFI), Vice Chair, Protection Gap Task Force, International Association of Insurance Supervisors (IAIS)

Host: 

Anatol Monid, Senior Director, Programs, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

Key takeaways from this insightful conversation include the need to:

• Build a common vision and establish a dialogue between supervisors and the market
• Increase access to finance for small holder farmers through safe digital solutions
• Implement gender-inclusive policies to address specific barriers women face

Toronto Centre and MEDA co-hosted this event as part of Global Affairs Canada's 2024 International Development Week.

Panelists:

Tomás Soley, Superintendent, General Superintendence of Insurance of Costa Rica (SUGESE)

Nadia Guerch, Senior Regional Director for Latin America, Eastern Europe and Asia Pacific, MEDA

Omoneka Oyier, Director, Business Value Creation, MEDA

Moderator:

Carl Hiralal, Insurance and Pensions Advisory Board, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

This new TC Note and accompanying podcast discuss the benefits, challenges, and actions needed for the standards to reach the goals they were set out to meet. They outline how the standards can help achieve the following key supervisory goals:

1. Investor and consumer protection
2. Safety and soundness of financial institutions
3. Financial system stability and alignment with national climate targets

Speaker: 

Alison Harwood, Program Leader, Toronto Centre

Host: 

Eric Pezet, Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

This podcast highlights key takeaways from the guide, including:

• How to improve supervisory data
• An approach to designing supervisory framework
• How artificial intelligence can improve or impair inclusion

Speakers: 

Juan Carlos Izaguirre, Senior Financial Sector Specialist, CGAP

Mehmet Kerse, Senior Financial Sector Specialist, CGAP

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

https://www.cgap.org/



The panel discussed:

• the common elements for transition plans;
• the need for financial regulators to set supervisory expectations for transition plans; and,
• how transition plans should be considered within the prudential framework.

Panelists:

Martin Moloney, Secretary General, International Organization of Securities Commissions

Irene Espinosa Cantellano, Deputy Governor, Banco de México

Michael Jantzi, Board Member, International Sustainability Standards Board

Thomas Beretti, Senior Advisor to the NGFS Secretariat; Head of Division, Climate Change Centre, Banque de France

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

The panel discussed:

• some practical examples of successful blended finance transactions; and,
• the role that financial regulators and supervisors can play in creating a conducive and stable environment for these transactions.



Panelists:

Laura Santa, Sustainable Finance Group Leader, Financial Superintendency of Colombia (SFC)

Andrew Ahiaku, Director and Head of Financial Sector, Aceli Africa

Alan Elizondo, General Director, Fideicomisos Instituidos en Relación con la Agricultura (FIRA)

Dr. Nnamdi Igbokwe, Director, Knowledge and Thought Leadership, Convergence Blended Finance

Moderator:

Demet Çanakçi, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

Read our TC Note to learn more about blended finance: https://www.torontocentre.org/index.php?option=com_content&view=article&id=236&Itemid=99

https://www.convergence.finance/

Read more about barriers and recommendations for blended finance: https://www.convergence.finance/resource/state-of-blended-finance-2023/view

• appropriate calibration of ratings;
• risk-management controls;
• managing on- and off-site work;
• significant enterprise-wide activities;
• treating ‘unsupervisable’ structures;
• independent local boards; and
• upstreaming of profits to parent institutions.

Speaker: 

Paul Wright, Program Leader, Toronto Centre

Host: 

Chuin Hwei Ng, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

Speaker: 

Laura Brix Newbury, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

In this podcast, the speakers address some topics financial supervisors and regulators should consider:

• the impact of physical climate change and extreme weather risk on the financial sector;
• the state of global disclosures and frameworks; and,
• tools available to reduce risk.

Speaker: 

Kathryn Bakos, Director, Climate Finance and Science, Intact Centre on Climate Adaptation, University of Waterloo

Host: 

Shelina Visram, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/ 

The joint declaration noted that the G20 will continue to “closely monitor the risks of the fast-paced developments in the cryptoasset ecosystem,” and the leaders endorsed the Financial Stability Board’s (FSB’s) “high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements.”

The panel discussed:

• macro financial consequences,
• regulatory aspects,
• cross-border framework and cooperation; and
• supervisory implications.

Panelists:

William C. Dudley, Chair, Bretton Woods Committee (BWC); Former President and CEO, Federal Reserve Bank of New York

Nezha Hayat, Chairperson and Chief Executive Officer, Moroccan Capital Market Authority (AMMC)

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank (Central Bank of Sweden)

Olivier Fines, Head, Advocacy and Capital Markets Policy Research for EMEA, CFA Institute

Moderator:

Marina Moretti, Deputy Director, Monetary and Capital Markets, International Monetary Fund (IMF)

Read the transcript here. Read their biographies here.

The panel discussed:

• how central banks and supervisors should adjust to better capture climate-related impacts;
• the effects of tighter monetary policy on climate investments in industrialized economies and their implications for emerging markets and developing economies; and,
• what transition plans should entail and the objectives they should serve.

Opening Remarks:

The Honourable Ahmed Hussen, Minister of International Development, Government of Canada

Panelists:

The Honourable John Rwangombwa, Governor, National Bank of Rwanda

Sabine Mauderer, Vice-Chair, Network for Greening the Financial System; Board Member, Deutsche Bundesbank

Jean-Paul Servais, Chair, IOSCO Board; Chair, Belgium's Financial Services and Markets Authority

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank (Central Bank of Sweden)

Moderator:

Jean Pesme, Global Director, Finance, Competitiveness & Innovation, World Bank

Read the transcript here. Read their biographies here.

Speaker: 

William Price, Program Leader, Toronto Centre

Host: 

Lay Geok Yeo, Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/ 

Part of the solution is accelerating the transition to net zero and sustainable development. Our speakers shared perspectives and insights on effective approaches for governments, policy makers, and financial sector leaders.

Speaker: 

Timothy N.J. Antoine, Governor, Eastern Caribbean Central Bank; Board Member, Toronto Centre

Moderator: 

Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto Centre

Moderator: 

Erin Tansey, Director, Sustainable Inclusive Economies Program, International Development Research Centre (IDRC)

Read the transcript here. Read their biographies here. 

Toronto Centre and the IDRC co-hosted this event on the margins of the Canada-CARICOM Summit.

https://www.torontocentre.org/ 

Speaker: 

Craig Thorburn, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/ 

Very recently, the ISSB adopted two new standards addressing sustainability and climate disclosure, which were immediately endorsed by IOSCO.

This podcast will discuss these new standards, their upcoming implementation, and their potential impacts, as well as the Task Force’s other ongoing initiatives.

Speaker: 

Rodrigo Buenaventura, Chair, Comisión Nacional del Mercado de Valores (CNMV); Chair, Sustainable Finance Task Force, IOSCO

Host: 

Jean Lorrain, Chair, Securities Advisory Board, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/ 

This podcast discusses the challenges in building this framework, the PSPs and financial market infrastructure to which it will apply, and the timeline for implementation.

In this conversation, Ron Morrow talks about how the Bank is engaging with industry and stakeholders to better understand the retail payment landscape. For information about the Bank’s next consultation and how to participate, subscribe to the Bank's retail payments supervision newsletter.

Speaker: Ron Morrow, Executive Director - Supervision, Bank of Canada



Host: Anatol Monid, Senior Director, Programs, Toronto Centre.

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

Speaker: Lyndon Nelson, Program Leader, Toronto Centre

Host: Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

Speaker: Beju Shah, Head of Nordic Centre, BIS Innovation Hub

Host: Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read more about Project Aurora here.

https://www.torontocentre.org/

Read their biographies here. Read the transcript here. Read the TC Note here.

Read their biographies here. Read the transcript here. Read the TC Note here.

In this podcast, the speakers will discuss:

·      the role of financial regulators and supervisors as facilitators of financial inclusion;

·      the importance of access for disadvantaged people, and

·      risk-based approach to anti-money laundering (AML).

The speakers will discuss our complimentary self study program, which is available on our website.

Panelists:

Mercy Buku, Program Leader, Toronto Centre

Richa Goyal, Program Director, Toronto Centre

Robin Newnham, Head of Policy Analysis and Guidance, Alliance for Financial Inclusion (AFI)

Moderator:

Maria Sofia Reiser, Research Analyst, Royal United Services Institute (RUSI)

Read their biographies here. Read the transcript here

Dr. Kennette Thigpen Harris

CEO and Founder, Welltrust Partners

Host:

Shelina Visram

Program Director, Toronto Centre

Description:

It probably doesn’t come as a surprise that employee mental health concerns are at an all-time high. Employees’ mental health can have a critical impact on their company’s morale, engagement, and bottom line. In this podcast the speakers address some key points for leaders, including financial regulators and supervisors, to consider to support positive mental health in the workplace.



Dr. Thigpen Harris shares some insights from her new book, Cut Yourself Some Slack.

Read their biographies here. Read the transcript here. 

The panelists discuss:

• key challenges with respect to taxonomies, green external reviews, climate transition metrics and frameworks, and
• the necessary global efforts for greater harmonisation and help to unleash the transformative power of financial markets to advance the climate agenda.

Panelists:

Martin Moloney, Secretary General, IOSCO

Michael Jantzi, Member, International Sustainability Standards Board

Carol Paradine, CEO, Canadian Public Accountability Board

Andres Vinelli, Chief Economist, CFA Institute

Moderator:

Bill Coen, Member, Board of Directors and Chair, Finance, Audit and Risk Committee, Toronto Centre

Read their biographies here. Read the transcript here.

The panelists discuss:

• how climate and biodiversity risks are threatening global food security, financial stability and inclusion; and
• what policymakers and supervisors can do to mitigate this most pervasive threat to societies.

Panelists:

The Honourable John Rwangombwa, Governor, National Bank of Rwanda

Nezha Hayat, Chairperson and Chief Executive Officer, Moroccan Capital Market Authority (AMMC)

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank (Central Bank of Sweden)

Moderator:

Jean Pesme, Global Director, Finance, Competitiveness & Innovation, World Bank

Read their biographies here. Read the transcript here. 

Opening Remarks:

Tobias Adrian, Financial Counsellor and Director. Monetary and Capital Markets, International Monetary Fund (IMF)

Moderator:

Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF

Read their biographies here. Read the transcript here. 

The speakers from Mennonite Economic Development Associates (MEDA), MiCrédito, and Toronto Centre discussed:

their respective experiences, insights, and strategies to deepen women’s access to finance;

the value of gender-disaggregated data collection and analysis for financial supervisors and financial service providers;

and how to further close the gender gap in finance.

Panelists:

Petronella Chigara Dhitima - Program Leader, Toronto Centre

Verónica Herrera - Chief Executive Officer, MiCrédito

Moderator:

Lindsay Wallace - Senior Vice President, Strategy & Impact, Mennonite Economic Development Associates (MEDA)

Read their biographies here. Read the transcript here.

Read their biographies here. Read the transcript here.

View the Global Findex chapter summaries here.

View the Global Findex data sets here.

View the Global Findex gender brief here.

Read our Gender-Aware Supervision Toolkit here.

• Gaps in access to and usage of financial services by women;
• Roles of policymakers and regulators in balancing inclusion initiatives and consumer protection measures; and
• Insights into the behaviours that enable financial resilience.

Read their biographies here. Read the transcript here.

Panelists:

Elissa Golberg – Ambassador of Canada to Italy, Albania, Malta and San Marino and Permanent Representative of Canada to IFAD, FAO, WFP

Timothy N. J. Antoine – Governor, Eastern Caribbean Central Bank

Dr. David Nabarro – Co-lead, UN Global Crisis Response Group on Food, Energy and Finance; Special Envoy on COVID-19, World Health Organization (WHO)

Carl Hiralal – Chair, Insurance and Pensions Advisory Board, Toronto Centre

Read their biographies here. Read the transcript here.

Read their biographies here. Read the transcript here. 

Read their biographies here. Read the transcript here.

Read their biographies here. Read the transcript here.

Lisez leurs biographies ici. Lire la transcription ici.

Read their biographies here. Read the transcript here.

The panel focused on issues related to digitization in the financial sector, including CBDCs, crypto assets and cross border payments.

Read their biographies. Read the transcript. Read the TC Note.

This podcast explores key take-aways from the research and emerging practices in the financial inclusion landscape.

Read their biographies here. Read the transcript here.

• Redesigning financial regulation for the digital age
• Responsible use of technology
• Pre-conditions for a “digital regulator”
• Major Risks; cyber risk, bias, black box, data protection/ privacy, and operational risk

Read their biographies here.

Read the transcript here.

Read their biographies here.

Read the transcript here.

Read their biographies here.

Read the transcript here.

Read their bios here.

Read the transcript here.

This Toronto Centre Note is based on Toronto Centre’s wide experience in running crisis simulation exercises, and it discusses a range of learning experiences. Each section covers; what is being tested in crisis simulation exercises, what typically happens in Toronto Centre simulation, and typical lessons learned.

Read the bios here. Read the transcript here.

Women’s Day (IWD) by commemorating women’s achievements, reflecting on

progress made and advocating for women’s equality. The panel discussed

how financial inclusion helps combat bias and break the barriers to gender

equality and the role of financial authorities in supporting positive change. Read the transcript here. Read the biographies here.

Carolina Flores Tapia

Coordinadora del Grupo de Trabajo de Cambio Climático de la Comisión del Mercado Financiero de Chile (CMF)

Juan Pablo Arango

Director De Programa, Toronto Centre

Read the transcript here

• Gender-aware, technology-enable financial sector supervision as an important means to achieving female financial inclusion.
• The importance of explicitly identifying and considering the barriers women face to address the financial inclusion access gap. 
• Keeping pace with the rapid advances in technology in general, and especially for financial services providers (FSPs). 
• The business case for sex-disaggregated data (SDD) as a tool for both supervisors and FSPs to advance women’s financial inclusion.
• How to overcome the obstacles that prevent supervisors and FSPs from collecting and using SDD.
• The best role for supervisors to support an improvement in female financial inclusion.

Speaker:

Mariana Escobar – Head of Sustainable Finance at the Superintendencia Financiera de Columbia

Hosted By: