Toronto Centre Podcasts

Financial crime is a significant threat to the safety and security of citizens and to the integrity of individual countries and the global financial system. While the proliferation of digital technologies presents many opportunities for financial systems, it also has introduced a new age of financial crime. For instance, crypto assets are a currency of choice among criminals. The panel discussed: 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/

The nature of retail conduct supervision, which can often be more prescriptive and rules based, can result in different approaches to intervention. 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/

Stress testing should be a critical element of risk management for most financial institutions. It should alert boards and senior management to potential adverse outcomes related to a broad range of risks and vulnerabilities, identify potential losses, liquidity needs, and operational responses should adverse shocks occur. Supervisors should, in turn, have a strong interest in stress testing by financial institutions. 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/

Supervisory stress testing is a technique used to assess the robustness of financial institutions and the broader financial system to severe but plausible shocks. Since the Global Financial Crisis of 2008, it has emerged as an important tool for supervisors that complements other approaches and methods. 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/

Liquidity is fundamental to the operation of financial institutions. Problems can quickly arise and escalate, threatening the stability of the financial system. 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 world's most economically vulnerable populations are frequently impacted by natural catastrophes (NatCats). 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: 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/

Experts from the development and financial supervision sectors discussed some of the challenges and solutions for farmers from emerging markets and developing economies in accessing finance to adapt to climate change. Key takeaways from this insightful conversation include the need to: 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/

The International Sustainability Standards Board (ISSB) has developed new standards for sustainability reporting and climate-related disclosure. 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: 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/

In 2023, the Consultative Group to Assist the Poor (CGAP) released a technical guide on Digital Financial Services for Financial Inclusion: Tools for Supervisors. This podcast highlights key takeaways from the guide, including: 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/

To achieve net-zero, every economic sector will need to decarbonize, and financial institutions need to fund activities supporting this transition. Financial institutions and their customers will need to develop credible transition plans.  The panel discussed: 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/

Emerging Markets and Developing Economies (EMDEs) are facing numerous hurdles in mobilizing the necessary transition financing for decarbonization, including fiscal constraints, restricted access to private capital, and a shortage of expertise in project development and financing. Ramping up blended finance efforts is critical for this transition. The panel discussed:  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

This TC Note and podcast address issues encountered by introducing risk-based supervision. These range from technical matters to more complex challenges, such as: 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/

This TC Note and podcast brings together principles and practices related to financial sector oversight that are relevant to financial inclusion, including proportionate regulation, risk-based supervision, and consumer empowerment. They emphasize the need to understand and manage linkages and trade-offs between different policy areas, and cover some cross-cutting issues that supervisors are facing, such as new innovations and sources of competition, gender disparities in financial inclusion, and the role of financial inclusion in crisis responses. 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/

The Intact Centre for Climate Adaptation at the University of Waterloo recently released a report on Integrating Physical Climate Change and Extreme Weather Risk into Institutional Investing. The report examines the strategic and financial impact physical climate risks have on businesses. In this podcast, the speakers address some topics financial supervisors and regulators should consider: 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/

Crypto regulation was a key agenda of the G20 summit. While regulations and a framework have yet to be finalized, consensus emerged that a blanket ban was not feasible. 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: 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.

Central banks and supervisors need to consider climate change and biodiversity loss, which are interconnected and mutually reinforcing. Looking ahead, dealing with nature-related risks may also involve transition plans. Transition plans are crucial to credible implementation. The panel discussed: 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.

Annually, the world’s 280 million migrant workers send USD 1 trillion to 800 million family members. This TC Note and podcast explains why insurance and pensions for these workers is an important area of focus for supervisors. They address how supervisors following a risk-based approach can tackle key risks for migrant workers and service providers, and the role supervisors can play in expanding coverage, particularly in the informal sector. 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/

The frequency and devastation of climate-related disasters in Small Island Developing States (SIDS) are growing. The risks of financial instability, food insecurity, and human loss and suffering are increasing and impeding economic growth. While SIDS have contributed the least to global climate change, they are hardest hit by natural disasters. The consequences for their economies and people’s lives are catastrophic. 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/

This TC Note and accompanying podcast discuss the food security issue, which is relevant to supervisory objectives such as institutional soundness and the maintenance of sound, fair and stable markets, as well as consumer protection and retail market conduct. 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/

The International Organization of Securities Commissions (IOSCO) called for the development of the International Sustainability Standards Board (ISSB) in 2021, with the idea of developing a common language in which issuers worldwide could report on sustainability matters. 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/