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...

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...

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 CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here...

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...

Everyday in Canada, millions of people place their trust in payment service providers (PSPs) whenever they tap their card on a payment terminal or make an online purchase. In 2021, the Bank of Canada (the Bank) was tasked with building a mandate to supervise PSPs to ensure safe and efficient retail payments. 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...

This TC Note and accompanying podcast address the rapid rise of cyber risk, which presents unique challenges to the financial sector. They provide guidance on how to determine an effective strategy to deal with this constantly evolving risk and deliver that strategy with the resources available.Speaker: Lyndon Nelson, Program Leader, Toronto CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here...

Money laundering is a global problem that undermines the integrity and safety of the global financial system. In this podcast, Beju Shah introduces the BIS Innovation Hub’s recent initiative, Project Aurora. He discusses leveraging data, technology and collaboration to improve AML efforts through collaborative analysis and learning while upholding data protection, privacy, and information security. Speaker: Beju Shah, Head of Nordic Centre, BIS Innovation Hub Host: Demet Çanakçı, Senior...

In this podcast, the speakers examine climate scenarios and practical guidance on the design of climate stress tests. They discuss the uncertain nature of climate risks and the tools available to assess them.Read their biographies here (https://torcentre.sharepoint.com/:b:/s/Files/EcmbjOJQxf9JtMNYZNy0wQEBgQtLb2Vm5cS-WROlPWXACw?e=7SS1wR). Read the transcript here (https://torcentre.sharepoint.com/:b:/s/Files/EUuzp826oi9JhzSC2IQoJqYBuVk8l20AqDHpH1Irr5P_Tw?e=Paq645). Read the TC Note here...

In this podcast, the speakers examine the reasons for introducing a retail CBDC, the key choices in its design, and how supervisors can address arising risks and opportunities. Considerations include financial stability, inclusion, AML, and cross-border remittances. Read their biographies here (https://torcentre.sharepoint.com/:b:/s/Files/EUo3_vS6wLVCusTIL-JocY8BjfinOAe1pdbFkQCqE7VNIw?e=auEjXu). Read the transcript here...

Ensuring everyone has access to financial services is paramount to sustainable economic development. 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...

Speaker: Dr. Kennette Thigpen Harris CEO and Founder, Welltrust Partners Host:Shelina VisramProgram Director, Toronto CentreDescription: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...

Financial markets play a key role in enabling the transition towards carbon neutrality. Mandatory global disclosure standards with industry-specific metrics are therefore vital to ensure that financial flows are aligned with green and transition objectives.  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...

Climate change, biodiversity loss, and food security are interlinked and pose a serious threat to financial stability and global prosperity.  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...

In celebration of our 25th anniversary, we hosted a fireside chat featuring Toronto Centre board chair and former Governor of the Central Bank of Sweden, Stefan Ingves. Mr. Ingves recently retired as the Governor after serving a 17-year term. He shared his perspectives on how cyber risk, digital currencies, climate change, and payment systems are changing the future of central banking. Opening Remarks: Tobias Adrian, Financial Counsellor and Director. Monetary and Capital Markets,...

The Global Findex 2021 revealed a reduction in the gender gap from 9% to 6% in access to formal financial services in developing economies. This is a positive indication that changes in mindset and practice are shifting the norms.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...

This podcast identifies how financial supervisors should use The Global Findex 2021 (https://www.worldbank.org/en/publication/globalfindex) to implement gender-aware supervisory practices. Read their biographies here (https://torcentre.sharepoint.com/:b:/s/Files/EccZ4rJGOEtCpJM3Z6t2kpgBAOdmmAFyALjgkeHH0p-oTg?e=m4OFzP). Read the transcript here (https://torcentre.sharepoint.com/:b:/s/Files/EXOQI8fdW1BMhfbPx_Uiax4BLir7eMZ65Kc6AnWMVBlgpg?e=eggDwc).View the Global Findex chapter summaries here...

The Global Findex Database is an internationally recognized source of data on global access to financial services. In this podcast, the speakers discuss the key takeaways from The Global Findex 2021 (https://www.worldbank.org/en/publication/globalfindex), including:* 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...

In celebration of Canada’s International Development Week, the panel discussed how to make food and water security part of global economic recovery. They also explored the roles of the financial, health, and food sectors in driving long-term change and sustainability.Panelists:Elissa Golberg – Ambassador of Canada to Italy, Albania, Malta and San Marino and Permanent Representative of Canada to IFAD, FAO, WFPTimothy N. J. Antoine – Governor, Eastern Caribbean Central BankDr. David Nabarro –...

In celebration of Toronto Centre's 25th anniversary, this discussion explored strategies to transition towards a green, stable, and inclusive global financial system. Read their biographies here. Read the transcript here. 

This podcast examines the regulation and supervision of retail payment systems (RPS). RPS provide advantages such as innovation, but also present risks to users and financial stability.Read their biographies here (https://torcentre.sharepoint.com/:b:/s/Files/EelLGzJG0otHoHZZk66bnbMBOrrErvBpX_QAlvOR_TTw9w?e=XBfSwT). Read the transcript here (https://torcentre.sharepoint.com/:b:/s/Files/EWo2RMm6EGJBhbN7andN86ABqGawDC-1agd0BDUKEzZ7PQ?e=E0mjK1).

The pandemic, geopolitical uncertainties, persistent barriers, and gender norms have disrupted the world economy and stalled progress on the Sustainable Development Goals, particularly the one to achieve gender equality by 2030. However, some countries have been successful in advancing strategies for women's empowerment and financial inclusion. The panel discussed transformative approaches and shared their respective country, regional, and international experiences and lessons.Read their...

L'innovation financière évolue à un rythme très rapide. Ce podcast abordera la question de savoir où en sont les régulateurs et les superviseurs dans les différentes initiatives relatives aux Fintech, quels sont les avantages du travail du Réseau mondial d'innovation financière (GFiN), ainsi que l'orientation et les impacts des différentes initiatives sur l'inclusion financière.Lisez leurs biographies ici...

Financial innovation is evolving at a very fast pace. This podcast will discuss where regulators and supervisors stand on various initiatives relating to Fintech, the impacts on financial inclusion, and the benefits of the Global Financial Innovation Network (GFiN)’s work.Read their biographies here (https://torcentre.sharepoint.com/:b:/s/Files/EYJC-V26ZwhJu_KNJQRpFywB-YiZt9nl8RmiPDhS35eNzg?e=tTEY2q). Read the transcript here...

This Toronto Centre Note and accompanying podcast will help front-line supervisors assess the risk factors specific to individual firms and how the norms set out in guidance may need to be modified in individual assessments. Read their biographies here (https://torcentre.sharepoint.com/:b:/s/Files/EfYOQzl3IkNCtck5T9n_dVsBSqFRCQu6MiX3pxV-5hPIRQ?e=mbUbrc). Read the transcript here (https://torcentre.sharepoint.com/:b:/s/Files/EfQxJnNgxxdDv9MPORsUpvgBrVSakwu9vtBxQWv9n9e5TA?e=lyuwTa).

Digital transformation is a goal throughout the G20. It affects not only economics but also all aspects of society: finance, women issues, government administration and public services. The challenges include infrastructure, payments, and central bank digital currencies (CBDCs), just to name a few.The panel focused on issues related to digitization in the financial sector, including CBDCs, crypto assets and cross border payments.