Global Regulatory Update: Recent Episodes
Institute of International Finance
Hosted by the IIF’s Regulatory Affairs department, this monthly podcast series features interviews with regulators, thought leaders, and executives shaping today's regulatory environment.
In this episode of the IIF Global Regulatory Update podcast, we host Stuart Doyle, Principal, Global Financial Services at EY, to discuss findings from the inaugural IIF/EY Global Insurance Risk Management Survey.
The discussion centers around the five major takeaways from the survey, which included nearly 70 institutions in the insurance sector:• What Chief Risk Officers (CROs) can do to engage in transformation and enable responsible risk-taking• How strong risk management can set the foundation for advanced capabilities• Strategic investment in tech and talent top the investment agenda when resources are tight• What CROs can do to prepare for the full impact of AI - both across the insurance business and within their own operations• How the CRO role is evolving alongside the changing insurance business model and risk landscape
The podcast discussions also spans a number of other topics from the survey findings, including the importance of the CRO role in the C-suite; how to foster innovation while ensuring data security; approaches to combatting third-party risk; reflections on the findings from the inaugural Global Insurance Risk Management Survey compared to the Global Bank Risk Management Survey – another annual collaboration between the IIF and EY; potential blind spots in the industry, and more.
The full IIF/EY Global Insurance Risk Management Survey can be found here.
In this episode of the IIF Global Regulatory Update Podcast, we host Paul Hiebert, Head of Systemic Risk & Financial Institutions Division at the European Central Bank (ECB) and Co-Chair of the ECB/ESRB Project Team on Climate Risk.
The discussion centers around the recent ECB/ESRB report titled “Towards Macroprudential Frameworks for Managing Climate Risk,” which introduces a surveillance framework for assessing the impact of climate-related risks on the EU financial system. Opening with an overview of the report's context, the podcast delves into comparisons with ECB/ESRB climate scenario analyses exercises and highlights key charts for listeners.
The discussion then explores the new surveillance framework, focusing on metrics and indicators, and delves into the report's key findings for the banking, insurance and non-banking sectors, respectively. The conversation extends to policy considerations, discussing the report’s menu of options for macroprudential authorities and the relationship with existing measures by financial sector supervisors.
The episode concludes with initial insights into nature-related financial risks, their significance compared to climate-related financial risks, and a glimpse into the ECB/ESRB Project Team's future plans.
In this episode of the IIF Global Regulatory Update Podcast, we host four McKinsey senior financial leaders - Justin Greis, Lamont Atkins, Soumya Banerjee, and Lauren Craig. All featured McKinsey speakers have vast experience and influence in the world of cybersecurity and emerging technology: Justin is a Partner leading cybersecurity work in North America within the Risk & Resilience Practice, Lamont is a Senior Advisor, Soumya is an Associate Partner, and Lauren is an engagement manager and cybersecurity expert.
The focus of the conversation revolves around findings of the joint IIF/McKinsey 2024 Report on Futureproofing Cybersecurity and Emerging Technology, titled: “The Cyber Clock is Ticking: Derisking Emerging Technologies in Financial Services.” Topics include the challenges and opportunities financial services firms face in adapting to the rapidly evolving technology landscape and the associated cybersecurity risks.
The episode delves into themes such as the changing cyber risk landscape, the benefits and risks of emerging technologies, the relevance of cloud and edge computing, the impact of generative AI and the importance of cyber risk management strategies. The group also discusses key questions for organizations to consider in enhancing their security posture. The podcast concludes with suggestions for listeners to enhance their own cyber resilience in the face of evolving technological landscapes.
The full survey report is available on both the McKinsey and IIF websites.
In this episode of the GRU Podcast, we are pleased to be joined by Shigeru Ariizumi, now Chair of the International Association of Insurance Supervisors (IAIS) Executive Committee, to discuss plans for the IAIS in 2024.
Topics include finalizing the long-awaited Insurance Capital Standard (ICS) and strategy behind its implementation, importance of climate risk in the approach of the IAIS, integration of consumer protection and protection gap issues, the evolving role of private equity in insurance markets, developments in AI and cyber risks related to the insurance sector and overall plans for Shigeru’s tenure as Chair.
In this episode of the GRU, we host three EY financial practice leaders to discuss findings from the 13th Annual IIF/EY Global Bank Risk Management Survey.
We are pleased to be joined by Jan Bellens, Global Banking & Capital Markets Sector Leader, Tom Campanile, Americas Financial Services Risk Consulting Leader and Peter Davis, Americas Financial Services Markets & Solutions Leader.
Discussion on the survey's findings include leading risks such as cybersecurity, geopolitics, and climate risk, as well as the role of a Chief Risk Officer (CRO) in navigating volatility, the impacts on the risk management function, including challenges around talent acquisition, recommendations for how to support and improve organizational and operational resiliency, and much more.
The survey in its entirety can be found on both the IIF website and EY website.
In this Episode of the GRU, we host Lesley Ritter, Senior Vice President, Cyber Credit Risk Group, at Moody’s Investors Service to talk about recent developments in the world of cyber risk. The discussion features highlights from Moody’s recent Global Cross Sector Cyber Survey Report. This includes key takeaways, trends in cybersecurity talent, implementation variation across sectors, cybersecurity insurance, non-financial risks and more. During the podcast we also discuss the potential impact of Generative AI on cyber risk, including threat identification, risk mitigation and cybersecurity governance. The full Moody’s Global Cross Sector Cyber Survey Report can be found here.
In this episode of the GRU, we host Simon Gleeson, a consultant at Clifford Chance who specializes in banking and financial markets law and regulation, clearing, settlement and derivatives, to talk about a variety of bank regulation and crisis management topics.
The discussion hits on a variety of talking points, including notable recent bank failures, deposit insurance caps and their "moral hazards," stickiness of deposits and long-term loan approaches, potential changes in global standard-setting practices, the presence of social media and the future of crisis management and resolution.
In this episode of the GRU, we host John Ho, Global Head of Legal Financial Markets at Standard Chartered Bank, to discuss the topic of cryptoasset regulation.
The discussion revolves around many key points, including the continuous development of regulation, the variation of pace in technological advancements by worldwide jurisdictions, signs of potential volatility in cryptoasset markets and evolution in regulatory framework within the cryptoasset realm.
In this episode of the GRU, we are joined by three collaborators from EY - Jan Bellens, Global Banking & Capital Markets Sector Leader, Bill Hobbs, Managing Director, Financial Services Consulting and Center for Board Matters and Chris Woolard, Chair, Global Financial Services Regulatory Network - to discuss key findings from the 12th Annual EY-IIF Global Bank Risk Management Survey. These findings include changes within how CROs view risks, risk interconnection, developments in Cybersecurity and Geopolitics, and risk management in relation to Sustainable Finance, ESG and Climate Risk.
In this episode of the GRU, we host Justin Greis, a McKinsey Partner whose specialties lie in cybersecurity, the cloud, technology strategy, and digital transformation. The discussion centers around the many challenges and developments in the cyber world, including assessing the present landscape within the industry, what emerging technologies may provide to organizations, how the development of quantum computing effects organizational planning systems and best practices within an ever-emerging cyber industry.
In this episode of the GRU, we host Raf Hussain (Global Head of Strategic Planning and Stress Testing at HSBC) and Ben Carr (Analytics and Capital Modelling Director at Aviva) to discuss an important area of public/private research and policy analysis within sustainable finance – the relationship between climate-related risks and the capital framework. The discussion covers key topics including the role of microprudential and macroprudential policy, climate scenario analysis and stress testing by banks and insurers, and perspectives on future research and development to improve our understanding and management of climate-related risks and opportunities.
Mary Frances Monroe and Emran Islam discuss: trends in and recommendations for regulatory and supervisory approaches to cybersecurity, private/public sector collaboration and engagement, and harmonization of cybersecurity standards and requirements to reduce fragmentation
In this episode of the GRU, we host Stephen Scott, Founder and CEO of Starling Trust Sciences to discuss their 2022 Compendium on Culture and Conduct Risk in the Banking Sector.
In this episode of the GRU, we host José María Roldán, former Chairman and CEO of the Spanish Bankers Association (and former Director General of the Bank of Spain) to reflect on his experience as a former regulator and representative of the banking industry and discuss the evolution of global regulatory policy over the last 10 years. We examine with José María the role of the Basel Committee, the finalization and implementation of Basel 3 and the current policy trends in the area of climate risk and crypto markets.
In this episode of the GRU, we discuss the use and value of Cyber Risk Ratings, with Derek Vadala, who is Chief Risk Officer at BitSight in New York. We discuss the current threat landscape and how cybersecurity ratings and analytics help organizations manage their own security performance, mitigate third party risk, underwrite cyber insurance policies, conduct financial diligence, and improve national security. Derek also shares tips and effective practices for firms wanting to improve their cyber defenses and overall resiliency.
In this episode of the GRU, we discuss the growing problem of Ransomware, and what to do about it, with Erez Liebermann, who is a Partner at Linklaters in New York, where he is Co-Chair of their U.S. Data Solutions, Cyber and Privacy Practice. We discuss the current threat landscape, including the role of Russia, how firms are defending themselves, and the importance of working closely with law enforcement, as well as how regulators are approaching this issue.
In this episode of the GRU we host Jason Harrell, Managing Director and Head of External Engagement at DTCC in New York, where he leads the firm's global advocacy and engagement for cybersecurity and cyber resilience, new and emerging technology, and outsourcing/third-party risk management. We discuss how firms approach Third Party Risk Management, the increased regulatory focus, and how it intersects with Operational Resilience, Cyber Security and Third Parties and Outsourcing.
In this episode of the GRU we host Doug Elliott, Partner at Olyver Wyman, to discuss the main policy issues in the world of finance in 2022. Among others, we discuss with Doug the policy implications of the global inflationary environment, including potential asset bubbles; developments on climate policy, including scenario analysis, stress testing and other regulatory responses; and key trends regarding crypto assets, including central bank digital currencies.
EY financial practice leaders Sonja Koerner, Chris Woolard, and Mark Watson spoke with Martin Boer of the Institute of International Finance to discuss the most interesting findings of the 11th EY-IIF 2021 Report on Global Bank Risk Management Priorities. For the first time since the survey’s inception over a decade ago, climate change tops the list of long-term risks for banks. The podcast analyzes the reasons for this development, as well as key considerations and opportunities for banks around the world. The conversation also features insights around the largest current priorities, including credit risk, cyber security and the impact of rapid advances around new technologies - and what that all means for risk management.
Hitoshi Mio, Head of Financial System Research Division Financial System and Bank Examination Department within the Bank of Japan, joins Katie Rismanchi and Takahiro Iwamoto of the Institute of International Finance (IIF) to share the Bank of Japan’s perspectives on the financial stability outlook.
Leroy Terrelonge, AVP-Cyber Risk Analyst, and Lesley Ritter, VP-Senior Analyst, of Moody’s Investors Service join Martin Boer of the Institute of International Finance (IIF) to discuss the cyber security outlook for the financial sector.
Jason Harrell, Head of External Engagement at The Depository Trust & Clearing Corporation (DTCC) in New York, joins Martin Boer of the Institute of International Finance (IIF) to discuss Financial System Resilience. In the discussion, Harrell touches on how the COVID-19 pandemic has impacted working, cyber risk, operational resilience, and how financial services will likely be conducted in the future.
Emran Islam and Chris Wilson, Senior Financial Sector Experts within the International Monetary Fund’s (IMF) Monetary and Capital Markets Department, join Katie Rismanchi of the Institute of International Finance (IIF) to share their perspectives on the operational resilience of the global financial system.
Jay Healey, a Senior Research Scholar and Adjunct Professor at Columbia University’s SIPA joins the IIF's Martin Boer to discuss the intersection between Cyber Conflict and the Financial Services sector.
Jayaraj Puthanveedu, Global Head of Operational Resilience, Third Party Tech Risk & Crisis Management at BNP Paribas, and a strong IIF collaborator in the areas of Operational Resilience and Cyber Security, joins Martin Boer of the Institute of International Finance (IIF) to discuss enhancing Operational Resilience in the time of COVID-19.
Grace Sone, Head of Cooperation and Organization at the Financial Stability Board Secretariat in Basel, spoke with Martin Boer of the Institute of International Finance to discuss Cyber Risk and how the current COVID-19 pandemic is impacting cyber resilience across the financial services industry.
In this May 5 podcast, IIF Insurance Lead Mary Frances Monroe discusses with Jonathan Dixon, IAIS Secretary General, the IAIS response to COVID-19 and how IAIS priorities are shifting as we recover from the global pandemic. Mr. Dixon also discusses the IAIS caution against initiatives seeking to require insurers to retroactively cover COVID-19 related losses and how those initiatives could threaten policyholder protection and financial stability.
Jan Bellens, a partner and Global Banking & Capital Markets Sector Leader at EY in New York, and Martin Boer of the IIF discuss the relatively new concept of “Operational Resilience”.
Merlina Manocaran and Soumya Banerjee of McKinsey & Company spoke with Martin Boer of the Institute of International Finance to discuss the key findings of our joint IIF/McKinsey survey and research project on cyber resilience and how financial firms are enabling and strengthening their overall cyber resilience.
In this episode, Mark Watson and Thomas Campanile of EY sits down with Martin Boer of the IIF to discuss the main findings and strategic implications of the 10th Annual IIF/EY Global Bank Risk Management Survey. For 10 years, the IIF and EY have been observing and reporting on changes in how banks manage risk. This latest survey highlights that risk leaders and their teams have also been pursuing approaches to new, or newly emphasized, nonfinancial risks, including cyber risk, conduct, compliance and fraud, and financial crime and money-laundering. Mark and Martin also discuss how the industry’s transition to more digital strategies, business models and operations is creating new risks and opportunities, such as those associated with industrializing the use of machine learning and artificial intelligence across the enterprise, or using cloud across swaths of bank operations. Beyond all these challenges, several tectonic shifts, such as those associated with climate change and geopolitics, will impact banking far more than they have in the past.
During the 2019 IIF Annual Membership Meeting, Tom Wilson, CRO of Allianz and Chair of the Insurance Regulatory Committee, shares his insights on current global insurance regulatory issues as well as the transformation of the insurance business model, including through the growth of InsurTech solutions.
This IIF Insurance Regulatory Podcast features Jonathan Dixon, Secretary General of the International Association of Insurance Supervisors (IAIS), in conversation with Mary Frances Monroe, IIF Insurance Lead, on the new IAIS strategic plan and agenda. The discussion includes the Insurance Capital Standard and Holistic Framework for Systemic Risk in the Insurance Sector, as well as emerging challenges and opportunities for the insurance sector.
Debra Stone, Managing Director and Head of Corporate Regulatory Affairs at JPMorgan Chase and Wilson Ervin, Vice Chairman in the Group Executive Office at Credit Suisse, spoke with the Institute of International Finance about the growing problem of financial market fragmentation, why it is important and what policy-makers and the financial sector can do to address this problem. In the podcast, the discussion also addresses recent initiatives by the Financial Stability Board, the International Organization of Securities Commissions (IOSCO), as well as by the IIF, around this issue.
GRU : Global Regulatory Developments around Recovery and Resolution by Institute of International Finance
Financial Stability Board (FSB) Secretary-General Dietrich Domanski joins the IIF GRU. Dietrich discusses the Board’s workplan for 2019, as well emerging policy issues in the digital space. Dietrich outlines the four key areas of focus for the FSB going forward: addressing new and emerging vulnerabilities in the financial system, finalizing and operationalizing post-crisis reforms, implementing and evaluating the effects of the reforms adopted over the past 10 years. Similarly, he comments on the recent report on Fintech and Financial Sector Structure and its main findings regarding BigTechs inroads into finance.