This podcast explores why financial literacy matters, its impact on financial stability and inclusion, and what can be done to improve it at all levels, from individuals to policymakers and supervisors. 

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.



Toronto Centre and CARE Canada co-hosted a virtual panel session to mark Canada's International Development Week.

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.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

This podcast highlights the benefits and challenges of using artificial intelligence (AI) in prudential supervision.

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.

There is an increasing focus on the role of financial institutions in contributing to climate-related change as a result of their financing of the activities of customers and counterparties. A key element in financial institutions’ efforts to limit their contributions to climate-related change is the development of transition plans.

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.

Financial institutions fail for many reasons. These failures are often the symptom or consequence of one or more underlying root causes. In some financial institutions, business model weaknesses may be combined with weak corporate governance and poor risk management.

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/

This panel took place at the 2024 International Monetary Fund and World Bank Group Annual Meetings.

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/

This was the fifth webinar of the series on the revised Core Principles for effective banking supervision. 

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/

This was the fourth webinar of the series on the revised Core Principles for effective banking supervision.

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/

This was the third webinar of the series on the revised Core Principles for effective banking supervision.

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/

This was the second webinar of the series on the revised Core Principles for effective banking supervision.

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/