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Toronto Centre

Providing high quality capacity building programs for financial supervisors and regulators to build more stable and inclusive financial systems. Toronto Centre is an independent not-for-profit organization that promotes financial stability and access to financial services globally, particularly in emerging markets and developing countries.

www.torontocentre.org

What financial supervisors and regulators do every day has a ripple effect that cascades across government, NGOs, and the private sector impacting developing economies and those living in them. Toronto Centre’s podcast series will feature simulating panel sessions and interviews on timely topics such as, financial crisis, financial stability, climate change, gender equality, financial inclusion, fintech and much more.

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  • 22 episodes
  • Avg 35 min
  • English

Episodes 22

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  • Thursday · 26 min

    Ep. 190: Financial Consumer Protection Supervision

    Cyber and Operational Risk in the Quantum Era: Financial Stability amid Escalating Geopolitical Conflict 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.

  • August 25 · 24 min

    Ep. 189: Supervisory Intervention: Enforcement

    Cyber and Operational Risk in the Quantum Era: Financial Stability amid Escalating Geopolitical Conflict 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.

  • August 17 · 41 min

    Ep. 188: Open Finance Oversight and Supervision

    Cyber and Operational Risk in the Quantum Era: Financial Stability amid Escalating Geopolitical Conflict 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.

  • Mar 28, 2025 · 23 min

    Ep. 159: Financial Education and Literacy: Strengthening the Stability and Resilience of Financial Systems

    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. 

  • Feb 7, 2025 · 59 min

    Ep. 158: Women's Financial Inclusion - A Catalyst for Sustainable Development

    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.

  • Feb 4, 2025 · 36 min

    Ep. 157: Artificial Intelligence and Prudential Supervision

    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.

  • Jan 24, 2025 · 16 min

    Ep. 156: The Supervision of Financial Institutions' Climate-related Transition Planning

    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.

  • Dec 11, 2024 · 25 min

    Ep. 155: Supervision of Financial Institutions’ Business Models

    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/

  • Oct 31, 2024 · 1 hr 1 min

    Ep. 154: The Rise of AI - Transforming Financial Markets and Supervision

    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/

  • Oct 1, 2024 · length unknown

    Ep. 153: Climate-related Financial Risks

    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/

  • Sep 18, 2024 · length unknown

    Ep. 152: Operational Resilience and Proportionality

    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/

  • Jul 22, 2024 · 1 hr 1 min

    Ep. 151: Risk Management and Business Model Sustainability

    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/

  • Jul 3, 2024 · 1 hr 1 min

    Ep. 150: Digitalization in Finance

    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/

  • Jun 25, 2024 · 1 hr 5 min

    Ep. 149: Financial Risks and Macroprudential Supervision

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

  • Jun 18, 2024 · 8 min

    Ep. 148: The Role of Supervision in the Financial Inclusion of Forcibly Displaced Persons

    The worldwide total of forcibly displaced persons (FDPs) reached 110 million in 2022, with the cross-border refugee population standing at 36.4 million in 2023. The continuing cross-border refugee crisis caused by global conflict has created great vulnerabilities for FDPs.  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/

  • May 15, 2024 · 30 min

    Ep. 147: Cross-Border Supervision of Capital and Liquidity Adequacy

    Cross-border supervision is one of the more challenging supervisory priorities. It adds layers of complexity, new stakeholders, and potential challenges to effective supervision. 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/

  • Apr 25, 2024 · 58 min

    Ep. 146: Executive Panel Session: Combatting Financial Crime in a Digital Age

    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: 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/

  • Apr 24, 2024 · 25 min

    Ep. 145: Supervisory Intervention by Retail Conduct Supervisors

    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/

  • Mar 14, 2024 · 23 min

    Ep. 144: Supervision of Stress Testing by Financial Institutions

    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/

  • Mar 6, 2024 · 17 min

    Ep. 143: Supervisory Stress Testing: A Primer

    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/

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