Toronto Centre Podcasts

Cyber and Operational Risk in the Quantum Era: Financial Stability amid Escalating Geopolitical ConflictThis 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 CanadaPanelists:Giles Thomson, Director, Economic Crime and Sanctions, His Majesty's Treasury; Incoming President, FATFStefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges RiksbankMichele Mosca, Professor, Institute for Quantum Computing, University of WaterlooModerator:Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto CentreWatch the executive panel session here.Read the transcript here. Read their biographies here.

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 CentreFrancesca Hopwood Road, Head, BIS Innovation Hub, London CentreModerator:Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto Centrehttps://www.torontocentre.org/

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 CentreHost: Ruth Dueck-Mbeba, Financial Inclusion Advisor, Toronto CentreRead the transcript here. Read their biographies here.https://www.torontocentre.org/

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 growthUsing the latest data technologies to combat financial crimeHow financial supervisors can better detect criminal activity and enhance know-your-customer protocolsHow policymakers and supervisors can advance global coordination to combat financial crimeOpening Remarks:Ian Gorst, Minister of External Affairs, Government of JerseyPanelists:Abdul Rasheed Ghaffour, Governor, Bank Negara MalaysiaT. 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 CentreRead 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 CentreHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead 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 CentreHost: Chuin Hwei Ng, Senior Program Director, Toronto CentreRead 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:Build a common vision and establish a dialogue between supervisors and the marketIncrease access to finance for small holder farmers through safe digital solutionsImplement gender-inclusive policies to address specific barriers women faceToronto 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, MEDAOmoneka Oyier, Director, Business Value Creation, MEDAModerator:Carl Hiralal, Insurance and Pensions Advisory Board, Toronto CentreRead 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:How to improve supervisory dataAn approach to designing supervisory frameworkHow artificial intelligence can improve or impair inclusionSpeakers: Juan Carlos Izaguirre, Senior Financial Sector Specialist, CGAPMehmet Kerse, Senior Financial Sector Specialist, CGAPHost: Demet Çanakçı, Senior Program Director, Toronto CentreRead the transcript here. Read their biographies here. https://www.torontocentre.org/https://www.cgap.org/