World bankers conference held on future of banking supervision

Discussion covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. PHOTO: ImageCollab

Approximately 450 senior banking supervisors and central bankers representing close to 100 countries took part in the 21st International Conference of Banking Supervisors from 19 to 22 October. The conference, hosted virtually by the Office of the Superintendent of Financial Institutions (OSFI), an independent agency of the Government of Canada, and the Bank of Canada, focused on the future of banking supervision in a changing world.

Discussions covered the digitalization of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. It was the first time the Basel Committee on Banking Supervision, the primary global standard setter for regulation of banks, has worked with a host country to offer a completely virtual conference.

Participants exchanged views on the challenges for central banks and bank supervisors in advanced and emerging market economies during the Covid-19 pandemic. They also shared information related to adapting to the changing operating environment for central banks and supervisors.

The conference included several panel discussions and keynote speeches addressing the changing banking world. Pablo Hernández de Cos, chair of the Basel Committee on Banking Supervision and governor of the Bank of Spain, and Prithwiraj Choudhury, associate professor at Harvard Business School, were among delegates who addressed the conference.

Hernández de Cos says this virtual conference lived up to high expectations of providing a forum for central bankers and supervisors to discuss current challenges and the future of banking supervision in a fast-moving world. He says a critical element to see through the changes is the implementation of all aspects of the Basel Framework by our members.

The International Conference of Banking Supervisors has been held every second year since 1979 and its wide membership of senior supervisors and policymakers, presents a unique opportunity for discussion on issues that are timely and relevant to bank supervisors in advanced and emerging market economies. It promotes the discussion of key supervisory issues and fosters the continuing cooperation in the oversight of international banking. “I am very proud that the OSFI co-hosted this event on behalf of Canada. Now more than ever, it is important that banking supervisors can come together and share their experiences and perspectives. Reimagining this year's conference as a model for the conference of the future ensured that we were able to do so,” says Jeremy Rudin, superintendent at the OSFI.