Focus on the future of banking supervision in a changing world - International banking supervisory community meet virtually

News release

For immediate release

OTTAWA – October 22, 2020 – Office of the Superintendent of Financial Institutions

The 21st International Conference for Banking Supervisors (ICBS), hosted virtually by the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada, was held from October 19 to 22, 2020. Approximately 450 senior banking supervisors and central bankers representing close to 100 countries took part.

Delegates discussed a wide range of issues related to the future of banking supervision in a changing world. The discussions covered the digitalization of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. Participants also exchanged views on the challenges for central banks and bank supervisors in advanced and emerging market economies during the COVID-19 pandemic, as well as adapting to the changing operating environment for central banks and supervisors.

The event included several panel discussions and keynote speeches by 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.

This successful event marks the first time that the Basel Committee has worked with a host country to offer a completely virtual conference.

The ICBS, which has been held every two years since 1979, brings together bank supervisors and central bankers from around the world as well as representatives of international financial institutions. The conference promotes the discussion of key supervisory issues and fosters the continuing cooperation in the oversight of international banking. With its wide membership of senior supervisors and policymakers, the ICBS presents a unique opportunity for a broad-based discussion on issues that are timely and relevant to supervisors in both advanced and emerging market economies.

Quotes

 “This virtual ICBS lived up to our 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. A critical element to see through the changes is the implementation of all aspects of the Basel Framework by our members.”

Pablo Hernández de Cos, Chair
Basel Committee and Governor of the Bank of Spain

“I am very proud that 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 ICBS as a model for the ‘conference of the future’ ensured that we were able to do so.”

Jeremy Rudin, Superintendent
Office of the Superintendent of Financial Institutions

“My sincere thanks to all the personnel at the Basel Committee, OSFI and the Bank of Canada, whose hard work and ingenuity made this year’s conference possible. The success of this virtual event epitomizes many of the themes that were discussed – digitalization, operational resilience, collaboration and adaptation to changing circumstances”

Tiff Macklem, Governor
Bank of Canada

About

The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.

The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. OSFI supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their prudential requirements.

The Bank of Canada is Canada's central bank. Its principal role is "to promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. The Bank has four main areas of responsibility. In implementing Canada’s monetary policy, the Bank aims to preserve the value of money by keeping inflation low, stable and predictable. The Bank also promotes safe, sound and efficient financial systems, designs, issues and distributes Canada’s bank notes, and acts as fiscal agent and banker for the Government of Canada.

Media Contacts

BCBS – Media Relations
Press@bis.org
+41-61-280-8188

OSFI – Public Affairs
Media-Medias@osfi-bsif.gc.ca
343-550-9373

Bank of Canada – Media Relations
Communications@bankofcanada.ca
613-782-8782