Show Notes
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
More from Toronto Centre Podcasts
In this podcast, Thomas Beloe of the United Nations Development Programme (UNDP) Sustainable Finance Hub explores how funding critical climate resilience, infrastructure, and social equity projects for developing nations is an urgent necessity.
In this podcast, Vladimir Radunović and Anastasiya Kazakova of Diplo discuss how cyber threats, AI, and geopolitical tensions are creating new risks for financial institutions and critical infrastructure.
Financial stability and national security are becoming increasingly interconnected.
In this podcast, Frank Lofranco, Deputy Commissioner, Supervision and Enforcement at the Financial Consumer Agency of Canada, examines the growing importance of consumer protection in today's financial system.
This new TC Note and podcast examines the role of enforcement powers in effective supervisory intervention. They provide practical guidance on when enforcement action may be warranted, how it can advance supervisory objectives, and what is required to support a credible, transparent, and proportionate enforcement framework.