Central Bank Risk Management, Fintech, and Cybersecurity
IMF Working Papers, April 23, 2021
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- Central Bank Risk Management, Fintech, and Cybersecurity
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Bibliographic details
- Authors: Ashraf Khan, Majid Malaika
- Published: April 23, 2021
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513582344.001
Overview
- Title: Central Bank Risk Management, Fintech, and Cybersecurity
- Authors: Ashraf Khan, Majid Malaika
- Publication date: April 23, 2021
- Series: Working Paper No. 2021/105
- Issue: 105
- Volume: 2021
- Pages: 75
- DOI: https://doi.org/10.5089/9781513582344.001
- Stock No: WPIEA2021105
- ISBN: 9781513582344
- ISSN: 1018-5941
Scope and data sources
- Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department.
- Draws on findings from the IMF Article IV Database, selected FSAP and country cases.
- Examines fintech and cybersecurity from the perspective of central bank risk management.
- Gives examples of central bank risks related to fintech and cybersecurity.
Key findings
- Fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management.
- Central banks face specific operational and cyber risks arising from fintech developments and related technologies.
- Given the fast-evolving nature of such risks, external expert inputs can be useful if provided in a timely and regular manner.
Recommended risk management actions
- Establish and strengthen an integrated risk management approach throughout the organization.
- Create a dedicated risk management unit.
- Provide ongoing sensitizing and training of Board members and staff.
- Ensure clear reporting lines for risk issues.
- Assess cyber resilience and security posture regularly.
- Tie risk management into strategic planning.
Subject classification and keywords
- Subject: Central bank risk management, Central banks, Cyber risk, Financial regulation and supervision, Fintech, Operational risk, Technology
- Keywords: Asia and Pacific, B. IMF AIV, case example, Central bank risk management, Cyber risk, Eastern Europe, Fintech, Global, IMF Risk Management TA, IMF surveillance, Middle East and Central Asia, Operational risk, risk landscape, Western Hemisphere
Source: IMF Working Papers — "Central Bank Risk Management, Fintech, and Cybersecurity", Ashraf Khan and Majid Malaika, April 23, 2021; Working Paper No. 2021/105; DOI: https://doi.org/10.5089/9781513582344.001
Content in this bundle
- Working Paper