Regulation
Nearly all central banks see CBDC as environmentally friendly
Few jurisdictions see initiative as comparable to banknotes’ lifecycle
Central banks fear CBDC will heighten cyber threats
European jurisdictions less likely to be deterred by security concerns
Improving domestic payments efficiency drives retail CBDC research
Barriers to adoption include concerns around privacy, disintermediation and operational risk
Wholesale CBDC work remains less popular than retail
Like retail, central banks say domestic payments efficiency is key driver
One in four central banks exploring blockchain, DLT and tokenisation
No respondents say they are researching or collaborating on quantum computing
Cyber security and adapting legacy systems are top tech challenges
Recruiting talent and regulating the fast-paced sector are also difficult
Legal mandates for CBDC issuance remain rare among central banks
Some await parliamentary approval as framework examination commences in their jurisdictions
More than half of central banks have a fintech strategy
Implementation challenged by poor regulation and talent scarcity
Central banks face challenges in hiring and retaining fintech staff
Over half of institutions recruit fintech professionals internally
BoE puts American spin on fix for FRTB’s govvies dilemma
Four jurisdictions find four different ways to resolve Basel market risk capital quirk
Europe’s new AI Act threatens supervisory ‘chaos’ for banks
Policy-maker says new role for European Commission could collide with ECB model risk regulation
Hurdles to hiring migrants ‘jeopardise US tech start-ups’
Frictions caused by visa programme ‘protect unproductive firms’, says Atlanta Fed paper
Chinese government replaces head of securities regulator
Move follows pledge by authorities to stabilise markets in wake of share selloffs
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
ISO 31000 and COSO–ERM remain central banks’ leading standards
Central banks from high income countries less likely to use COSO–ERM
Mean risk management salary greater in high income countries
Salaries average $72,738 in rich countries but $33,464 in upper-middle income nations
RBNZ proposes changes to mortgage regulations for banks
Central bank plans to bring in debt-to-income requirements to reduce financial stability risks
Most central banks have difficulty hiring skilled cyber security staff
Respondents highlight pay disparity, skills gap and technological advancements as factors
Exit rate of risk management staff averages over 10%
Workers in middle income institutions tend to leave at a higher rate
RBI proposes self-regulation for fintechs
Move comes as India hailed as one of sector’s “most significant operating countries”
Operational and financial risk units have largest staff
Upper-middle income institutions have largest average total number of risk employees
Enterprise-wide risk management widespread among central banks
Few institutions maintain use of department-level and damage limitation approaches
Most central banks lack climate risk units
Just under half of institutions say they have difficulty hiring staff with matching skills
Cyber and fintech risk policies rejigged in a few central banks
Departmental structure varies across jurisdictions