Central Bank Risk Management, Fintech, and Cybersecurity

April 23, 2021

Preview Citation

Format: Chicago

Ashraf Khan, and Majid Malaika. Central Bank Risk Management, Fintech, and Cybersecurity, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

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

Publication Details

Pages:

75
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2021/105
Stock No:

WPIEA2021105
ISBN:

9781513582344
ISSN:

1018-5941

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