Roundtable: De-Risking and International Remittances - Challenges and Solutions

November 20, 2017
Event Time: 
8:30 am - 12:30 pm GMT/UTC
Event Type: 
Event Country: 
Event Location: 
Faculty House, Columbia Business School Columbia University

Columbia Business School

The term “de-risking” has been used to describe the practice of financial institutions exiting products and terminating or restricting relationships with clients, including in groups, who are perceived as presenting a “high-risk” of an undesirable outcome.

Rather than attempting to manage associated risks and/or mitigate economic challenges, some financial institutions have opted in favor of reducing their exposure by culling classes of clients and leaving them to find alternative financial arrangements – often at short notice. This practice has impacted people, entities and jurisdictions worldwide and presents special challenges for operations used or relied upon by the underserved.

This roundtable features a cross section of international regulators, banks, and service providers who will provide expert insight into the recent increase of de-risking activity affecting international remittances and financial inclusion, and includes a discussion of potential solutions.


Watch the Roundtable, event details below.

 

The roundtable is organized by the Digital Financial Services Observatory, CITI, Columbia Business School, Columbia University, New York.

The event will take place in the elegant Garden Room 1 at Faculty House, entrance on W.116th St. off Amsterdam Ave. Coffee, tea and refreshments will be served.

  • Venue: Faculty House, Columbia University, New York
  • Time: 8:30 am - 12:30 pm
  • Date: November 20, 2017

8.30am-9.00am Registration

9.00am-9.10am: Opening Remarks

  • Prof Eli Noam, Director, CITI

9.10am-9.30am: Keynote 1:  The Effect of De-risking On Somalia

  • Minister Mohamed Ibrahim, Head, National ICT & Digital Economy, Somalia

9.30am-9.50am: Keynote 2: The Bahamas and De-risking

  • Governor John A Rolle, Governor of the Central Bank of Bahamas

9.50am-10.10am: Keynote 3: OCC View on derisking

  • Office of the Comptroller of the Currency, Grovetta Gardineer, Senior Deputy Comptroller for Compliance and Community Affairs

10.10am-10.25am:  Coffee Break

10.25am-10.45am: Overview of DFSO Research on De-risking

  • Michael M. Wechsler Esq, Research Scholar, DFSO, CITI

10.45am-11.10am Panel Discussion: Derisking: The State And Central Bank Perspective

  • Governor John A Rolle, Governor of the Central Bank of the Bahamas, Bahamas
  • Minister Mohamed Ibrahim, Head, National ICT & Digital Economy, Somalia
  • Grovetta Gardineer, Senior Deputy Comptroller for Compliance and Community Affairs, Office of the Comptroller of the Currency, USA
  • Margaret Miller, Lead Financial Economist and Global Lead, Responsible Financial Access, World Bank

Moderator: Dr. Leon Perlman, Head, DFSO

11.10am -11.20am Coffee Break

11.20am-12.10pm Panel Discussion: De-Risking, The Service Provider & Bank Perspective

  • Dr Toussant Boyce, Head, Office of Integrity, Compliance and Accountability, Caribbean Development Bank, Barbados
  • Hugo Cuevas-Mohr, International Money Transfer Conferences, USA
  • Kathy Tomasofsky, Money Service Business Association, USA
  • Oliver Gale, Founder, Bitt, Barbados
  • Mark Corritori, Senior Director, Global Push Payments, MasterCard

Moderator:  Michael Wechsler Esq, Research Scholar, DFSO, CITI

12.10pm-12.25pm: Closing Remarks

  • Dr. Leon Perlman, Head, DFSO

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