Global Regulatory Update

Episoade

• 
  Global Aging, Retirement Security, and the Promise of Lifetime Income 15.09.2026 22min

  In this episode of the Global Regulatory Update podcast, host Philippe Brahin, Head of Insurance and NBFI at the IIF, speaks with Phil Waldeck, Executive Vice President and Head of U.S. Business at Prudential Financial, about The Case for Lifetime Income, a 2026 study by the Global Aging Institute sponsored by Prudential Financial. Drawing on insights from five major retirement systems, the report examines how countries can improve retirement security while addressing the growing challenges posed by aging populations, increasing longevity, and mounting pressure on public finances. The conversation explores the economic and societal benefits of lifetime income solutions, including how longevity pooling can help deliver better retirement outcomes while improving the efficiency of retirement systems. Phil discusses why the transition from defined benefit pensions to defined contribution plans has created new challenges for retirees, the behavioral and structural barriers that have limited the adoption of lifetime income products, and the policy changes that could help individuals convert retirement savings into more secure and sustainable income streams. The discussion also highlights lessons from retirement systems in the United States, Australia, Japan, the Netherlands, and the United Kingdom, and why different countries are pursuing different approaches to the same demographic challenge. The episode further examines the implications of aging populations for life insurers, including the importance of asset-liability matching, long-duration investing, and the growing role of insurers in managing longevity risk. Phil also reflects on the respective roles of policymakers, employers, financial institutions, and retirement plan providers in strengthening retirement outcomes and discusses how the report's recommendations are being received by governments, regulators, and international organizations. Together, the discussion offers a timely look at one of the most significant financial and social challenges facing economies around the world: how to provide retirement income that people can rely on throughout increasingly longer lives.
• 
  The Future of Insurance Supervision in Europe — Priorities, Risks, and Opportunities 15.07.2026 43min

  In this episode of the Global Regulatory Update podcast, host Philippe Brahin, Head of Insurance and NBFI at the IIF, speaks with Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA), following her confirmation for a second five-year term. Against a backdrop of geopolitical uncertainty, climate risk, technological disruption, and economic fragmentation, the conversation explores EIOPA’s new Strategy to 2030 and its vision for strengthening the European insurance and pensions sector. Petra discusses the implementation of the revised Solvency II framework, including new proportionality measures, reduced reporting requirements, and efforts to support investment while preserving a robust risk-based supervisory system. The discussion also examines the European Commission’s Savings and Investment Union, the role of insurers as long-term investors, and the challenge of mobilizing capital to support Europe’s economic, digital, and green transitions. In addition, Petra shares her perspective on the growing pension gap and the policy initiatives aimed at encouraging greater long-term savings and retirement preparedness across Europe. The episode further explores some of the most pressing issues facing supervisors and insurers today, including natural catastrophe protection gaps, digitalization and AI, the evolution of private markets and private credit, and the importance of international supervisory cooperation through organizations such as the IAIS. Petra reflects on the progress made during her first mandate, the opportunities and challenges ahead for European supervision, and why stronger dialogue between regulators and industry will be essential to building resilience, fostering innovation, and supporting sustainable growth in the years ahead.
• 
  A Decade of Leadership at the IAIS - Reflections on Global Insurance Supervision with Jonathan Dixon 29.06.2026 31min

  In this episode of the IIF Global Regulatory Update podcast, host Philippe Brahin, Head of Insurance and NBFI at the IIF, speaks with Jonathan Dixon, Secretary General (2017-2026) of the International Association of Insurance Supervisors (IAIS), as he concludes nearly a decade of leadership at the organization. The conversation reflects on a period marked by major global disruptions - including the global pandemic, war conflicts, geopolitical fragmentation, and rapid technological changes - alongside significant milestones in international insurance regulation. Drawing on his experience, Jonathan discusses the evolution of the IAIS and its efforts to deliver global standards across a highly diverse membership of roughly 200 jurisdictions. The conversation explores the development and adoption of key frameworks such as ComFrame, the Holistic Framework for systemic risk, and the Insurance Capital Standard (ICS), and what they signal for the future of global convergence in insurance.  The episode also examines emerging priorities for regulators, including the assessment of systemic risk in the insurance sector, the role of insurers in evolving areas such as private credit and asset-intensive reinsurance, and the growing importance of operational resilience in an AI-enabled environment. Jonathan reflects on the continued need to address protection gaps, particularly in natural catastrophe risks, and the role of insurance in supporting societal resilience, economic growth, and long-term investment, while emphasizing the importance of public–private collaboration in shaping innovative insurance solutions and effective supervisory frameworks. The discussion concludes with forward-looking insights on the evolving global regulatory landscape and the enduring strengths of the insurance model.
• 
  The New Shape of Risk — Insights From the Third EY/IIF Insurance Risk Survey 03.06.2026 30min

  In this episode of the Global Regulatory Update podcast, host Melanie Idler, Policy Advisor at the IIF, speaks with EY's Stuart Doyle, U.S. Insurance Risk and Regulation Leader, and Rasika Karnik, U.S. Insurance Risk Senior Manager, about the findings of the third annual EY–IIF Global Insurance Risk Management Survey, which examines how insurance chief risk officers are navigating a rapidly evolving global risk landscape. Drawing on insights from more than 100 CROs and senior risk executives, the discussion explores how insurers are operating in a nonlinear, accelerated, volatile, and interconnected (NAVI) risk environment, where risks materialize faster, spread more widely, and interact in increasingly complex ways. The guests examine how this is reshaping the role of the CRO, with greater expectations for real-time insights, forward-looking analysis, and deeper integration into business decision-making. They highlight the continued dominance of cyber risk as the top near-term concern, alongside the growing importance of strategic risk, reflecting the expanding remit of risk leaders as organizations respond to geopolitical shifts, technological disruption, and market change. The conversation also focuses on how insurers are adapting their operating models and capabilities. AI and advanced analytics are moving from experimentation into core risk functions, driving both efficiency gains and new governance challenges, while prompting a shift toward capability-driven risk teams rather than simple headcount growth. At the same time, CROs are balancing near-term pressures with longer-term risks such as climate transition, data privacy and ethics, and evolving global financial dynamics, requiring more adaptive skill sets and a broader, more strategic approach to risk management. Together, these themes underscore a fundamental transition: from managing risk as a control function to positioning it as a central driver of resilience, insight, and decision-making across the insurance enterprise.
• 
  From Peak Pressure to Policy Reset — Insights From the Latest KPMG Regulatory Barometer 20.05.2026 29min

  In this episode of the Global Regulatory Update podcast, host Philippe Brahin, Director, Insurance and NBFI Regulation and Policy at the IIF, speaks with three KPMG colleagues from the EMA Financial Services Regulatory Insight Centre, Michelle Adcock, Banking; Kate Dawson, Capital Markets; and Alisa Dolgova, Insurance Regulation Sector Heads, to discuss the findings of the latest KPMG Regulatory Barometer, which assesses the impact of regulatory and supervisory developments across the UK and EU financial sectors. Drawing on key insights from the Barometer, the discussion explores how overall regulatory pressure appears to have peaked and is now trending downward, with a growing focus on simplification, proportionality, and the review of existing frameworks rather than large new regulatory packages. The guests examine how this shift is being experienced in practice, such as early efforts to streamline reporting and processes and differences between UK and EU approaches. They also highlight how operational resilience remains a central priority, driven by external risks such as geopolitical tensions, cyber threats, and supply‑chain disruptions, while areas like private credit and private markets are drawing heightened supervisory attention due to their rapid growth and potential spillovers into the broader financial system. The conversation further looks at the growing importance of technology and digital innovation, with a particular focus on AI, digital assets, and tokenization, and the regulatory challenges associated with governance, concentration risk, and cross‑border alignment. The guests also reflect on the evolving role of sustainability and ESG in Europe, where declining regulatory pressure reflects a recalibration rather than a retreat, as institutions shift from compliance‑focused approaches toward embedding ESG into broader business strategy and long‑term resilience frameworks.
• 
  AMLA and the Next Era of EU Financial Crime Supervision 07.05.2026 16min

  In this episode of the Global Regulatory Update, Martin Boer, General Manager and Chief Representative, Europe, speaks with Laurin Frommann, Managing Director & Partner, and Andreas Bürkli, Associate Director at Boston Consulting Group (BCG), about the creation of the new European Anti-Money Laundering Authority, AMLA, and how it will reshape the AML/CFT supervisory landscape across Europe. Drawing on insights from the joint IIF–BCG white paper, The Evolution of the AML/CFT Landscape Under the New European Anti-Money Laundering Authority, the conversation explores how AMLA aims to replace years of fragmented national approaches with a more centralized supervisory framework rooted in risk‑based oversight and greater supervisory coherence. The discussion examines AMLA’s dual mandate to supervise high‑risk cross‑border institutions and support Financial Intelligence Units, as well as its ambition to become a data‑driven authority that improves reporting consistency and supports more intelligence‑led supervision. The podcast also looks at AMLA’s emphasis on technology‑enabled financial‑crime detection, including how supervisors and industry can work together to assess emerging tools such as AI and machine‑learning solutions. Laurin and Andreas discuss the importance of a proportionate, principles‑based approach across different sectors and customer segments to ensure supervisory expectations remain both effective and achievable. Another focus of the conversation is AMLA’s forthcoming direct supervision of 40 firms, designed to act as a “lighthouse” for broader EU supervisory practices. The guests reflect on how firms perceive this designation, the reputational sensitivities involved, and the operational and governance preparations already underway across the industry. The discussion concludes with AMLA’s potential global role: strengthening the EU’s voice in international AML/CFT standard setting, improving cross‑border coordination, and contributing to more outcome‑focused global frameworks, while also supporting the competitiveness of EU‑headquartered institutions.
• 
  The Risk Agenda at a Turning Point: Insights From the 15th IIF/EY CRO Survey 10.04.2026 23min

  In this episode of the IIF Global Regulatory Update Podcast, Martin Boer, General Manager and Chief Representative, Europe, speaks with EY global financial practice leaders - Tom Campanile, Global and Americas Financial Services Risk Consulting Leader, Chris Woolard, Chair of the Global Regulatory Network, and Jim Barkley, Americas Banking and Capital Markets Enterprise Protection Lead - about the findings of the 15th Annual EY/IIF Global Bank Risk Management Survey - Shifting Priorities: CRO Agendas in a Time of Uncertainty and Innovation.  Drawing on the survey’s latest results, the discussion explores how banks are navigating an environment characterized by persistent volatility, regulatory complexity, and a widening mix of financial, operational, technological, and geopolitical risks. The guests reflect on how the role of the CRO has evolved over the past decade, the growing tension between resilience and competitiveness, and why risks such as operational resilience, cyber risk, and geopolitical uncertainty continue to feature prominently year after year. They also examine whether banks are becoming more effective at prioritizing among multiple risks—or still reacting to the latest shock. The conversation further addresses the gap between strong frameworks and real‑world outcomes, including where banks may be overestimating their maturity in areas such as data, third‑party risk, and crisis response. Tom, Chris, and Jim discuss how institutions can move beyond a compliance‑driven mindset, whether existing supervisory tools are fit for today’s uncertainty, and what risk capabilities CEOs should be investing in now to remain resilient over the next three to five years. The episode concludes with reflections on what success should look like as global bank risk management approaches the next decade.
• 
  Inside the NAIC’s 2026 Agenda: Resilience, Capital, and AI Oversight 06.03.2026 34min

  In this episode of the Global Regulatory Update podcast, the IIF’s Philippe Brahin, Director of Insurance and NBFI Regulation and Policy, speaks with Virginia Insurance Commissioner and newly elected President of the National Association of Insurance Commissioners (NAIC), Scott A. White, about the supervisory, macroprudential, and structural forces shaping U.S. insurance oversight in 2026. Commissioner White outlines the NAIC’s strategic priorities for the year ahead, including reinforcing resilience in the property and casualty market under growing climate related stress, managing increasingly complex investment risk profiles in the life sector, and navigating federal-state dynamics as Washington reconsiders its role in insurance policy. He connects these priorities to rising pressure around natural catastrophe losses, digital transformation, operational risks, and the continued evolution of insurer balance sheets. The discussion then turns to cross‑border coordination and international standard‑setting. Commissioner White walks through the NAIC’s work with the IAIS and the FSB as global bodies refine expectations around recovery and resolution planning, including the implications of the FSB’s expanded list of insurers subject to resolution planning standards. He also offers a detailed overview of progress on the Aggregation Method, recognized as comparable to the ICS in 2024, and outlines how U.S. regulators are addressing remaining issues such as interest‑rate sensitivity and supervisory intervention. The conversation also covers the NAIC’s broader capital‑framework modernization, including the RBC Guiding Principles adopted in 2025 and the ongoing gap analysis aimed at updating a framework that has not undergone major structural revision since the 1990s. Finally, Commissioner White examines two areas drawing heightened global attention: alternative asset growth and asset‑intensive reinsurance, and the widening natural catastrophe protection gap. He discusses the supervisory responses underway, from enhanced review of asset‑backed securities and offshore reinsurance treaties to expanded market‑level data collection and mitigation‑focused consumer education. The episode concludes with a deep dive into the NAIC’s emerging AI oversight architecture, including the 10‑state pilot of the new AI Systems Evaluation Tool, and the regulatory tensions arising from federal proposals that would centralize or preempt AI governance across industries.
• 
  Key Findings from the Second Annual IIF-EY Global Insurance Risk Management Survey 23.05.2025 35min

  In this episode of the Global Regulatory Update podcast, we host Stu Doyle, U.S. Insurance Risk & Regulation Leader at EY, to discuss findings from the second annual IIF/EY Global Insurance Risk Management Survey. Drawing from insights from over 80 institutions across the insurance sector, the 2025 survey reveals that cybersecurity and geopolitical risks continue to intensify while organizations increasingly prioritize third-party risk management, AI governance, and regulatory compliance. Our conversation explores this year's key findings and how they've evolved since the inaugural 2024 survey. We examine the expanding role of Chief Risk Officers (CROs) as they drive organizational transformation and embed risk culture throughout their institutions. Stu also contrasts the insurance survey results with findings from the Global Bank Risk Management Survey, highlighting sector-specific risk priorities. The discussion covers how CROs are navigating emerging technologies like machine learning and artificial intelligence, balancing innovation with risk management while preparing their organizations for unforeseen challenges ahead. The full IIF/EY Global Insurance Risk Management Survey can be found here.
• 
  Trends in Climate Stress Testing: From Niche to Business as Usual 07.05.2025 39min

  In this episode of the GRU Podcast, we are delighted to be joined by Jean Boissinot, the Director of Risk and Regulation at the Autorité de Contrôle Prudentiel et de Resolution (ACPR) - the regulatory authority responsible for supervising the banking and insurance sectors in France - and former Head of Secretariat at the Network for Greening the Financial System (NGFS). Katie and Jean discuss a variety of timely topics within climate stress testing and climate scenario analysis. Jean reviews the key developments in the field – in relation to scenario development, data and metrics, and modelling techniques – over the past five years, what we have learned in that time and the key challenges and open questions for the next five years.
• 
  Key Developments and 2025 Priorities Within the U.S. Insurance Sector 17.04.2025 38min

  In this episode of the GRU Podcast, we are excited to be joined by Commissioner Jon Godfread, the North Dakota State Insurance Commissioner, as well as President of the National Association of Insurance Commissioners (NAIC), to discuss a number of issues on the agenda within the U.S. insurance regulation realm.  These topics include assessing the rate of transition and notable changes within the insurance sector under a presidential administration shift, key priorities for the newly launched Risk-Based Capital Task Force, challenges within property insurance-related markets as highlighted by events such as the Los Angeles wildfires of January 2025, amassing circa $30 billion in insured losses, how the NAIC coordinates with international regulators in an increasingly fragmented regulatory environment, NAIC approaches to artificial intelligence implementation via the AI Model Bulletin and review of the AI Systems Programs, analyzing risks, goals and industry growth potential and prospects from the point of view of the NAIC and much more.
• 
  Analyzing the International Finance Corporation's Managed Co-Lending Portfolio Program 11.04.2025 22min

  In this episode of the GRU Podcast, we host Dr. Vera Sevrouk, the Senior Syndications Officer at the International Finance Corporation, to discuss the structure and implications of the IFC's Managed Co-Lending Portfolio Program (MCPP.) The discussion begins by detailing the IFC's role within the World Bank Group before detailing the structure, composition and development of the MCPP, what role the insurance sector plays and how credit insurance is leveraged in the program, providing examples of projects supported by the MCPP, common challenges facing institutions looking to participate in the program and much more.
• 
  Findings from the 14th Annual IIF/EY Global Bank Risk Management Survey 18.02.2025 31min

  In this episode of the GRU Podcast, we host three EY financial practice leaders to discuss findings from the 14th Annual IIF/EY Global Bank Risk Management Survey, entitled "Agility in Volatility: Rebalancing CRO Priorities in a Shifting Risk Landscape." We are delighted to be joined by EY's Tom Campanile, the Global and Americas Financial Services Risk Consulting leader, Joe Mezzadri, a Financial Services Risk Consulting Leader, and Chris Woolard, Chair of EY's Global Regulatory Network to discuss the findings of this edition of the survey. The discussion on the survey's findings focuses on underlying themes - such as increased volatility, widespread uncertainty, and a broadening range of risks - that Chief Risk Officers (CROs) face, the shifting risk landscape and how CROs navigate emerging challenges, how innovative technologies, including artificial intelligence and quantum computing, factor into risk analysis and strategies, how risk management teams are evolving through partnerships and talent acquisition, how organizations can proactively combat risk and much more. The full survey in its entirety can be found on the IIF website and on the EY website.
• 
  Analyzing the Current Securitization Market and Environment 26.11.2024 32min

  In this episode of the GRU Podcast, IIF's Richard Gray, Director of Regulatory Affairs, is joined by Carole Gintz, Associate Managing Director, Structured Finance at Moody's Ratings and Ian Bell, Chief Executive Officer at PCS Markets, to discuss the current landscape surrounding the securitization market.  After providing a backdrop of the current state of the securitization markets and recent trends, Richard, Carole and Ian discuss many present and future topics within the market, with a particular focus on the market in Europe. The discussion includes highlighting significant regulatory requirements and features and the impact and implications for relevant stakeholders, the health of the securitization market from a credit point of view, consequences and potential outcomes from the recent European Commission consultation on the Functioning of the EU Securitisation Framework, the particular importance of the securitization market in the development of the Capital Markets Union and much more.
• 
  Developments in Emerging Financial Centers and Regulatory Approaches 05.11.2024 47min

  In this episode of the GRU Podcast, Andres Portilla, IIF's Managing Director of Regulatory Affairs, is joined by colleague Jessica Renier, Managing Director of Digital Finance, and Jacques Visser, Chief Legal Officer at Dubai International Financial Centre (DIFC), to discuss developments both at DIFC and in the landscape of financial centers at large. The discussion covers a wide range of topics, including the role of financial centers in the financial industry, artificial intelligence regulation, approaches to the private wealth market, the ever-evolving landscape of digital assets, evolution and differentiation of DIFC's legal frameworks from other financial centers and much more.
• 
  Overview of the Current Private Credit Landscape 23.07.2024 37min

  In this episode of the GRU podcast, we are delighted to be joined by Ana Arsov, Global Head of Private Credit and Co-Head of Financial Institutions, and Scott Robinson, CFA, Associate Managing Director, Financial Institutions, of Moody’s Ratings to discuss the current landscape in Private Credit. The discussion begins with Ana outlaying the current state of the private credit market before detailing Moody’s role in the private market, who major investors are and what the outlook seems to be in the marketplace. The episode then shifts to a focus on insurance, as Scott gives a brief overview of the history of insurers in the private credit space before discussing the interrelation between private creditors and insurers and the mutual benefits of the relationship. Ana and Scott continue the duration of the podcast describing alternative asset managers’ work with the insurance sector, key findings from a recent Moody’s survey of life insurers in private credit, approaching risks and benefits investing in private credit, rating activity in private credit, bank relationships in the private credit space, macro implications for the financial system and much more.
• 
  Discussing the SEC’s Central Clearing Rule for Secondary U.S. Treasury Cash and Repo Transactions 24.06.2024 42min

  In this episode of the IIF Global Regulatory Update podcast, we host Lauren E. Semrad, a Partner at Cleary Gottlieb Steen & Hamilton, to provide an overview of and discuss the new Securities and Exchange Commission (SEC) central clearing rule for secondary UST cash and repo transactions. The episode begins with Lauren providing an overview of the new SEC rule, centered around key implementation considerations for Fixed Income Clearing Corporation (FICC) clearing members and other market participants. Mary Frances and Lauren then discuss a number of topics surrounding the new rule, including expected changes to the FICC Rulebook, market implications both domestically and internationally, and challenges related to done-away trades.
• 
  Findings From the 2024 IIF/EY Global Insurance Risk Management Survey 28.05.2024 32min

  In this episode of the IIF Global Regulatory Update podcast, we host Stuart Doyle, Principal, Global Financial Services at EY, to discuss findings from the inaugural IIF/EY Global Insurance Risk Management Survey. The discussion centers around the five major takeaways from the survey, which included nearly 70 institutions in the insurance sector: • What Chief Risk Officers (CROs) can do to engage in transformation and enable responsible risk-taking • How strong risk management can set the foundation for advanced capabilities • Strategic investment in tech and talent top the investment agenda when resources are tight • What CROs can do to prepare for the full impact of AI - both across the insurance business and within their own operations • How the CRO role is evolving alongside the changing insurance business model and risk landscape The podcast discussions also spans a number of other topics from the survey findings, including the importance of the CRO role in the C-suite; how to foster innovation while ensuring data security; approaches to combatting third-party risk; reflections on the findings from the inaugural Global Insurance Risk Management Survey compared to the Global Bank Risk Management Survey – another annual collaboration between the IIF and EY; potential blind spots in the industry, and more. The full IIF/EY Global Insurance Risk Management Survey can be found here.
• 
  Investigating the Impact of Climate Change on the EU Financial System 20.03.2024 40min

  In this episode of the IIF Global Regulatory Update Podcast, we host Paul Hiebert, Head of Systemic Risk & Financial Institutions Division at the European Central Bank (ECB) and Co-Chair of the ECB/ESRB Project Team on Climate Risk. The discussion centers around the recent ECB/ESRB report titled “Towards Macroprudential Frameworks for Managing Climate Risk,” which introduces a surveillance framework for assessing the impact of climate-related risks on the EU financial system. Opening with an overview of the report's context, the podcast delves into comparisons with ECB/ESRB climate scenario analyses exercises and highlights key charts for listeners. The discussion then explores the new surveillance framework, focusing on metrics and indicators, and delves into the report's key findings for the banking, insurance and non-banking sectors, respectively. The conversation extends to policy considerations, discussing the report’s menu of options for macroprudential authorities and the relationship with existing measures by financial sector supervisors. The episode concludes with initial insights into nature-related financial risks, their significance compared to climate-related financial risks, and a glimpse into the ECB/ESRB Project Team's future plans.
• 
  Findings from the 2024 IIF/McKinsey Report on Futureproofing Cybersecurity and Emerging Technology 14.03.2024 35min

  In this episode of the IIF Global Regulatory Update Podcast, we host four McKinsey senior financial leaders - Justin Greis, Lamont Atkins, Soumya Banerjee, and Lauren Craig. All featured McKinsey speakers have vast experience and influence in the world of cybersecurity and emerging technology: Justin is a Partner leading cybersecurity work in North America within the Risk & Resilience Practice, Lamont is a Senior Advisor, Soumya is an Associate Partner, and Lauren is an engagement manager and cybersecurity expert. The focus of the conversation revolves around findings of the joint IIF/McKinsey 2024 Report on Futureproofing Cybersecurity and Emerging Technology, titled: “The Cyber Clock is Ticking: Derisking Emerging Technologies in Financial Services.” Topics include the challenges and opportunities financial services firms face in adapting to the rapidly evolving technology landscape and the associated cybersecurity risks. The episode delves into themes such as the changing cyber risk landscape, the benefits and risks of emerging technologies, the relevance of cloud and edge computing, the impact of generative AI and the importance of cyber risk management strategies. The group also discusses key questions for organizations to consider in enhancing their security posture. The podcast concludes with suggestions for listeners to enhance their own cyber resilience in the face of evolving technological landscapes. The full survey report is available on both the McKinsey and IIF websites.