Working Groups and Committees

The Regulatory Affairs, Economic Research, Global Policy Initiatives and Digital Finance departments organize groups of representatives from IIF members to articulate international perspectives on policy priorities, and to interact with corresponding groups in the official sector.

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Regulatory Affairs Department Committees And Working Groups
Digital Finance Groups
Economic Research Groups
Global Policy Initiatives Committees and Working Groups
Other Groups

Note 1: The Board of Directors of the Institute defines overall views on regulatory and related issues, as articulated by the Institute to the G20, International Monetary Fund (IMF), and Financial Stability Board (FSB).

Note 2: The working groups listed below may be more or less active at any given time depending on what issues are currently most pressing. In addition, ad-hoc groups may be formed from time to time to respond to specific needs.

Regulatory Affairs Department

IIF Steering Committee on Regulatory Capital (SCRC)

The SCRC is the senior group within the IIF responsible for coordinating efforts in the area of regulatory capital and liquidity requirements. It plays a central role in leading the dialogue with the Basel Committee on Banking Supervision (BCBS) on all issues related to the Basel III framework. Membership within the committee is comprised exclusively of senior leaders from IIF member banks and is by invitation only. The following SCRC working groups are called upon periodically for relevant consultations:

Working Group on Capital Adequacy (WGCA)
The WGCA interfaces with several of the Basel Committee on Banking Supervision’s (BCBS) sub-groups to address technical issues, especially regarding credit risk, leverage, and capital, including related issues such as large exposures.
Working Group on Market Risk (WGMR)
The WGMR interfaces with the Basel Committee on Banking Supervision (BCBS) to address any issues related to the Basel requirements for market risk, including the presentation of impact data. This working group is also involved in the Joint Trades Counterparty Credit Risk project as well as examining any issues related to the IBOR transition process.
Disclosure Working Group (DWG)
The Disclosure Working Group provides a voice for banks on global risk disclosure issues. The DWG address issues on improvement of risk disclosures of banks mainly focusing on the work by the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS). The DWG also seeks constructive ways to improve disclosure across the global financial services industry, including reducing redundant or outmoded disclosures.

Senior Accounting Group (SAG)

Chair: Jessica Childs, Vice President & Chief Accountant, Royal Bank of Canada

The Senior Accounting Group addresses accounting issues of significance from a cross-border perspective, including Expected Credit Losses (ECL) provisioning, hedge accounting, fair-value measurement, and disclosure. It participates in regular dialogue with the International Accounting Standards Board (IASB), the Basel Committee on Banking Supervision (BCBS), the Financial Stability Board (FSB), the Financial Accounting Standards Board (FASB), and the International Sustainability Standards Board (ISSB).

IIF Special Committee on Effective Regulation (SCER)

Chair: John Dugan, Chairman, Citi

The SCER oversees the Institute’s participation in the ongoing dialogue between the industry and global-standard setters, including the Financial Stability Board (FSB), Basel Committee on Banking Supervision (BCBS), and International Organization of Securities Commissions (IOSCO). It aims at identifying effective and efficient approaches for cross-border regulation, and at addressing market fragmentation. Membership within the committee is by invitation only. The following SCER working group is called upon periodically for relevant consultations:

Recovery and Resolution Working Group
This working group develops industry views on resolution-related issues such as bail-in, international cooperation on resolution, requirements for Total Loss Absorbing Capacity (TLAC), and recovery and resolution plan requirements for banks as well as resolution issues affecting Central Counterparties and other Financial-Market Infrastructure entities.

IIF Insurance Regulatory Committee (IRC)

The Insurance Regulatory Committee, which is composed of senior leaders of IIF member insurers, provides strategic guidance, leadership, and oversight with respect to the insurance advocacy activities of the IIF. The IRC promotes the IIF’s role in insurance advocacy with global insurance standard setters, and reviews and approves an annual work program for the Insurance Working Group.

Insurance Working Group (IWG)
The Insurance Working Group is responsible for implementing the insurance advocacy agenda of the IIF under the strategic guidance, leadership, and oversight of the IRC. IWG participants include senior members of the government affairs and public policy, risk management, legal and regulatory teams of IIF member insurers. The IWG discusses and comments on proposals related to systemic risk and financial stability, risk management, prudential standards, and climate-related risks. The IWG also has a subgroup that is focused on issues of interest to members with significant Asia-Pacific operations.

Non-Bank Financial Intermediation Group (NBFI)

The NBFI Working Group is tasked with addressing regulatory issues and policies affecting factors and activities in the area of non- bank financial intermediation. This group is particularly focused on initiatives undertaken by the G20, Financial Stability Board (FSB) and International Organization of Securities Commissions (IOSCO) impacting funding and credit markets, including money market funds (MMFs), investment funds, open-ended funds, and dollar liquidity. The Working Group helps ensure that any proposed policy measures are based on an activities-based approach, adequately assessed risks, and also properly account for the diversity of institutions active in this area.

IIF Cyber Security Working Group

This working group brings together IT, security, policy, and regulatory experts to exchange information and develop positions around cybersecurity issues impacting the financial services industry. The working group is focused on the potential impact of cyber incidents on financial stability and working closely with standard setters to promote more coordinated and consistent regulatory approaches to address the growing regulatory fragmentation that can be found across jurisdictions and across (financial) sectors. There is additional work being undertaken in areas such as Cyber Risk Insurance and Third-Party Vendor risk related to cyber security, including operational risks related to Cloud Computing.

Operational Resilience Working Group

This committee analyzes and contributes to global developments on the discipline of operational resilience, which expands upon areas such as business continuity, cyber security, ICT risk, and recovery and resolution planning. This group hosts an annual symposium, bringing together leading public sector officials and senior industry practitioners. It also responds to public sector consultations and is in regular dialogue with global bodies including the Basel Committee on Banking Supervision (BCBS), Financial Stability Board (FSB), the International Organization of Securities Commissions (IOSCO), and key national authorities.

Financial Crime Risk Management Working Group

The Financial Crime Risk Management Working Group contributes to the growing global debate on Anti-Money Laundering and countering the financing of terrorism standards and their impact not only on banks and asset managers but on international commerce and vulnerable countries in the global financial system. The Working Group responds to official consultations on AML/CFT matters and seeks ways to increase understanding of the industry’s issues when dealing with financial crime risk, regulation, and enforcement. The Institute also organizes regular colloquia globally on issues related to financial crime regulation, including questions of “de-risking” and financial inclusion, and their impact on Emerging Market countries. The aim is to seek constructive solutions to financial crime risk management problems and to work with the public sector on enhancing effectiveness to the overall anti-financial crime framework globally.

IIF Sanctions Working Group

IIF Committee on Governance and Industry Practice (CGIP)

The CGIP seeks to identify and promote sound industry practices in the areas of risk management, risk governance, corporate governance, and compensation. It works with the supervisory community on identifying ways in which such practices can be leveraged as part of the supervisory oversight of firms, for example on requirements and practices for gathering and analyzing risk data.

IIF Cryptoassets Prudential Policy Working Group

This working group serves as a platform to progress industry consensus views on prudential regulatory cryptoassets policy. Members of the group have opportunities to participate in work on consultations (including through joint associations collaborative efforts), public sector engagement, and are provided with up-to-date developments in the digital assets space. Membership of the group is comprised of IIF member banks, insurers, asset managers, and other critical financial institutions.

IIF European Contact Group (ECG)

IIF European Contact Group provides a platform for IIF members to identify issues and exchange intelligence on key European policy developments. This group convenes periodically in Brussels to assess and exchange views on regulatory and other policy developments in the European Union and surrounding jurisdictions. The ECG is comprised of IIF banking members with significant business in Europe to exchange views on key policy and regulatory issues.

Global Policy Initiatives Committees and Working Groups

Sustainable Finance Working Group (SFWG)  

Chair: Judson Berkey, Managing Director and Group Head of Sustainability Regulatory Strategy, UBS

Bringing together over 200 members representing banks, investors, insurers, professional service firms and multilateral financial institutions, the IIF SFWG seeks to build consensus and advance industry perspectives on the dynamic global sustainable finance agenda, including through regulatory and policy engagement, strategic projects, analytical research and development of tools and resources. By providing an international forum for public-private sector dialogue and collaboration, the SFWG supports the design and implementation of effective climate and sustainability-related financial sector policy and regulatory frameworks (including on topics such as disclosure, taxonomies, prudential supervision, and financial stability assessment). A key SFWG objective is to promote capital market solutions that support product innovation and the scaling up of sustainable finance (including by engaging on barriers to and catalysts for the broader mobilization of private finance). The SFWG coordinates with other IIF Working Groups, notably in the Regulatory Affairs Department, to respond to sustainable finance-related global policy and regulatory developments. The SFWG engages regularly with official sector entities including: the global standard setting bodies like the Basel Committee on Banking Supervision (BCBS), the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS); the G20/B20; the Network for Greening the Financial System (NGFS); the IMF, World Bank/IFC and other multilaterals; and the OECD and other international organizations including the United Nations Environmental Programme (UNEP), as well as national authorities to support international collaboration and reduce fragmentation.

Sustainable Finance Policy Expert Group (SFPEG)
The SFPEG, co-led by the IIF Global Policy Initiatives and Regulatory Affairs Teams, serves as the nexus for industry dialogue on policy and regulatory developments across the climate and ESG sphere, and options to support greater alignment of jurisdictional frameworks and emerging global standards. The SFPEG serves as the platform for development of industry consensus views on policy issues, including IIF responses to consultations, and broader official-sector engagement. The SFPEG is comprised of global policy and regulatory leads within IIF member financial institutions (banks, insurers, asset managers), who are responsible for developing advocacy strategies and managing official-sector engagement on sustainability topics.
Sustainable Finance Disclosure, Data, and Classification (SFDDC)
The SFDDC group, co-led by the IIF Global Policy Initiatives and Regulatory Affairs Teams, provides a platform for dialogue on technical issues, identification of common priorities, and delivery of special projects in the disclosure, data, and classification sphere. Key agenda items for this group include the development of global disclosure standards, use of ESG ratings and data products, evolving disclosure practices (e.g. transition plans), and the design and implementation of classification systems, such as taxonomies.
Sustainable Finance Risk and Alignment Methodologies (SFRAM)
The SFRAM group, co-led by the IIF Global Policy Initiatives and Regulatory Affairs Teams, provides a platform for dialogue on technical issues and tools, identification of emerging practices, and delivery of special projects on risk and alignment topics, with a special focus on climate change. Key agenda items for this group include the design and implementation of risk management frameworks, the design of industry and supervisory scenario analysis exercises, metrics and methodologies for climate risk and alignment quantification, and links between climate risks and the prudential framework.

Where possible, we encourage firms to coordinate internally on their nominations to SFPEG, SFDDC, and SFRAM groups. To keep the group sizes manageable and maintain diversity of representation across the IIF membership, we anticipate having one or two representatives from a given firm within a group.

Council for Sustainable Asset Management (CSAM)

Originally established in 2012, the IIF Council for Asset and Investment Management (CAIM) brought together senior executives from buy-side institutions—including asset managers, insurers, pension funds, sovereign wealth funds, hedge funds and private equity firms—for dialogue with peers and policymakers on issues pertaining to long-term investment. These included challenges for asset allocation and investment management in the context of current market developments and financial stability risks, a]s well as the implications of structural market and regulatory changes over time. As the Council enters its second decade, and given the significant changes in the investment landscape over the past 10-15 years, we have decided to update the group’s mandate, rebranding it as the IIF Council for Sustainable Asset Management (CSAM).

CSAM aims to enhance the understanding of the interconnections between investor behavior, policy and regulatory developments and global market dynamics. It provides senior investment professionals with a unique peer-to-peer forum to exchange views and facilitate dialogue with key global governance bodies such as the G20 and the international financial institutions, as well as the Financial Stability Board, IOSCO, CPMI and other standard setters, the regulatory community, and leading national and regional policymakers. CSAM will also coordinate and collaborate with key industry trade associations, wherever possible, allowing us to leverage our respective strengths, minimize duplication and further enhance the impact of our efforts.

Debt Transparency Working Group (DTWG)

In response to strong demand from our members and a range of private/public sector collaborators, the IIF launched the Debt Transparency Working Group (DTWG) to support efforts to promote better disclosure in sovereign debt markets. The DTWG developed the Voluntary Principles for Debt Transparency designed to enhance transparency in private sector lending particularly to the most vulnerable low-income countries. The DTWG worked closely with the OECD to launch a pilot program to manage the data repository, analysis, and reporting. The DTWG includes representatives of over 30 IIF member firms and welcomes additional members.

Committee on Sovereign Risk Management (CSRM)

The IIF Committee on Sovereign Risk Management (CSRM, formerly known as the Special Committee on Crisis Prevention and Resolution) was established in 2001 in the wake of the Asian and Russian debt crises of the 1990s. It brings together senior market participants and experts from IIF member firms to guide the Institute’s policy work on critical issues related to the prevention and resolution of sovereign debt crises. The CSRM undertakes broad-based efforts to advance policy issues in economies confronting challenges related to debt management and public financial management more broadly, with a focus on sovereign debt crisis prevention and resolution as well as addressing debt crises as and when they occur. The Committee played an important role in the establishment of the Principles for Stable Capital Flows and Fair Debt Restructuring and supports the ongoing development of the voluntary contractual approach to sovereign debt restructuring. The CSRM also serves as a forum for coordinating private sector views during periods of sovereign debt distress. CSRM discussions inform IIF communications on sovereign debt policy issues. CSRM members are cross-sectoral, including banks, bondholders (including asset managers, insurers, pension funds and sovereign wealth funds), law firms and specialized sovereign advisory firms.

Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring

Co-Chairs: Axel Weber, President, Center for Financial Studies, Goethe University Frankfurt; Former President, Deutsche Bundesbank; former Chairman, UBS Group AG; François Villeroy de Galhau, Governor of Banque de France; and Yi Gang, Governor of the People’s Bank of China

The Principles were conceived in the aftermath of the sovereign debt crises in Asia, Russia and Latin America. They constitute a voluntary code of conduct between sovereign debt issuers and their private sector creditors that was agreed in 2004 and endorsed by the G20 Ministerial Meeting in Berlin that same year. The Principles, updated as of April 2022, incorporate voluntary, market based, flexible guidelines for the behavior of sovereign debtors and private creditors to promote and maintain stable capital flows as well as support financial stability and sustainable growth. The Group of Trustees, which includes senior public-sector officials and private sector leaders, is the guardian of the Principles. The Group’s mandate is to review the evolution of the international financial system as it relates to emerging markets and other major debtor countries, review the development and implementation of the Principles, and make proposals for modification of the Principles as needed.

This group is not a Committee of the Institute; however, the IIF’s Global Policy Initiatives Department acts as their Secretariat

Principles Consultative Group (PCG)

The PCG is comprised of a select group of finance and central bank officials with senior representatives of the private financial community tasked with monitoring and encouraging the practical application of the Principles. PCG meetings are held regularly to discuss implementation issues, country cases, and implications of developments in global capital markets.

This group is not a Committee of the Institute; however, the IIF’s Global Policy Initiatives Department acts as their Secretariat

Digital Finance Groups

IIF Digital Finance Working Group

The Digital Finance Working Group guides and oversees the IIF’s advocacy on digital and innovation regulatory and policy issues. Its scope includes topics related to data (including data-sharing, data-protection and data-localization), new entrants and competition, ‘RiskTech’ (adoption of innovations to improve risk management, including RegTech), crypto-currencies and distributed ledger technology and cyber-security. Where this working group focuses on the strategic agenda, it is in some cases supported by other technical working groups. Membership of this working group is open to banks, insurers and asset managers.

Steering Committee on Digital Finance

Co-Chairs: Carlos Torres-Vila, Chairman, BBVA; Jessica Tan, Group Co-CEO & Chief Operating Officer, Ping An Insurance (Group) Company of China, Ltd.

The Steering Committee on Digital Finance provides strategic direction to the IIF’s Digital Finance activities, setting and reviewing priorities across data policy, digitalization and emerging technologies. This includes ensuring appropriate guidance and direction for IIF activities, as well as enabling input from Digital/Innovation leaders to help shape the broader IIF agenda, under the auspices of members of the IIF Board of Directors. IIF member firms are welcome to nominate a C-Suite representative to join the Committee. Chief Digital/Innovation/Transformation Officers are the most common ‘peer group’ on the Committee, but some diversity of roles (e.g. Business Unit Lead, Chief Risk Officer, Chief Data Officer) is also welcome, to support an exchange of broader perspectives. Each Committee member may also nominate an ‘alternate’ from their firm.

AI & ML Working Group

The AI & ML Working Group is the key constituency of IIF Digital Finance’s work in Artificial Intelligence (AI) and Machine Learning (ML). Its scope includes issues related to AI ethics, model creation and validation, generative AI, governance and oversight of algorithms, third-party providers and regulatory and supervisory engagement. This group provides the basis of industry knowledge for IIF’s work on this front, particularly our annual AI Survey, which is now produced jointly with EY. Membership in this working group is open to banks, insurers, and asset managers and includes representatives focusing on issues in AI and ML in their respective institutions.

Cross-border Payments Working Group

IIF DataTalk Forum

The IIF DataTalk Forum is our community of practice to bring together data officers and experts for interactive sessions on key topics in financial services. This forum is open to all IIF member organizations and there is no cap on participation. This forum gathers monthly in a virtual setting and convenes at alternating Pacific and Atlantic-facing times. A one-page briefing note summarizing the call is published to the IIF website following each session, respecting the discussion takes place under Chatham House Rule.

IIF Digital Asset Forum

The IIF Digital Asset Forum convenes virtually every six weeks, where senior leaders of IIF’s member institutions discuss developments in the digital finance space and share perspectives, opportunities, and key priorities for the industry. This forum is by invitation and is limited to one representative per institution. A one-page briefing note summarizing the call is published to the IIF website following each session, respecting the discussion takes place under Chatham House Rule.

IIF Global Payments Forum

Economic Research Groups

Market Monitoring Group (MMG)

Co-Chairs: Lorenzo Bini Smaghi, Chairman of the Board, Société Générale; Nathan Sheets, Global Chief Economist, Citi

Launched in 2009, the MMG focuses on structural changes in financial markets, the regulatory environment, and the global economy that may be sources of potential systemic risks. The group convenes Chief Risk Officers and other senior market practitioners from banks and institutional investors as well as academics and specialized consultancies. The MMG monitors emerging vulnerabilities including those related to changes in liquidity provision and the impact of new financial technologies; mispriced assets, crowded trades and concentration risk; deterioration in business practices; and other nascent risks of concern to the industry and policymakers. The group explores ways to contain these risks and shares its views with market participants and public-sector bodies in an effort to enhance financial stability.

The MMG holds meetings as well as conference calls and regular briefing and support from IIF staff. Particular emphasis is placed on regular communication with relevant public-sector bodies including the Financial Stability Board, the U.S. Financial Stability Oversight Council, the European Systemic Risk Board, the IMF, and other key policy-setting bodies and research centers. Membership in this group is subject to co-chair approval.

Other Groups

IIF Future Leaders Group

The IIF Future Leaders Group is comprised of dynamic young leaders representing some of the brightest emerging talent in the industry. Each annual class of Future Leaders meets twice a year, generally around major IIF meetings, for a multi-day program designed to introduce them to the big ideas and topics that will drive the future of the industry. Participation in Future Leaders is open to those 40 or under who have track records of achievement within their institutions and have the potential, in the nominating institutions’ view, to become a leader in global finance. Participation is by invitation only and participants are nominated by a member firm’s senior management.

Emerging Markets Advisory Council (EMAC)

Co-Chairs: Gianfranco Ferrari, Chief Executive Officer, Credicorp; Abdulaziz Al-Helaissi, Group Chief Executive Officer, Gulf International Bank; Khairussaleh Ramli, Group President and Chief Executive Officer, Malayan Banking Berhad; and Cezary Stypulkowski, President of the Management Board and Chief Executive Officer, mBank S.A.

Established in 2008, the Emerging Markets Advisory Council (EMAC) serves as a forum to help enhance the voice of emerging markets institutions within the IIF, and more broadly in the ongoing discussions on the reform of the global financial system. The Council is comprised of Chief Executive Officers/Chairmen of major financial institutions headquartered or located in emerging markets countries. EMAC membership is fee based and by invitation only.

Through regular meetings EMAC members have the opportunity to discuss issues specifically relevant to emerging markets, to be briefed by IIF senior staff on their workstreams and special initiatives focused on emerging markets, and to share concerns that the IIF can then help bring into focus with its wider membership. When needed, the Council also forms working groups from among its membership to pursue issues of special concern to emerging markets financial institutions.