Pursuit of financial system resilience

PURSUIT OF FINANCIAL SYSTEM RESILIENCE “The whole world witnessed a severe Global Financial Crisis and a health crisis which have caused unprecedented economic and financial turmoil. In both these events, financial systems were expected to play a crucial role in mitigating inequality and upholding prosperity. Preserving financial stability is, therefore, of paramount importance for all jurisdictions. The inadequacy of financial literacy has been instrumental in trapping people in financial frauds and scams. Having efficient and effective coordination between the regulators and the law enforcement authorities is also a vital requirement in taking prompt action against wrongdoers. In the context of the rapid advancement in digitalization, the financial services industry needs to embrace such modern trends while ensuring integrated risk management.”