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"Monkiewicz, Jan"
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Financial Sector Supervision in Digital Age: Transformation in Progress
The paper aims at the identification and analysis of major issues facing financial sector supervision resulting from the digitalization of financial markets and the digitalization of supervisory architecture with the tool box applied. It is based on the desk research using foremostly industrial studies which provide necessary information on the current international accomplishments and plans. The paper indicates a growing application of new supervisory tool box and digital-based suptech instruments. It is reinforced by increased digitalization of supervisory analytics, application of big data, and artificial intelligence. Digitalization involves additionally changing relationships between supervisors and supervised entities. The findings of the paper allow for better understanding of the necessary adaptive actions to be taken by both supervisors and supervised entities. The issues raised by the paper are poorly documented by current research and may constitute a contribution to further research in the area.
Journal Article
Technology-driven innovations in financial services: The rise of alternative finance
Financial systems worldwide are increasingly experiencing the mounting pressure of the technology-based financial innovations. Some of these developments are generating alternative financial structures existing parallelly to the \"old\" ones, whereas some others are simply replacing the \"old\" ones. Alternative intermediating institutions are gaining ground vis-à-vis incumbents, relying on their technological and market supremacy. The space of traditional financial intermediation requires new solutions to be more competitive. Some technological solutions provide additionally for the partial or entire disintermediation of the financial services, thus removing some existing transaction costs and matching directly economic agents. Digitalization and datafication, coupled with artificial intelligence, are offering immense new operational opportunities and economic benefits. On the other hand, they are also the source of new risks to the financial and economic systems, financial stability, national security, and consumer well-being, which need to be properly addressed. We review in this paper principal components of the current stream of technology-based financial innovations and their main drivers, as well as discuss major strategic issues and impacts that we are facing in this area.
Journal Article
Dialectics of the Current Regulatory and Supervisory Developments in Insurance
Public regulation and supervision of insurance activities are the two most powerful instruments every jurisdiction has for market-shaping. Regulation, which is about standards-setting, is naturally closely tied to lawmaking and thus exposed to political and market pressures. Supervision, in contrast to regulation, is only slightly involved in standards-setting activities, which, if they exist, generally take place at the grassroots level. Its main focus is the enforcement of regulatory requirements in practice, that is their implantation in the insurance institutions supervised or the market at large. Since the end of the last century, regulation and supervision alike have been increasingly faced with the globalisation of insurance operations and of insurance entities. This creates mounting pressure for an internationally coordinated regulatory framework and transborder supervisory cooperation and consolidation. The global regulatory agenda continues to keep its momentum, though some signs of regulatory fatigue and requests for reconsideration of the overall regulatory approach are visible.
Journal Article
Integrated, Consolidated or Specialized Financial Markets Supervisors: Is there an Optimal Solution?
The article discusses the issue of the financial market supervision in its institutional context and explores its various dimensions. Its intention is to review the origins and directions of institutional restructuring of the supervision taking place in the last 15 years and to discuss its opportunities and threats. The actual debate is preceded by an analysis of recent financial market trends as well as regulatory and supervisory developments. The message of the article is that there are no ideal supervisory models and each jurisdiction has to find its own way. In doing so, it should always care for the preservation of the most critical properties of the supervisory system: its independence, accountability, transparency, integrity and market responsiveness.
Journal Article
The changing architecture of the safety net in insurance worldwide: post crisis developments 1
This aim of this paper is to explain the safety net of the insurance sector-understood as the total means which ensure the safety of the insurance markets and their customers and how it has been heavily affected by recent regulatory initiatives. The paper then provides a review and analysis of the directions of the evolution of the architecture safety net in insurance as compared to banking. Special attention is paid to macroprudential supervision which is believed to constitute a major regulatory innovation in the aftermath of the recent global financial crisis. Additionally new restructuring and resolution concepts and tools are discussed. Particular attention is focused on Global Systemically Important Insurers (G-SII's) which are the focus of safety net regulation and which provide a regulatory impetus for the remaining part of the industry.
Journal Article
Enterprise Management and Regulation of Economic Activity: The Case of Insurance
Modern enterprise is functioning in a market space in which it is subjected to the whole network of intervention tools in the form of economic regulations. These regulations limit the freedom of its economic activities impacting the business models in use, its internal organization, management systems and, last but not least, its market value. Degree and strength of regulatory intervention is highly differentiated in various countries, depending on the cultivated social and economic model. It also varies depending on the area of economic activities in different groups of enterprises, according to the current perception of its systemic significance. Especially strong regulatory interventions are currently applied for financial institutions. It is because they are threatening the existence of the whole system via the systemic risk they are able to generate. The article explores principal challenges and issues facing the insurance operations and relates them to the enterprise management.
Journal Article
The Future of Insurance Supervision in the EU: National Authorities, Lead Supervisors or EU Supranational Institution?
Financial markets require proper regulation and supervision. Their standards, architecture and mutual relations have to keep pace both with the current understanding of the core business as well as with market developments. The program put forward by FSAP and particularly by the Solvency II project revitalized among other things again the discussion on the future of EU insurance supervision. Should it remain - as of today - largely state based, or should it go into more or less different directions -a lead supervisor or some supranational agency? The article seeks to review major elements of the current debate and to stress the need for continuity in the possible future evolution of the EU supervisory systems.
Journal Article