Safeguarding Critical Functions of the Financial System

The financial sector plays a major role in navigating the Covid-19 crisis, not only as a contributor to countries’ gross domestic product, but also as an enabler of economic activity.

Oliver Wyman, in collaboration with the Association of Supervisors of Banks of the Americas (ASBA), has focused on identifying critical functions provided by the financial sector and defining measures to safeguard them in the short term. Our work intends to provide guidance not only applicable to the current situation, but also to future events that could hamper normal functioning of the financial sector, such as natural disasters.

Based on a top-down assessment of demand and supply under stress, critical functions identified in Latin America and the Caribbean include cash services, retail payment services, remittances, and short-term business lending, alongside to securities clearing & settlement and wholesale payments.

Categories: Publications of ASBA
Author: ASBA, Oliver Wyman