Economic Transitions: Technology – Opening remarks from Governor Makhlouf at Financial System Conference

The CBI is framing technology-driven change alongside climate and geo-economic fragmentation as a structural transition that financial firms must build resilience against. For compliance and risk teams, the immediate takeaway is to ensure board-level oversight of technology risk, operational resilience, third-party and ICT dependencies, and forward-looking scenario planning. Firms should monitor CBI follow-up publications and supervisory engagement for any hardening of expectations.

No immediate filing or rule-change obligation is announced, but the speech signals continued supervisory interest in how firms adapt governance, controls and business models to digital change. Actions: review technology resilience and outsourcing arrangements; test transition scenarios; document board discussions; and engage proactively with regulators. Smaller firms should prioritise proportionate governance; larger groups should focus on cross-border and systemic dependencies.