11th ILF Conference on the Future of the Financial Sector

“The Next Systemic Financial Crisis – Where Might it Come From?”: Financial Stability in a Polycrisis World

24 January 2023
Campus Westend, Casino Building
and Online

On 24 January 2023, the ILF hosted its 11th Conference on the Future of the Financial Sector, co-chaired by Andreas Dombret and Patrick Kenadjian, in conjunction with Knowledge Partner Oliver Wyman and with the support of Amazon Web Services, on the topic of "The Next Systemic Financial Crisis – Where might it come from?: Financial Stability in a Polycrisis World".

The scheduled topics covered macroeconomic factors, crypto assets and cyber security, non-bank financial institutions and regulated financial service providers, but concerns about climate change, which had been the focus of our ninth conference, liquidity and NBFIs permeated the discussion, including a lively debate across several panels about the need to reform government securities markets and not just NBFIs to bring stability to those markets.

There was general agreement that we could reasonably discuss and strive to plan for ‘known knowns’ and ‘known unknowns’, but that the presence of ‘unknown unknowns’, as well as gaps in our knowledge of markets and the motivations of some market actors, together with the potential for interaction of individual risks in the context of a ‘polycrisis’, place limits on preventive action and that vigilance remains the order of the day, even in sectors like regulated financial service providers, which have recently raised fewer concerns than cyber assets and NBFIs.

Program & Recordings



Hendrik Haag, Director, Institute for Law and Finance
Patrick Kenadjian, Senior Counsel, Davis Polk & Wardwell



Klaas Knot, Chair, Financial Stability Board, and President, De Nederlandsche Bank (Remote)

10:00 PANEL 1: Macroeconomic Factors

Recording - Panel 1

Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements
Sarah Breeden, Executive Director, Bank of England (Remote)
Alice Carr, Executive Director, Public Policy, Glasgow Financial Alliance for Net Zero
Axel Weber, President, Center for Financial Studies
Lisa Quest, Partner and Head of Public Sector, Oliver Wyman

11:15 BREAK


Recording - Conversation on Cybersecurity

Chad Woolf, Vice President, Security, Amazon Web Services
Andreas Dombret, Global Senior Advisor, Oliver Wyman, Former Member of the Management Board, Deutsche Bundesbank

12:05 PANEL 2: Crypto Assets and Cybersecurity

Recording - Panel 2

Introductory Statement
Michael J. Hsu, Acting Comptroller, US Office of the Comptroller of the Currency (Remote)

Antonio, Alvarez, Chief Complience Officer, crypto.com (Remote)
Edward Bowles, Global Director of Public Policy, Meta Financial Technologies
Patricia Mosser, Senior Research Scholar, Director of the MPA in Economic Policy Management, Columbia SIPA (Remote)
Cecilia Skingsley, Head, BIS Innovation Hub

Maria E. Tsani, Head of Financial Services Public Policy EMEA, Amazon Web Services


14:00 PANEL 3: NBFIs

Recording - Panel 3

Tobias Adrian, Financial Counsellor and Director, IMF Monetary and Capital Markets Department (Remote)
Joanna Cound, Head of EMEA Government Affairs and Public Policy, BlackRock
Martin Moloney, Secretary General, IOSCO
Hedwige Nuyens, CEO, International Banking Federation
Caroline D. Pham, Commissioner, US Commodity Futures Trading Commission (Remote)

Patrick Kenadjian, Senior Counsel, Davis Polk & Wardwell

15:15 BREAK

15:45 PANEL 4 Regulated Financial Service Providers

Recording - Panel 4 & Summary Remarks

Torry Berntsen, CEO, Europe and Americas, Standard Chartered
Jose-Manuel Campa, Chairperson, European Banking Authority
Stuart Graham, Head of Banks Strategy, Autonomous
Kerstin af Jochnick, Member of the Supervisory Board, European Central Bank
Luiz Awazu Pereira da Silva, Deputy General Manager, Bank for International Settlements (Remote)
Dimitris Zafeiris, Head of Risks and Financial Stability Department, EIOPA

Andreas Dombret, Global Senior Advisor, Oliver Wyman, former Member of the Management Board, Deutsche Bundesbank


Dominik Weh, Partner and Co-Head Public Sector Europe, Oliver Wyman

Knowledge Partner

Supported by

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Tuesday, 24 January 2023

09:00-17:30 CET

Participation fee
On-Site : 100 € (ILF Sponsors 70€)
Online participation free of charge

Campus Westend
Casino Building
Renate-von-Metzler-Saal (1st Floor)

Theodor-W.-Adorno-Platz 2
D-60323 Frankfurt am Main

and Online via LiveStream

Contact for Informations
Alia Rahimzian
Tel.: +49 69 798 33753

EMail: rahimzian@ilf.uni-frankfurt.de