Skip to Main Content

Our News

Richmond Fed Announces Financial Technology Summit 2021

Lisa White (right) is joined by Molly Mahar (left) and Lisa Ryu (center) from Supervision & Regulation at the Federal Reserve Board of Governors at the 2020 Financial Technology Summit on Cloud Computing.

Technology has always played an important role at financial institutions, but the coronavirus pandemic has accelerated business technology risks by dramatically and quickly changing the work environment. COVID-19 creates many unique operational challenges and is driving future changes to banking and operations. Building on the success of the 2020 Financial Technology Summit on Cloud Computing (Cloud Summit), we will hold the next Financial Technology Summit in the second half of 2021 to discuss emerging risks and how the pandemic has changed the technology environment in banking and related supervisory implications.

Like the 2020 Cloud Summit, the 2021 Financial Technology Summit will bring together Federal Reserve supervisors, financial institutions and technology firms to discuss changing technology and its implications to our industry. These conversations both assist regulators in gathering information from supervised institutions, and allow us to better apply technology to our business lines.

More information about the focus topic and the event format for the 2021 Financial Technology Summit will be released in early 2021.

Key takeaways from the 2020 Cloud Summit

President Tom Barkin welcomes Cloud Summit guests.

With cloud adoption increasing at financial institutions, the Federal Reserve Bank of Richmond and Federal Reserve National IT held the first Financial Technology Summit on Cloud Computing. The event convened over 200 guests and participants from financial institutions, major cloud service providers and the Federal Reserve System. We discussed cybersecurity in the cloud, third-party risk management, infrastructure legal risk, law enforcement/intelligence perspectives, business continuity and resiliency.

Lisa White, executive vice president for Supervision, Regulation and Credit at the Richmond Fed, noted the great opportunity the assembly presented. “We are one of a few Federal Reserve Districts with the distinction of supervising the entire spectrum of banks, so we’re uniquely qualified to look at technology across financial institutions and service providers to understand institution specific, industry and financial system risks.”

The central theme of the conference was that the key to success with cloud computing is not technology, but rather people and organizational culture. A common refrain was that leaders have a responsibility to prepare organizations for a future that will be very different from the past, and to guide movement into areas where we don't have all of the answers. Leaders must let the potential in their organizations flourish and show the courage necessary to disrupt the status quo so firms can remain relevant in our fast-growing digital economy.

"We are one of a few Federal Reserve Districts with the distinction of supervising the entire spectrum of banks, so we’re uniquely qualified to look at technology across financial institutions and service providers to understand institution specific, industry and financial system risks."

Lisa White, Executive Vice President, Supervision, Regulation and Credit

 

“We cannot be afraid of new technologies, and instead must seek to understand what challenges new technology present us with and how best to utilize these new technologies to deliver business value,” said Tammy Hornsby-Fink, executive vice president and chief information security officer, National IT.

If you have any questions about the 2020 Cloud Summit or suggestions for the 2021 Technology Summit, please contact the Cloud Summit co-chairs Jon Bzdawka and Whitney Austin. We expect the pandemic’s impact on the technology environment in banking and related supervisory implications to be one of the primary areas of focus of this event and welcome any feedback you have on topics to help with our planning.

Subscribe to News

Receive an email notification when News is posted online:

phone Contact Us

Jim Strader (804) 697-8956 (804) 332-0207 (mobile)