New BAP chief vows tighter safeguards vs ‘next generation risks’

Title New BAP Chief Vows to Enhance Safeguards Against Emerging Risks

The Bankers Association of the Philippines (BAP) has welcomed Ana Maria Aboitiz-Delgado as its new president, marking a significant milestone in the industry's efforts to navigate the evolving landscape of financial risks. As digitalization, artificial intelligence (AI), and global uncertainties continue to shape the financial sector, it is more crucial than ever for banks to work together to strengthen their defenses.

In her vision for a safer financial system, Aboitiz-Delgado emphasizes five key areas where collaboration and innovation will be essential

I. Amplifying Collaboration Among Banks

To effectively address emerging risks, BAP will focus on deepening coordination among banks. This includes sharing best practices, harmonizing regulatory compliance efforts, and fostering a culture of transparency.

II. Developing Robust Industry Standards

To stay ahead of the curve, BAP will work with regulatory bodies to develop more robust industry standards that account for the latest technological advancements. This includes implementing stricter guidelines on AI-powered lending and risk assessment to ensure the highest levels of safety and security.

III. Harnessing Innovation while Ensuring Safeguards

Aboitiz-Delgado acknowledges the need to harness innovation to drive growth, but also stresses the importance of ensuring safeguards are in place to mitigate risks associated with digital transformation. She emphasizes the importance of being prepared rather than naive when embracing emerging technologies.

IV. Elevating Cybersecurity Measures

As cyberattacks continue to evolve, BAP will prioritize the development of more effective cybersecurity measures to protect customer data and prevent financial losses. This includes investing in advanced threat detection systems, employee training programs, and ongoing risk assessments.

V. Fostering a Culture of Continuous Learning

Aboitiz-Delgado emphasizes the importance of continuous learning and professional development within the banking industry. This includes staying up-to-date with the latest regulatory requirements, technological advancements, and best practices to stay ahead of emerging risks.

As the financial landscape continues to shift, it is clear that BAP is committed to staying at the forefront of innovation while ensuring the highest levels of safety and security for its customers. With Ana Maria Aboitiz-Delgado at the helm, we can expect the industry to become even more resilient in the face of emerging risks.

Keywords Bankers Association of the Philippines (BAP), digitalization, artificial intelligence (AI), cybersecurity, financial risk management, innovation.

Edward Lance Arellano Lorilla

CEO / Co-Founder

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