Incident reporting is a key mechanism for supervisors to monitor disruptions within financial firms. Unfortunately, differences in reporting approaches across jurisdictions currently result in fragmented requirements and coordination challenges. This is why we are seeking your feedback on a harmonised Format for Incident Reporting Exchange (FIRE). As our colleague Hans Sassen explains in this video, FIRE aims to promote convergence, address operational challenges arising from reporting to multiple authorities and foster better communication within and across jurisdictions. Developed in consultation with the private sector, FIRE provides a set of common information items for reporting incidents, including cyber incidents. Its design maximises flexibility in implementation and interoperability with existing frameworks. We are looking forward to hearing from you! Send us your feedback on FIRE by 19 December. ▶️ https://bit.ly/4eMT2IM #OperationalRisk #CyberIncidents #IncidentReporting #OpRisk
Financial Stability Board (FSB)
Gemeinnützige Organisationen
The FSB is an international body that monitors and makes recommendations about the global financial system.
Info
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. The FSB promotes international financial stability; it does so by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. It fosters a level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions. The FSB, working through its members, seeks to strengthen financial systems and increase the stability of international financial markets. The policies developed in the pursuit of this agenda are implemented by jurisdictions and national authorities.
- Website
-
http://www.fsb.org
Externer Link zu Financial Stability Board (FSB)
- Branche
- Gemeinnützige Organisationen
- Größe
- 11–50 Beschäftigte
- Hauptsitz
- Basel
- Art
- Nonprofit
- Gegründet
- 2009
Orte
-
Primär
Bank for International Settlements
Centralbahnplatz 2
Basel, 4002, CH
Beschäftigte von Financial Stability Board (FSB)
-
Costas Stephanou
-
Martin Boer
Senior Director, Regulatory Affairs at The Institute of International Finance (IIF)
-
Leonard Flink
Afdelingshoofd Resolutie Verzekeraars at De Nederlandsche Bank
-
Khalid Almoneef
Senior banking supervisor / banking supervision lead at Saudi Arabian Monetary Authority- SAMA
Updates
-
🌏 Our Regional Consultative Group for Asia met on 16 October in Hong Kong SAR. Technological innovation was high on the agenda. https://bit.ly/3AcsYrv A workshop co-organised with the International Organization of Securities Commissions - IOSCO offered insights on the financial stability implications of crypto-assets, tokenisation and artificial intelligence. Technology is leading to new interconnections and dependencies in the financial system, as demonstrated by the CrowdStrike outage and operational disruptions in high-value messaging and payments systems in July. The FSB’s toolkit for third-party risk management can help address some of these issues. https://bit.ly/3YqhMkD Participants at the Asian regional meeting also discussed how they can work together to address the increasing number of fraud cases, which have also become more sophisticated. Finally, they exchanged experiences on their resolution strategies and tools, and on the progress made in implementing the FSB Key Attributes for Effective Resolution Regimes for Financial Institutions. https://bit.ly/48aUmTh Huge thanks to Hong Kong Monetary Authority (HKMA) and the Central Bank of Sri Lanka for hosing us! Learn about our regional outreach activities: https://bit.ly/3ZWvYCX #FSB #ThirdPartyRisk #Crypto #Tokenisation #Fraud
-
ICYMI - Our regional consultative group for the Americas, made up of member and non-member authorities in the region, recently met in Santiago de Chile. Find out what they discussed: https://bit.ly/4eWyKwc #FSB #Americas #ClimateRisks #CrossborderPayments #OpenFinance #CyberResilience Banco Central de Chile Comisión para el Mercado Financiero (CMF)
-
Coming up on 16 and 17 October - Our colleague Peter Goodrich will speak at the 10th P2P Financial Systems International Workshop and share the progress we have made towards delivering a global regulatory framework for #Cryptoassets 👇
Excited about the future of #finance? Come learn from the #Stablecoins and Security #Tokens panel discussion on 16th October during Day 1 of #P2PFISY2024, starting at 12:10 PM (GMT 4). Moderator: • Soham Jethani-Panchamiya - Founder of TLP Advisors Panelists: • Patrick Hansen - Senior Director, EU Strategy and Policy at Circle • Dimitrios Psarrakis - Co-Founder of ValueVerse - Digital Finance Strategy Group, former Economic Specialist at the European Parliament • Vineet Budki - CEO and Managing Director at Cypher Capital Group • Peter Goodrich - Member of the Secretariat at the Financial Stability Board (FSB) • Marco Di Maggio - Professor of Finance at Imperial College Business School 🔗 Save your spot today at https://lnkd.in/dvdeEk9m and be part of these critical discussions in Dubai on 16-17 October 2024.
-
🌎 Our Regional Consultative Group for the Americas met on 7 and 8 October in Santiago, Chile. https://bit.ly/3ByhTBv After a workshop dedicated to macroprudential policies, our Americas Group discussed vulnerabilities in the region, ranging from the impact of recent monetary loosening to that of the latest hurricane season. Members reviewed some of the FSB’s recent initiatives, for example our stocktake on nature-related risks, but also the work to promote greater alignment and interoperability in data frameworks related to cross-border payments. This latter workstream has the potential to promote open finance, and also improve anti-money laundering and countering the financing of terrorism (AML/CFT) processes, sanctions screening, and fraud detection. Operational resilience was also discussed, especially in the light of the CrowdStrike failure. The FSB has produced a toolkit to help financial institutions to monitor, identify and manage risks arising from third-party services, and is working to promote greater convergence in cyber incident reporting. We would like to thank Banco Central de Chile and Comisión para el Mercado Financiero (CMF) for being our hosts in Santiago. Read Governor Rosanna Costa's welcoming remarks: https://bit.ly/3XWeeFb Learn about our regional outreach activities: https://bit.ly/3ZWvYCX #FSB #ClimateRisks #DigitalPayments #OpenFinance #CyberIncidents
-
2
-
Great being in Rome for the FSB-Banca d'Italia - Eurosistema workshop on data frameworks related to cross-border payments. Data is increasingly important in today’s digital world and – as highlighted by our Deputy Secretary General Martin Moloney - data regulation is likely to become as important a feature of global regulation as is financial regulation itself. Increasingly sophisticated frameworks for the regulation of data are emerging across the world, for example to protect data privacy and to counter the financing of terrorism. Last summer, in the context of the G20 Roadmap for Enhancing Cross-Border Payments, we suggested ways to promote greater alignment and interoperability across data frameworks relating to cross-border payments. https://bit.ly/4eUI5EU At this week’s workshop, we took stock of the feedback received on those recommendations. We also discussed how authorities can further address any frictions that data frameworks may create on the road towards faster, cheaper, more transparent and accessible cross-border payments, without compromising the frameworks' objectives. Interested in cross-border payments? Stay tuned for our forthcoming progress reports on the G20 roadmap and on cross-border payments quantitative targets. #FSB #CrossBorderPayments #DataRegulation
-
Coming up next week - our Deputy Secretary General Martin Moloney speaks at the ISDA Derivatives Trading and Treasury Forum 👇
Announcing keynote speaker, Martin Moloney, Deputy Secretary General of The Financial Stability Board (FSB), at the #ISDA Derivatives Trading and Treasury Forum in London, October 10th! The ISDA #Derivatives Trading and Treasury Forum will bring delegates cutting-edge intelligence and analysis on key industry topics, as well as exclusive insights from leading regulators and senior market leaders. Featuring a mix of high-level keynote speakers, panels on critical topics like market #liquidity, #regulatory #reporting and #Treasury #clearing, plus valuable networking opportunities - you don't want to miss it! *Complimentary for Buy-side participants* Lock in your registration here: https://lnkd.in/eKfti527
-
The use of Artificial Intelligence (AI) is expanding across the financial system. AI can enhance efficiencies and create value for all participants, including supervisors, but it also introduces new risks. Experts at a recent roundtable organised by the FSB and the Organisation for Economic Co-operation and Development (OECD - OCDE) delved into how policymakers can ensure that innovation is balanced with safety and stability. 🌐 https://lnkd.in/eRkJqRPd The growing adoption of AI technologies by banks, insurers, and asset managers is bringing efficiency gains in areas such as risk modelling, trading, claims handling, fraud detection, and financial crime prevention. Currently, the use of generative AI in finance does not seem transformational for regulated financial institutions, as it primarily focuses on operational efficiency improvements and remains largely exploratory. Supervisors are also benefiting from AI, gaining an enhanced capacity to manage large volumes of data. Despite these benefits, the use of AI raises concerns related to model risk, data protection, governance, privacy, and ethics. It may also pose financial stability risks due to its potential to amplify interconnections among financial firms, as well as concerns about the complexity and opacity of models and data. Policymakers should strive to promote the safe use of AI in financial services, particularly through global cooperation on standards and best practices. Interested in learning more about the financial stability implications of AI? Don't miss our upcoming in-depth report in November. #AIinFinance #MachineLearning #GenerativeAI #SupTech #FSB Business and Finance at the OECD
-
To our French-speaking followers - The Bank of France just published a Bulletin dedicated to the history, governance and work of the Financial Stability Board. 👇 Merci Banque de France ! #ConseildeStabilitéFinancière
Le Conseil de Stabilité Financière (CSF) est devenu aujourd’hui le gardien de la stabilité financière internationale. Mais connaissez-vous cet acteur central de l’architecture financière mondiale, créé en 2009 à la suite de la crise financière de 2007-2008 ? Nous vous proposons de le (re)découvrir dans notre dernière étude. 🏛 Qui siège au CSF ? Les représentants des autorités financières nationales des juridictions membres du #G20, des institutions financières internationales et des instances de normalisation internationales. La France est représentée par la Banque de France, la Direction générale du Trésor (French Treasury) et l’Autorité des marchés financiers (AMF) – France. ⚙ Quelles actions ? Le CSF joue un rôle clé en matière de coordination de l’action internationale et dans le suivi et la prévention des risques. Pour 2024, son programme de travail porte sur différentes thématiques parmi lesquelles : les conséquences de la crise bancaire de mars 2023, le renforcement de la résilience de l’intermédiation financière non bancaire #NBFI, ou encore les risques et bénéfices de l’innovation numérique. Le CSF prévoit ainsi de publier d’ici à la fin de l’année un rapport dédié aux développements récents dans le domaine de l’#IA et de ses implications potentielles pour la stabilité financière. Pour tout savoir sur le CSF Financial Stability Board (FSB), retrouvez le dernier bulletin de la #BanquedeFrance ▶ https://lnkd.in/eeAvVsZS ✒ Clément Bourgey, Camille Riesi, Inès Rispal
-
We were happy to hold the meeting of the FSB’s Standing Committee on Assessment of Vulnerabilities (SCAV) in Basel earlier this month. The SCAV is the our main mechanism for identifying and assessing risks and vulnerabilities in the financial system, one of the key elements of the FSB's mandate. https://lnkd.in/eE_Dv37V Participants at the latest SCAV meeting discussed the financial stability implications of current economic and financial developments, including analysis on artificial intelligence, tokenisation, and climate change. The SCAV is currently chaired by Nellie Liang from the U.S. Department of the Treasury, and brings together representatives from national financial authorities, standard-setting bodies and international organisations. https://lnkd.in/eJvu3tMU #FinancialStability #FinancialStabilityBoard #AI #Tokenisation #ClimateRisks