The FSB’s report finds increased use of non-financial measures to promote a sound risk culture and slower progress toward implementing its Principles and their Implementation Standards for sound compensation practices among insurance and asset management firms.
The Annual Report has been redesigned to be more forward-looking and encompassing so that it describes the FSB’s work to promote global financial stability.
Greater harmonisation in cyber incident reporting would promote financial stability, especially given the digitalisation of financial services and increased use of third-party service providers.
Disclosures have accelerated thanks to jurisdictional initiatives, as well as through the IFRS Foundation’s work to develop a baseline reporting standard.
