FSB publishes annual work programme for first time
Priority is to address new vulnerabilities, while finalising, implementing and evaluating reforms
The Financial Stability Board has published its annual work programme for the first time, in an initiative championed by the new chair, Randal Quarles.
One top priority for the FSB in 2019 is to address “new and emerging vulnerabilities” in the financial system. Areas of focus include risks stemming from fintech, cyber attacks and non-bank financial firms. The FSB will also weigh up the effects of reforms to audit and accounting.
A further area of work is the finalisation, implementation and evaluation of post-crisis reforms. Outstanding areas include adjustments to the Basel III framework, several elements of post-crisis derivatives reforms, ending “too big to fail” and promoting the resilience of non-banks.
The FSB will continue its work in monitoring implementation, including peer reviews, and work on evaluations, such as the cross-border consistency of regulations. Lastly, it will seek to improve its engagement via regional consultative groups and external stakeholders, including the general public.
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