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The report outlines how digitalization and technological innovation introduce significant operational and digital risks to global financial stability. Key vulnerabilities include the expansion of Artificial Intelligence (AI), which complicates governance and monitoring while increasing systemic correlations. Furthermore, the report highlights risks from third-party dependencies, particularly cloud concentration among a few providers, which could amplify crises. Operational resilience is also a primary concern; outages at critical nodes or cyber incidents are viewed as direct threats. Consequently, the FSB is prioritizing standardized incident reporting and public-private collaboration to mitigate these emerging threats by 2026.

This peer review assesses the Dutch authorities' frameworks for monitoring cyber risks, implementing supervisory practices, and coordinating incident response mechanisms. Key findings highlight the Netherlands' significant progress, including the development of the Threat Intelligence-Based Ethical Red-teaming (TIBER) and Advanced Red Teaming (ART) frameworks, while also identifying areas for improvement, such as streamlining information sharing mechanisms and analyzing third-party risks. Overall, the report underscores the persistent challenges posed by the evolving threat landscape and the strategic steps taken by the Netherlands to maintain financial stability against operational and cyber threats.

Le rapport du Financial Stability Board (FSB) met en lumière des risques systémiques liés à l’adoption de l’intelligence artificielle (IA) dans la finance, au-delà des récits d’efficacité. Il souligne que les institutions financières dépendent de plus en plus de technologies externes, notamment de quelques géants technologiques, pour les modèles d’IA et les infrastructures. Ce rapport identifie quatre risques majeurs : une dépendance croissante à des tiers, une concentration alarmante dans la chaîne d’approvisionnement, des difficultés de régulation dues à des définitions incohérentes et le risque de panurgisme numérique amplifiant les instabilités de marché. Les efforts de surveillance restent embryonnaires, soulignant un défi majeur pour la stabilité financière.

The Format for Incident Reporting Exchange (FIRE) is a framework developed by the FSB to standardize the reporting of cyber and operational incidents across borders. FIRE, created with private sector collaboration, aims to promote consistency, improve communication, and address the challenges of reporting to multiple authorities. It offers standardized information items and flexibility for various operational and cyber incidents, and can be used by third-party service providers and organizations outside the financial sector. The FSB provides a downloadable taxonomy package to facilitate FIRE's global adoption and plans to review its implementation in 2027.

The FSB proposes nine policy recommendations to manage NBFI leverage risks, focusing on improved risk monitoring, data, disclosures, market oversight, and cross-border cooperation. These aim for consistent regulatory treatment globally. Public comment is open until February 28, 2025, with a final report due mid-2025.