The 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗕𝗮𝗻𝗸 𝗼𝗳 𝗜𝗿𝗲𝗹𝗮𝗻𝗱 guidance highlights 𝗰𝘆𝗯𝗲𝗿 𝗿𝗶𝘀𝗸𝘀 as a central component of 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗶𝗻 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀, framing them under 𝗜𝗖𝗧 𝗿𝗶𝘀𝗸 and 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲. It identifies cyber incidents and attacks as major disruptive events, alongside technology failures and insider threats. ICT risk is defined broadly, encompassing threats to systems, operations, and services. Firms are expected to align ICT resilience strategies with critical business services and integrate incident management into resilience frameworks. The guidance emphasizes alignment with 𝗗𝗢𝗥𝗔 and 𝗡𝗜𝗦𝟮, marking a regulatory shift from earlier cybersecurity guidance toward 𝙝𝙖𝙧𝙢𝙤𝙣𝙞𝙯𝙚𝙙, 𝙝𝙤𝙡𝙞𝙨𝙩𝙞𝙘 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙘𝙚 𝙥𝙧𝙖𝙘𝙩𝙞𝙘𝙚𝙨.
Pour répondre aux défis climatiques, le Plan national d’adaptation au changement climatique (PNACC-3) mobilise les assureurs autour d’actions clés. Ils doivent maintenir une offre assurantielle abordable et efficace, moderniser le système pour couvrir les risques naturels (inondations, cyclones, etc.) et préserver leur mutualisation. En 2025, un Observatoire des risques climatiques, piloté par la Caisse centrale de réassurance, publiera un rapport annuel pour éclairer les entreprises. Dès 2026, les assureurs renforceront la prévention et la sensibilisation, tout en réduisant l’exposition des territoires et des entreprises aux aléas climatiques, en partenariat avec l’État et France Assureurs.
Le document présente les résultats du Baromètre France Num 2025, une enquête évaluant la maturité numérique des TPE et PME françaises. Il détaille les objectifs de l'étude, la méthodologie employée (incluant un vaste échantillon de 11 021 entreprises), et fournit une synthèse des perceptions et pratiques numériques de ces entreprises. L'analyse couvre divers aspects tels que la satisfaction vis-à-vis du numérique, les outils de promotion et de vente en ligne, les solutions de gestion et de collaboration, l'adoption de l'intelligence artificielle, les préoccupations liées à la cybersécurité, la connectivité, et les efforts en matière de sobriété numérique. Enfin, il explore les compétences numériques, les dépenses et projets futurs, et propose une typologie des entreprises en fonction de leur niveau de numérisation et de leurs projets en cours.
The paper presents a dual-model framework for chaotic inference and rare-event detection. Model A, using Poincaré–Mahalanobis, focuses on geometric structure for stable inference. Model B, employing Correlation–Integral with Fibonacci diagnostics, emphasizes recurrence statistics and volatility clustering. The Lorenz–Lorenz experiments show that diagnostic weighting shifts inference from stability to rare-event focus. The Lorenz–Rössler experiments demonstrate Model B’s generalization across attractors, maintaining sensitivity to volatility. The framework combines stable geometric anchoring with robust rare-event detection, advancing systemic risk analysis. Future work aims to extend the models to higher-dimensional systems, optimize computational efficiency, and apply them to finance, climate, and infrastructure.
The insurance industry in Europe is facing the immediate and growing financial impacts of climate change. It advocates for a comprehensive and collaborative approach to climate resilience, stressing the foundational importance of emissions reduction, robust prevention measures, and a proactive funding model. The industry emphasizes that effective solutions must be tailored to local contexts and require strong leadership and financial commitment from public authorities in collaboration with the private sector.
L’Autorité des marchés financiers (AMF) et le Bureau du surintendant des institutions financières (BSIF) ont publié un rapport issu de l’Exercice normalisé d’analyse de scénarios climatiques (ENASC) 2024, impliquant plus de 250 institutions financières canadiennes. Bien que les risques climatiques ne posent pas de menace immédiate au secteur, ils pourraient s’intensifier à long terme, révélant des vulnérabilités. L’exercice a permis d’évaluer les risques physiques et de transition, et de renforcer leur mesure. Le rapport préconise d’améliorer les données, les modélisations et l’intégration de ces risques dans les processus décisionnels. Les conclusions influenceront les attentes de surveillance des deux organismes.
This position paper from Insurance Europe outlines their response to the European Commission's consultation on supplementary pensions, specifically addressing pension tracking systems, pension dashboards, auto-enrolment, and a review of the Pan-European Personal Pension Product (PEPP) Regulation and the Institutions for Occupational Retirement Provision (IORP II) Directive. The document emphasizes the importance of national diversity in pension systems, advocating against "one-size-fits-all" EU-level measures. It provides feedback on the effectiveness and challenges of existing frameworks, offering suggestions for improvement while consistently highlighting the need for flexibility, proportionality, and respect for national specificities in any proposed reforms. The paper also discusses the limited uptake of PEPP due to its complex and restrictive design, and offers insights into optimizing IORP II for long-term investment and member protection.
The ESAs published their fourth annual report on voluntary disclosures of principal adverse impacts (PAIs) under the EU Sustainable Finance Disclosure Regulation (SFDR) on 9 September 2025. It records continued enhancement in the completeness and quality of PAI disclosures at both entity and product levels, especially among large multinational firms. Smaller entities, however, frequently merge general ESG messaging with SFDR reporting. National Competent Authorities noted uptake of previously highlighted good practices. The report also offers recommendations for NCAs’ supervisory roles and guidance for the European Commission ahead of SFDR’s next review.
EIOPA released a paper on September 8, 2025, providing technical input to support the development of supplementary pensions within the EU’s Savings and Investment Union framework. The paper outlines EIOPA’s views on enhancing pension systems, emphasizing consumer protection, financial stability, and sustainable finance. It proposes measures to improve access to pensions, strengthen governance, and align with EU regulatory frameworks like Solvency II and IORP II. The input aims to inform EU policy by addressing challenges in pension provision and promoting long-term savings.
The study examines the relationship between ESG variables and financial risk, measured through logarithmic volatility. It introduces the Hierarchical Variable Selection (HVS) algorithm, designed for ESG datasets, which is reported to outperform aggregated ESG scores and traditional selection models by providing higher explanatory power with fewer variables. Findings suggest that ESG risk factors vary across sectors and between large- and small-cap firms, influenced by differences in regulation, expectations, and strategy. The authors highlight the robustness and adaptability of HVS, noting its effectiveness in identifying risk-relevant ESG variables across industries and its potential for broader applications in hierarchical datasets.