FIN-FSA published the strategy for 2020-2022. According to the strategy, supervision will focus on the impact and risks associated with digitalization, climate change, and money laundering in the financial sector. The three pillars of the FIN-FSA strategy will be orienting supervision according to changes in the operating environment, improving quality and efficiency of operations, and maintaining the strong expertise of personnel. To improve the effectiveness of supervision and the allocation of resources, the strategy adopts a more risk-based approach to supervision.
Digitalization is changing the business models, products, and services of financial sector actors, in addition to the customer behavior. The changes are of great significance for the profitability and competitive situation of the sector as well as the operating practices and risks. Therefore, the strategic work of FIN-FSA will be focused on digitalization. FIN-FSA will work in cooperation with domestic parties, Nordic supervisors, EBA, ESMA, EIOPA, and ECB to deepen understanding of the effects of digitalization and to develop common supervisory practices. A particular emphasis in supervision will be on ensuring that the financial sector is adequately prepared for IT and cyber risks.
Climate change also has significant effects on the risks and regulation of financial actors and has, therefore, been included as one of the strategic priorities. FIN-FSA requires that supervised entities assess the impact and risks of climate change and climate policy on their operations. In the future, reporting on responsible investments, for example, will also be a focus of supervision. Additionally, the abuse of the financial sector for money laundering and terrorist financing and the deficiencies in the supervision of money laundering and terrorist financing have been strongly highlighted over the last couple of years. Thus, a strategic goal of FIN-FSA is to ensure that Finland has a good reputation in preventing money laundering.
Keywords: Europe, Finland, Banking, Insurance, Securities, Climate Change Risk, Cyber Risk, ESG, AML/CFT, Fintech, FIN-FSA
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