On Nov. 28, FMA issued 2019 priorities for supervision, audit.
- FMA priorities for supervision, inspections in 2019 and facts, trends, strategies.
Priorities
- Following thematic areas defined as 2019 priorities for supervision, inspections.
- First, financial market digitalization: supporting digital change, managing risks.
- Next, business model sustainability: anticipatory thinking, acting anti-cyclically.
- Corporate governance: strengthening resilience in changing risk environment.
- Comprehensive examination of risk: increasing stability of supervised entities
by means of strong compliance and the strict prevention of money laundering. - Collective consumer protection: increased awareness of risk thanks to targeted
information, confidence due to product transparency, fairness from high quality. - Operational readiness for future crises: improving FMA, financial centre fitness.
Measures
- Specific measures defined for each thematic area to prioritize area for inspection.
- E.g, challenges of digitalization addressed by means of cyber incident simulation.
- This stresses IT, cyber security in supervised entities to detect, rectify weakness.
- Priority of rule compliance for consumers protection regarding digital instruments technologies; regarding outsourcing, priority is placed on cloud-based computing.
- Another focus is the policy of sustainably granted consumer loans and mortgages.
- In addition there will be particular focus on fairness and transparency regarding
the distribution of financial instruments and insurance, also investment products. - Only some examples, full list with facts, figures, trends, strategies on FCA site.
