Global Correspondence
GFMA Submits Comments on FSB FIRE
GFMA submitted comments to the Financial Stability Board (FSB) on its Format for Incident Reporting Exchange (FIRE).
FIRE’s greatest potential is to reduce current fragmentation in incident reporting across jurisdictions by providing a standardised reporting template. GFMA fully supports this objective and believes that this potential can only be realized if: (a) the template focuses on gathering factual information rather than calling for speculative responses or value judgments; and (b) authorities are willing and able to adopt FIRE. To facilitate FIRE achieving this goal, GFMA’s comments outline a number of opportunities for the FSB to enhance FIRE as it looks to finalise the template in mid-2025. GFMA has included an Appendix to its comment that highlight where the FSB can provide a streamlined reporting template that will maximize efficient reporting that provides actionable information.
As the FSB moves towards the final version of FIRE, GFMA’s members remain fully committed to supporting the project’s development, adoption and ultimate success.
– 19 December 2024 –
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