A stable, well-functioning financial market for allA stable, well-functioning financial market for allCrisis readiness in the finance sector
Since 2000, Finansinspektionen (FI) has conducted exercises, arranged seminars and undertaken analyses aimed at strengthening the financial sector's crisis readiness for operative risks of a character that could threaten society.
The aim of this report is to present FI's overall view of the finance sector's crisis readiness and to create conditions for continued crisis readiness in the sector.
The individual finance companies that participated in FI's exercise activities have a solid basic preparedness for handling crises in relation to their roles within society. However, there are areas that need to be strengthened to further increase crisis readiness. Primarily, specific measures should be identified and implemented to reinforce the technical infrastructure (electricity, telecom and IT) on which the sector is strongly dependent. Coordinated business intelligence for operative risks 1 and structured sharing of information between the finance sector's players could also make a strong contribution to the sector's overall crisis readiness.
International examples demonstrate that, through private-public cooperation, it is possible to find solutions to further strengthen the finance sector's crisis readiness through joint efforts. To identify specific measures for strengthening the technical infrastructure and find forms for private-public coordination, FI will invite representatives of the industry and other authorities to participate in talks in 2005.
