As international tensions escalate, the financial sector in the Netherlands faces mounting risks that demand a swift, strategic response. In its supervisory strategy for 2025-2028, De Nederlandsche Bank (DNB) warns that Dutch financial institutions—banks, insurers, and pension funds—must bolster their resilience against an increasingly unpredictable global landscape.
Acting Comptroller of the Currency Michael J. Hsu warned financial institutions against falling into compliance tunnel vision, citing historical examples where regulatory focus on specific risks inadvertently created new vulnerabilities in the financial system.
On October 3, 2024, American Water, the largest regulated water and wastewater utility in the U.S., fell victim to a cybersecurity breach that has since drawn attention to the broader risks facing critical infrastructure sectors. Serving over 14 million individuals across 14 states, American Water’s systems were infiltrated, forcing the company to disconnect key services and pause customer billing as part of their containment strategy.
In response to the devastation caused by Hurricane Milton, the Office of the Comptroller of the Currency (OCC), along with the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, Florida Office of Financial Regulation, and the National Credit Union Administration (NCUA), has issued comprehensive guidance aimed at supporting financial institutions. While this is a collaborative interagency effort, the OCC's involvement is particularly critical for national banks and federal savings associations. This article delves into the OCC’s guidance and examines its implications for compliance and risk management in the aftermath of the hurricane.
In a modern era marked by rapid technological advancement and global uncertainty, organizations worldwide are grappling with an increasingly complex risk landscape. The Risk in Focus 2025 report, a comprehensive study based on surveys conducted by the Internal Audit Foundation and the European Confederation of Institutes of Internal Auditing (ECIIA), sheds light on the current and future risk priorities of businesses across the globe.
European financial regulators have issued a formal opinion challenging the European Commission's (EC) recent rejection of proposed technical standards under the Digital Operational Resilience Act (DORA). This dispute highlights the complexities in implementing digital resilience measures across the European Union's financial sector.
The European Supervisory Authorities (ESAs) - comprising the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) - have announced the appointment of Marc Andries as the Director for DORA joint oversight. This appointment marks a significant step in implementing the Digital Operational Resilience Act (DORA), a key regulation aimed at strengthening the IT security and resilience of the European financial sector.