The Financial Sector Advisory Center (FinSAC), based in Vienna, provides independent, confidential, and tailored expertise, technical advice, and implementation support to client countries in the Emerging Europe and Central Asia (ECA) region.
FinSAC offers global knowledge to help develop and disseminate good practices that can enrich regional policy debates and cross-fertilize reforms. It promotes the application of international benchmarks and standards with the support of global and regional organizations.
FinSAC organizes its specialist technical assistance within the following three distinct thematic pillars, which cover macro and microprudential themes and issues related to bank failure.
FinSAC's three thematic pillars:
1. Financial Stability, Crisis Preparedness, and Macroprudential Frameworks;
2. Strengthening Microprudential Supervision and Regulation including Non-Performing Loan Resolution;
3. Addressing Bank Recovery and Resolution including Bank Liquidation.
In addition to dedicated work streams within each of the pillars, FinSAC’s range of expertise is usefully combined to offer client countries integrated advice and technical assistance across the pillars.
FinSAC engages in technical work that helps countries implement concrete legislative, regulatory, and institution-building initiatives that strengthen the resilience and efficiency of financial systems.
FinSAC provides advisory and analytical services through three distinct channels:
FinSAC’s geographical focus is expanding according to three key priority groups:
FinSAC was established in June 2011 as a follow-up mechanism of the Vienna Initiative, through joint collaboration of the Austrian Ministry of Finance and the World Bank’s Private and Financial Sector Department. FinSAC is financed by the Austrian Government through a Trust Fund Agreement.
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Financial Sector’s Cybersecurity: A Regulatory Digest
The Digest is a periodically updated compilation of laws, regulations, guidelines, and other significant cybersecurity publications for the financial sector. The explanatory summaries contain text extracted from the documents and include links to the websites where published. Such content might appear as targeting a highly specialized audience of financial regulators, supervisors, and senior management of regulated institutions working on cyber risk or, more generally, operational risk. However, cyber risk is not a problem for IT specialists only; it is everybody's problem in any organization. Several documents in the Digest can help a much wider audience understand what cyber risk is, why it matters for financial stability and everyone's role in adequately managing it. The updates include new publications since the previous edition and older ones that FinSAC frequently finds with help from readers, who are strongly encouraged to keep letting us know anything they feel is missing.
From the fifth edition, a WHAT’s NEW? section classifies the additions since the previous edition and briefly describes their content. The classification into the different thematic areas should help quickly discover which publications may be of interest, both for readers familiar with earlier editions and those who are not cyber-risk specialists. As before, the accompanying “Source Table” file includes the indexes of documents in the Digest and reference tables matching key concepts to documents.
The Digest is compiled and maintained by Aquiles A. Almansi (Lead Financial Sector Specialist, EECF2, firstname.lastname@example.org) and Yejin Carol Lee (Senior Financial Sector Specialist, EFNFS, email@example.com).
Last Updated: Jul 28, 2020