Federal Reserve Board invites comment on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) supervised…
September 23, 2022
Federal Reserve Board invites comment on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board
For release at 2:00 p.m. EDT
The Federal Reserve Board on Friday invited comment on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) supervised by the Board. FMUs provide essential infrastructure to clear and settle payments and other financial transactions upon which the financial markets and the broader economy rely to function effectively. The proposed updates generally provide more specificity to the existing requirements.
The broad operational risk, technology, and regulatory landscape in which FMUs operate has evolved significantly since the Board last updated its risk management requirements for FMUs in 2014. New challenges have emerged, such as the global pandemic and cyber events, while new technological advancements may improve resilience. The proposed changes would promote effective risk management in this rapidly evolving risk environment.
“In light of the rapidly evolving
