FSB introduces standard for financial incident reporting

The Financial Stability Board developed FIRE to address fragmentation and inefficiency in how financial sector incidents are reported and managed across jurisdictions.

Incident reporting is a primary mechanism for authorities to monitor disruptions, but independent development has led to fragmented requirements.

FIRE aims to facilitate timely and coordinated responses to operational and cyber incidents, streamline compliance for multi-jurisdictional firms, enhance data quality, and lay groundwork for global convergence.

A key feature is global coordination, establishing a common set of 87 information items (39 optional) to promote harmonisation.

Its flexible, modular design allows authorities to adopt FIRE in full or in part, customise fields, and decide on essential versus optional items, balancing convergence with local realities.

FIRE is a flexible, standardised reporting format covering all operational incidents, not just cyber events, reported by financial institutions to authorities.

It also extends to third-party providers reporting service disruptions.

The framework is structured into four main sections: Reporting details, Incident details, Impact assessment, and Incident closure.

These sections systematically capture information from initial entity identification to final incident resolution, covering incident description, impact, and remedial actions.

To support global adoption, the FSB provides a human-readable template, a Data Point Model (DPM) for precise data field definition, and an XBRL taxonomy example.

These resources ensure FIRE is accessible and ready for automation, supporting harmonised incident reporting.