The activities of the Financial Supervisory Authority are aimed at ensuring financial stability and the necessary smooth operation of credit, insurance and pension institutions, and other supervised entities, so as to safeguard the interests of the insured and maintain confidence in the financial markets. (Act on the Financial Supervisory Authority, section 1)

The focus areas in FIN-FSA supervision in 2024 were related to operational and financial risks posed by the unstable operating environment, long-term trends and the reliability of supervised entities’ governance.

As regards reliable governance, the FIN-FSA emphasised internal governance systems, outsourcing risks and their management, in addition to data quality. In terms of operational risks, sanctions monitoring, preparedness and continuity management were highlighted. Financial risks in focus comprised vulnerability of the capital markets, valuation of illiquid assets, growth of credit risks and liquidity management challenges.

With respect to long-term trends in the operating environment, the FIN-FSA highlighted ESG risks (Environment, Social, Governance), the growth of cyber risks, digitalisation of the financial sector as well as the expansion and evolution of regulation.