Three areas that require international cooperation by authorities are suggested in the FIG report: the monitoring of macrofinancial risks (such as procyclicality), the mitigating of cyber-risks, and the managing of operational risks from third-party providers. In support of this cooperation, the European Commission’s report highlights the importance of the development of standards.
Standards for open banking and application programming interfaces (APIs) as well as standards to limit cyber-threats, to improve regulatory reporting, and for distributed ledger technologies (where appropriate) may be areas of priority.