The INTOSAI Working Group on Financial Modernization and Regulatory Reform Becomes the Working Group on Financial and Economic Stability
The INTOSAI Working Group on Financial Modernization and Regulatory Reform is now the Working Group on Financial and Economic Stability. The name change was recently approved as part of the working group’s spring 2023 meeting. The change comes after ongoing discussions among members and a survey last year on the future of the working group.
The working group was formed in the wake of the 2007–2009 financial crisis to study the implementation and impact of international banking reforms. However, its focus has naturally evolved as the financial sector has become more diverse, complex, and interconnected with our daily lives. Although the working group continues its initial mission to study the implementation of banking regulations, recent working group meetings have focused on a broader range of topics, such as climate change risks to the financial sector, international frameworks to regulate cryptocurrencies, and economic impacts of small-business lending. The new name, which was developed through member suggestions, is designed to reflect the working group’s wider focus on financial and economic stability risks and account for the diversity of work conducted by SAIs in advanced economies and developing countries.
The United States of America chairs the working group, which includes SAIs from 27 countries and the European Court of Auditors. The group generally meets twice each year to learn from government and industry experts on financial sector trends and emerging risks, and to share information on recent audit methodologies and findings. The working group’s next meeting will take place on November 8-9, 2023 in Rome, Italy at the Italian Court of Audit (Corte dei conti).
The working group is always open to new members. For further information, please contact INTOSAI-Financial-Stability@gao.gov.