At the banking supervision retreat, Kilvar Kessler stated that financial oversight must be risk-based and efficient

Finantsinspektsioon hosted a strategy retreat of the Supervisory Board of Europe’s Single Supervisory Mechanism (SSM), where participants discussed how to make supervision more risk-based, efficient and effective. 

Chair of the Management Board of Finantsinspektsioon and member of the SSM Supervisory Board Kilvar Kessler said that he was very pleased to host this high-level meeting of the financial sector in Tallinn. The retreat meeting addressed the transformation of the supervisory culture within the SSM, a topic that has been under discussion in recent years and for which Kilvar Kessler, Head of the Financial Supervisory Authority, has been one of the driving forces. “Being risk-based means identifying the most important risks for financial markets and focusing our efforts specifically on them rather than just shooting in the dark without a clear target. The programme of cultural change at the SSM is intended to make banking supervision in Europe even more focused on risks, efficient and effective. We at Finantsinspektsioon have long based our work on this, and we are very happy to be able to share our experience of risk-based supervision”, said Mr Kessler.

The Chair of the Supervisory Board, Claudia Buch, thanked Kilvar Kessler and his team at Finantsinspektioon for hosting the Supervisory Board for the 2-day retreat. “The excellent organisation by our Estonian colleagues here in Tallinn enabled fruitful conversations on how to continue our comprehensive reform agenda. Together, we are making European banking supervision more efficient and effective, while remaining fully focused on relevant risks,“ she said.

The strategy retreat of the Supervisory Board of the Single Supervisory Mechanism was hosted by Finantsinspektsioon in Tallinn on 9-10 October, and was attended by the heads and senior staff of all the banking supervisors in the euro area member states. The main topics under discussion were the programme of changing the supervisory culture, the simplification of regulation, and various issues surrounding crypto companies.