Since 2013, the annual ABBL-ALRIM conference has been designed to provide a platform for exchanges and networking for risk managers in the financial centre. As in previous years, the conference was a fixed date in the calendar of the latter as well as in Claude Wampach's, the CSSF Director in charge of banking supervision, who has honoured the two associations with his presence since the first conference. He again seized this opportunity to give the public an update on the supervisory authority's agenda
3 questions to Claude Wampach, director CSSF
* Among the regulatory priorities you addressed at the conference, you particularly chose to focus on ESG. Why did you make this choice?
Obviously because the ESG regulation falls within the CSSF mandate and we have to deliver on it. But then ESG is not a regulatory topic like any other. We must always keep in mind what the overall objective is. It is simply to save the planet we live on. We as citizens and the entities we are engaged in, as good corporate citizens, all have skin in the game. And responsibility.
* Where do you think the financial centre stands on this issue?
We are out of the starting blocks. I can see today that the financial players are aware of and mobilised on the subject. To sustain momentum, it is above all the action taken by top management and board members that matters and that we are focusing on. The tone from the top is essential here.
* Many of our members point out that the lack of data complicates their work in the field. What is your stance on that?
Of course, data is a challenge. I don't know if this will reassure your members, but you should know that data is a challenge for us as regulators too.
In general, risk management is data driven. But the absence or incompleteness of data should not be an excuse for doing nothing.
I would like to mention in this context the very interesting review recently done by the ECB.
Its takeaways, even if they were drawn at the level of the significant institutions (SI), are also valuable for the less significant institutions (LSI) among your members. I therefore invite them to read this document carefully.