Summary of document history
The FSB has developed FIRE to reduce fragmentation in the reporting of operational incidents, including cyber incidents, and enhance cross-border cooperation.
This consultation report sets out a common format that financial firms can use for the reporting of operational incidents, including cyber incidents. The proposed Format for Incident Reporting Exchange (FIRE) provides a set of common information items and is designed in a way to maximise flexibility and interoperability. FIRE’s features support flexibility for authorities that adopt the format in full or in part. For instance, of the 99 information items defined, 51 are optional, allowing authorities to decide which to implement based on their needs.
Incident reporting is a key mechanism for supervisors to monitor disruptions within financial firms. However, differences in reporting approaches across jurisdictions result in fragmented requirements and coordination challenges. FIRE aims to promote convergence, address operational challenges arising from reporting to multiple authorities and foster better communication within and across jurisdictions.
The consultation package consists of (i) a ‘human-readable’ format, (ii) a structured data model of FIRE using the reporting-language-agnostic Data Point Model method, and (iii) a taxonomy in eXtensible Business Reporting Language (XBRL) as a sample machine-readable version of FIRE. The taxonomy package is linked in the right-hand column of this page.
The consultation package consists of (i) a ‘human-readable’ format, (ii) a structured data model of FIRE using the reporting-language-agnostic Data Point Model method, and (iii) a taxonomy in eXtensible Business Reporting Language (XBRL) as a sample machine-readable version of FIRE. The taxonomy package is linked below.
FIRE has been developed by the FSB in consultation with private sector participants. The FSB invites comments on this consultation report and welcomes replies to the consultation questions by 19 December 2024. Responses will be published on the FSB’s website unless respondents expressly request otherwise.
Responses should be submitted via this secure online form by 19 December 2024.
Please contact the FSB by email ([email protected]) if you have questions or if you wish to provide supplementary material.