{"id":37206,"date":"2022-01-20T14:45:25","date_gmt":"2022-01-20T13:45:25","guid":{"rendered":"https:\/\/www.fma.gv.at\/pensionskassen\/digitalisierung\/"},"modified":"2025-01-30T11:01:21","modified_gmt":"2025-01-30T10:01:21","slug":"digitalisation","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/digitalisation\/","title":{"rendered":"Digitalisation"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p class=\"wp-block-paragraph\">Technological developments are changing the framework conditions in the financial market and are opening up new opportunities for Pensionskassen (pension funds), that are however also bound with risks. In addition, the Covid-19 pandemic has accelerated innovations and digital interconnectedness, while the challenges arising in conjunction with using of information and communication technologies (ICT) have also increased due to geopolitical developments.<\/p><p class=\"wp-block-paragraph\">In this environment, the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  is continuing its analysis of the state of digitalisation in the Austrian financial market. Based on this, the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  is able to take preventative measures, to initiate improvements in the legal framework, determine the intensity of supervision of individual supervised undertakings in a more risk-adequate manner, and to act in a risk-based and forward-looking manner in planning and setting the priorities for supervision.<\/p><p>\n\n\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a2a4218c8a33\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a2a4218c8a33\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a2a4218c8a33\">        <span>Legal development<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a2a4218c8a33\" class=\"collapse\" aria-labelledby=\"heading-6a2a4218c8a33\">    <div class=\"card-body\"><p><\/p><p class=\"wp-block-paragraph\">Please see <a href=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/disclosure\/supervisory-disclosure\/\">&bdquo;Laws, administrative regulations and general guidance&ldquo;<\/a><\/p><p class=\"wp-block-paragraph\">    <\/div>  <\/div><\/div><p>\n\n\n<div class=\"card\">  <div class=\"card-header\" id=\"heading-6a2a4218c8a50\">    <h2 class=\"mb-0\">      <button class=\"btn btn-link btn-block text-left p-0 d-flex align-items-center justify-content-between\" type=\"button\" data-toggle=\"collapse\" data-target=\"#collapse-heading-6a2a4218c8a50\" aria-expanded=\"false\" aria-controls=\"collapse-heading-6a2a4218c8a50\">        <span>The FMA&rsquo;s Priorities for Supervision<\/span>        <i class=\"fa-solid fa-chevron-down text-primary\" aria-hidden=\"true\"><\/i>      <\/button>    <\/h2>  <\/div>  <div id=\"collapse-heading-6a2a4218c8a50\" class=\"collapse\" aria-labelledby=\"heading-6a2a4218c8a50\">    <div class=\"card-body\"><p><\/p><p class=\"wp-block-paragraph\">In the area of digitalisation, the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  has taken the following measures and set the following priorities:<\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fma.gv.at\/en\/publications\/study-on-digitalisation-of-the-financial-market\/\"><strong>Study on &ldquo;Digitalisation of the Financial Market&rdquo;<\/strong><\/a><strong>:<\/strong> The <abbr title=\"Financial Market Authority\">FMA<\/abbr>  regularly conducts cross-sector analyses on digital transformation.<\/li>\n\n\n\n<li><strong>IT interdependencies:<\/strong> Based on the visualisation of interconnectedness in the <abbr title=\"Information Technology\">IT<\/abbr>  service provider landscape in the Pensionskassen sector, potential concentration risks are presented and further deductions reached for supervisory strategy and practice.<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.fma.gv.at\/wp-content\/plugins\/dw-fma\/download.php?d=6053\">FMA Blackout Maturity Level Assessment:<\/a><\/strong> (in German only) preparations for a possible blackout and how to handle one were evaluated in the Pensionskassen sector in 2022.<\/li>\n\n\n\n<li><strong>FMA Cyber Maturity Level Assessment:<\/strong> The <abbr title=\"Financial Market Authority\">FMA<\/abbr>  is using a tool developed in-house for measuring and evaluating the cyber resilience of Austrian Pensionskassen. See for example <abbr title=\"Financial Market Authority\">FMA<\/abbr> , <a href=\"https:\/\/www.fma.gv.at\/wp-content\/plugins\/dw-fma\/download.php?d=5995&amp;nonce=4041bd7329d66c4a\">Digitalisation in the Austrian Financial Market &ndash; 2021<\/a>, chapter 10 FMA Cyber Maturity Level Assessment or <a href=\"https:\/\/www.fma.gv.at\/download.php?d=4910\">FMA&rsquo;s 2020 Report on the state of Austrian Pensionskassen<\/a> (available in German only) , Part F. Cyber-resilence, 1. Results of the FMA-Cyber Maturity Assessment.<\/li>\n\n\n\n<li><strong>FMA-Cloud Maturity Level Assessment:<\/strong> This tool was developed by the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  to evaluate the precautions taken by insurance undertakings and Pensionskassen regarding the use of clouds in 2019. See also <abbr title=\"Financial Market Authority\">FMA<\/abbr> , <a href=\"https:\/\/www.fma.gv.at\/wp-content\/plugins\/dw-fma\/download.php?d=5995&amp;nonce=4041bd7329d66c4a\">Digitalisation in the Austrian Financial Market &ndash; 2021<\/a>, chapter 11 FMA Cloud Maturity Level Assessment.<\/li>\n\n\n\n<li><strong>ICT-related incidents:<\/strong> the <abbr title=\"Financial Market Authority\">FMA<\/abbr>  enquires about such incidents and is thereby preparing the Pensionskassen for future binding reporting requirements.<\/li>\n\n\n\n<li><strong>Post Covid-19 related risks:<\/strong> Risks arising in conjunction with the return to presence working were analysed.<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/information-events\/\">Practice dialogue:<\/a><\/strong> There is an ongoing exchange with the sector about digitalisation issues.<\/li>\n<\/ul><p class=\"wp-block-paragraph\">    <\/div>  <\/div><\/div><p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technological developments are changing the framework conditions in the financial market and are opening up new opportunities for Pensionskassen (pension &#8230;<\/p>\n","protected":false},"author":60,"featured_media":0,"parent":7874,"menu_order":6,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-37206","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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