At its meeting on 16 January 2025, the Finnish Government approved the updated Security Strategy for Society. The strategy describes the operating model for Finland’s comprehensive security and assigns strategic tasks to all administrative branches. It aims to ensure the vital functions of Finnish society through cooperation between the authorities, businesses, organisations, and the general public.
In accordance with the Security Strategy for Society, the Financial Stability Authority (FFSA) will participate in securing the functioning of Finland’s financial system in various disruptions and crises. Our aim is to ensure the continuity of financial market services that are crucial for society in all circumstances.
The new strategy focuses on strengthening Finland’s crisis resilience, the ability of Finnish society to respond to disruptions and crises, and the central role played by private individuals in increasing security. Russia’s war of aggression against Ukraine and its extensive attempts to exert its influence across the world have resulted in a situation where all administrative branches are required to prepare for hostile, state-sponsored attempts at influencing their activities.
“For over a decade, the Financial Stability Authority has worked diligently to prepare for financial market disruptions and banking crises. As a result of the changes in our security environment, we have also created solutions to ensure Finland’s security of supply and the functioning of payments even in case of most serious disruptions and emergency conditions. The newly adopted strategy further underlines the role that the FFSA’s crisis management expertise plays in Finland’s comprehensive security model,” says Jaakko Weuro, Director General of the FFSA.
In order to safeguard the functioning of the financial system, the FFSA is responsible for the resolution of banks and deposit insurance in Finland. The FFSA also maintains a backup arrangemengts together with the Bank of Finland for serious disruptions in daily payments. The FFSA also operates as part of a financial services emergency coordination group appointed by the Ministry of Finance. The group focuses on incident management in the financial sector, and its objective is to support the authorities and private companies in promoting preparedness in the financial markets, while also ensuring cooperation and the formation of a common situational picture during disruptions and emergency conditions.
Further information: Director General Jaakko Weuro ([email protected])
For further information on the Security Strategy for Society, please see the press release issued by Ministry of Defence on 16 January 2024
Link to the entire publication: The new Security Strategy for Society
For more information on current FFSA events, visit the FFSA’s website
