The World Federation of Exchanges (“WFE”)

The World Federation of Exchanges Holds Inaugural Meeting of its Enterprise Risk Working Group

WFELondon, Wednesday 26 June 2019 The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, is holding the inaugural in-person meeting of its Enterprise Risk Working Group (ERWG) in London on Wednesday 26 and Thursday 27 June 2019.

The ERWG consists of a wide range of WFE members across the global breadth of the association. The group connects Enterprise Risk Management (ERM) and Operational Risk Management (ORM) leadership and thinking at the world’s financial exchanges and clearing houses. ERM aims to ensure a structured approach to the totality of risks faced by an organisation. Members have found it important to share experience and perspectives, in the interests of developing ERM and ORM that focuses on issues specific to operators of market infrastructure.

The ERWG’s mandate is as follows:

  • Develop industry consensus positions on ERM/ORM issues to enable responses to regulatory consultations and stakeholder advocacy, and produce thought-leadership position papers;
  • Forge best practices, codes of conduct and guidelines;
  • Promote information sharing and education and benchmarking amongst its members and conduct activities that support this mandate; and
  • Engage in horizon scanning to identify and work on emerging industry issues.

As part of its work to identify emerging challenges and opportunities, the London meeting of the ERWG will address a range of issues, including how technology is one of the biggest operational risks to manage and harness when implementing innovation. As a result of this, operational resilience is now under the spotlight as never before, and it is the engineering and application of effective risk management that enables strong resilience at national exchanges and CCPs.

Nandini Sukumar, Chief Executive Officer, WFE said: “Enterprise risk is fast becoming one of the most important lines of defence for the market infrastructure industry, something we recognised when we formally created the WFE ERWG. We are therefore pleased to be holding the first physical meeting of the ERWG in London where the combined expertise of our working group members will be brought together to shape effective risk mitigation strategies for the future. We believe the ERWG will enable members to identify emerging issues and develop comprehensive and coherent industry policy positions to shape regulatory thinking in this important field.”