"Regulators and auditors must stand strong together against emerging geopolitical and cyber threats"

The combination of technological dependence and geopolitical turmoil leads to new forms of operational risk. A telling example is the bankruptcy of Amsterdam Trade Bank in 2022: caused not by financial deficits, but by the sudden loss of digital services due to international sanctions. Such incidents highlight that continuity risks arise not only within the sector itself, but also from external geopolitical forces.

The danger of cyber attacks is also increasing, especially when they come from state actors. According to Maijoor, it is now no longer a theoretical risk, but a real threat to the operation of the financial infrastructure. Recent attacks that temporarily shut down financial services in an entire country show how vulnerable the system can be. Additional digital resilience efforts are therefore inevitable.

Accountants play a key role here. By identifying risks early and making them open to discussion, they can help prevent disruptive situations. When such signals fail to materialize, this not only undermines trust in individual institutions, but also in the broader financial system.

Finally, Maijoor emphasized that adherence to international standards - such as Basel III - remains essential, especially as political tensions put pressure on international cooperation. According to him, these rules do not provide an obstacle, but rather a safety net that protects financial buffers. In this context, close cooperation between regulators and auditors is more important than ever. In this regard, independent standard setters deserve protection and support to continue fulfilling their role effectively even in difficult times.

Read Maijoor's speech here