On 17 October 2024, the Financial Stability Board (FSB) issued a consultation on a Format for Incident Reporting Exchange (FIRE).

FIRE is a common format for financial firms’ reporting of operational incidents, including cyber incidents. It provides a set of common information items for reporting incidents but does not define common reporting triggers, deadlines or mitigation approaches. 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.

Next steps

The deadline for comments on the consultation is 19 December 2024.

The FIRE project is expected to be finalised around mid-2025, reflecting feedback from the public consultation and outcomes from the testing phase.

The FSB will hold a workshop with industry and authorities in 2027 (around two years after FIRE is finalised) to take stock of their experiences with FIRE, including any implementation challenges. This will inform the need for any revisions to FIRE, as well as provide insight into FIRE’s overall success ahead of determining the long-term maintenance of FIRE outside of the FSB.