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International Monetary Fund. Monetary and Capital Markets Department
Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic. Given the FSAP’s focus on medium-term challenges and vulnerabilities, however, many of its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. This report reflects key developments and policy changes since the FSAP mission work was completed, and includes illustrative scenarios to quantify the possible implications of the COVID-19 shock on the solvency of systemically important financial institutions (SIFIs). Prior to the COVID-19 pandemic, the Danish authorities had taken important steps to improve financial system resilience. The authorities had actively used macroprudential tools to bolster the robustness of the financial system. The supervision of the banking and insurance sectors had improved. Likewise, recent legislation has strengthened anti-money laundering and combating the financing of terrorism (AML/CFT) supervision. Major reforms such as a new bank resolution framework had also considerably improved Denmark’s financial safety net and crisis management frameworks.
International Monetary Fund. Monetary and Capital Markets Department

Denmark. The authorities agree with the FSSA’s view that governance of financial institutions and their risk culture have become increasingly important, which has also been reflected in the Danish Financial Supervisory Authority (DFSA) greatly increasing attention and resource allocation towards governance and compliance issues. As an example, th e DFSA has conducted a top-down review of the compliance and risk management functions in Danish banks and published a “best practice paper” on its website with 10 specific guidelines. The DFSA will continue to dedicate