OJK Announces Readiness to Implement Integrated Bank Reporting
OJK, along with Bank Indonesia and Indonesia Deposit Insurance Corporation (LPS), announced that banking sector is ready to implement integrated reporting (BI-ANTASENA) in July 2021. This commitment was conveyed at a High-Level Meeting in January 2021. The Deputy Governor of BI advised that banks must immediately complete internal preparations and maintain good communication with the authorities to ensure the delivery of quality banking data ahead of the full implementation of integrated reporting.
The implementation of integrated reporting is in line with the information technology-based program on strengthening supervision, which is one of the priorities and strategic policies of OJK. Financial authorities need data and information from integrated reporting in conducting assessments and making policies to maintain the stability of the national financial system. Reporting integration is expected to provide support for the availability of complete, accurate, current, and complete data, which plays an important role in formulating targeted and comprehensive policies to navigate the potential and existing risks. Furthermore, the Chief Executive of Indonesia Deposit Insurance Corporation (LPS) said that the provision of current and comprehensive bank data and information through integrated reporting is very important for LPS in carrying out the function of guaranteeing deposits and bank resolution. Financial authorities need data and information from integrated reporting in conducting assessments and making policies to maintain the stability of the national financial system.
Related Link: Press Release (in Indonesian)
Keywords: Asia Pacific, Indonesia, Banking, Reporting, Integrated Reporting, BI-ANTASENA, Bank Indonesia, OJK
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
CBIRC Consults on Guidelines on Corporate GovernanceRelated Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.