As part of the Global Financial Innovation Network (GFIN) cross-border testing pilot, Bedrock AI Inc. and Business Reporting Advisory Group (BR AG) have been selected to test and further develop their business solutions. The Polish company BR AG will test and develop a sustainability reporting template that allows to monitor how financial market participants manage sustainability-related risks and to perform climate change-related data analysis; the analysis would involve the assessment of financial assets and portfolio sustainability risks and of carbon footprint in the projects financed by financial market participants, along with the identification of sectors that make a significant impact on climate change. The practical suitability of this template, which could be used globally, will be assessed by three central banks and three financial market supervisory authorities.
The Board of the Bank of Lithuania has permitted BR AG to test the solution using its regulatory sandbox. Project participants will also include the central banks of the United Arab Emirates and Bahrain as well as the financial market supervisory authorities of Abu Dhabi (United Arab Emirates), Astana (Kazakhstan), and Bermuda, which all belong to the Global Financial Innovation Network (GFIN). Together with the Bank of Lithuania, they will assess this tool in the regulatory sandbox, so that the markets are better prepared for sustainability reporting, which is planned in the future. BR AG's solution "ATOME: Matter" is dedicated to the development of metadata-based reporting forms that could be used both by supervisory authorities and consultancy companies or market participants, using an innovative environment. Depending on the needs, this tool may be harmonized with various standard international reporting requirements or converted to other technical formats. Application Programming Interfaces (APIs) may be used for the exchange of technical files.
Additionally, Bedrock AI Inc. has been selected to test and further develop its algorithmic solutions to process and identify flags in Canadian corporate disclosure documents. During the testing, the participating GFIN regulators will be evaluating the algorithmic output of the model and providing feedback to Bedrock AI to further develop their algorithmic solutions in the Canadian context.
Keywords: International, Europe, Lithuania, Banking, Reporting, ESG, Regulatory Sandbox, Climate Change Risk, Regtech, API, ATOME, Suptech, Bank of Lithuania, GFIN
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
Previous ArticleECB Offers Opinion on Draft Belgian Law on Granular Credit Reporting
Next ArticleFCA Sets Out Work Priorities for 2021-22
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.