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
Previous ArticleECB Offers Opinion on Draft Belgian Law on Granular Credit Reporting
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.