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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
CBIRC Consults on Guidelines on Corporate GovernanceRelated Articles
APRA Finalizes Guidance on Management of Climate Change Risks
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
European Council Adopts Position on Digital Finance Package Proposals
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
EC Proposes New Measures Under Capital Markets Union Package
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
FED Outlines Lending Conditions and Supervisory Activities in H1 2021
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.
FSB Updates List of Global Systemically Important Banks
The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.
FASB Proposes Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.
US Agencies Issue Statement on Crypto-Asset Policy Initiatives
US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.
