Featured Product

    GFIN Initiative Permits Testing of Sustainability Reporting Template

    July 16, 2021

    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

    Featured Experts
    Related Articles
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699