Deutsche Bundesbank published reporting updates for banks and announced the establishment of a knowledge transfer laboratory to investigate potential cyber risks with the help of artificial intelligence while the Federal Financial Supervisory Authority of Germany (BaFin) published the report detailing its supervisory activities in 2021.
As part of the reporting updates for banks, Bundesbank published the XBRL taxonomy 3.2, pursuant to the EBA implementing technical standards on supervisory reporting. The taxonomy version 3.2 contains forms with the German header information. Bundesbank also published Version 2.04 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system. Finally, Bundesbank published Version 4.02 of the document containing information on additional ECB validation rules that go beyond the relevant taxonomy. Bundesbank published these additional validation rules as part of the implementation of reporting at the national level. According to Article 4 of the Regulation ECB/2014/29, national supervisory authorities should apply both the validation and plausibility checks published by EBA and those defined by ECB in the context of data quality checks. This version includes list of checks valid from the second quarter of 2022.
Bundesbank and the German Research Center for Artificial Intelligence (DFKI) are establishing a joint knowledge transfer laboratory to investigate potential cyber risks for the financial and banking system with the help of artificial intelligence. The new TransferLab wants to capture the relationships between the players in the German financial system and the corresponding cyber network. Benjamin Weigert, Head of Financial Stability at the Deutsche Bundesbank, is expecting a substantial benefit from the project: "As part of the Bundesbank's statutory financial stability mandate, we are required to deal with the financial stability implications of cyber risks. To do this, we have to analyze the networking of the German financial system using information and communication technologies. Linking the cyber mapping concept developed at the Bundesbank with artificial intelligence methods and processes represents a promising approach to achieving this goal."
Related Links (in German)
- Bundesbank on Cyber Risk Mapping
- Bundesbank Derivation and Validation Rules
- Derivation Rules (XLSX)
- Additional ECB Validation Rules (XLSX)
- Bundesbank on XBRL Taxonomy 3.2
- BaFin Annual Report for 2021
Keywords: Europe, Germany, Banking, Cyber Risk, Cyber Mapping, Artificial Intelligence, Regtech, Suptech, Derivation Rules, Validation Rules, Annual Report, Taxonomy, Reporting Framework 3.2, Reporting, EBA, ECB, Bundesbank, BaFin
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