Bundesbank Issues Updates on Cyber Risk Mapping & Reporting for Banks
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
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.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.