How should banks model potential extreme shocks to the financial system? Banks need to calculate all risk factors, however, while some future risks can be modeled with relevant price and transaction data, others can’t. In the case of non-modellable risks, institutions must calculate prudent measures that take into account a potential scenario of extreme future […]
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) are holding a public hearing to explain and discuss their current consultation on sustainability-related disclosures. The consultation explores requiring certain sustainability metrics for financial service providers and products to be disclosed. The aim is to reduce greenwashing by standardising the metrics that are used to classify financial […]
In December 2019, Sir Donald Brydon recommended improvements to the Internal Controls over Financial Reporting (ICFR) as part of a reform agenda in UK audit. More effective ICFR could provide management and users of financial statements with better quality information and facilitate better decision-making. A new ICAEW report explores the scope of a future UK […]
This week the Jordan Securities Commission (JSC) published draft details of their XBRL disclosure project, calling for feedback and comment from relevant stakeholders. The Foundations Project obliges entities and agencies subject to the JSC’s control to solely disclose information in XBRL format via a new online system. Designed to keep pace with international regulatory standards […]
The Taxonomy Architecture Guidance Task Force (TAGTF) are a group of taxonomy experts who work to produce reliable and high-quality XBRL International guidance to save taxonomy authors time and ensure consistency with other taxonomies. If you would like to help define international best practice in XBRL taxonomies and be recognised for your expertise, then the […]
Earlier this year the European Insurance and Occupational Pensions Authority (EIOPA) held a consultation in advance of their review of technical implementation methods for Solvency II supervisory reporting and public disclosure. Insurance Europe and the CFO Forum have submitted a joint response to the consultation outlining, in the large part, support for the proposals. In […]
The European Banking Authority (EBA) outlined its implementation plan for the new regulatory framework for investment firms, alongside a consultation on its first set of new regulatory requirements. The roadmap includes prudential requirements, reporting requirements and disclosures, and remuneration requirements. The EBA plans to implement a regulatory framework that is calibrated to the size and […]
Adrian Orr, Governor of the Reserve Bank of New Zealand, underlined why the Bank believes mandatory disclosure of climate risk is essential for preserving financial stability at a recent virtual roundtable. Financial stability requires all relevant risks to be adequately identified and priced. Climate change presents a direct and material risk to financial stability – […]
Supervisory practices across the EU are increasingly in alignment, according to a recent European Banking Authority (EBA) report.
This week a World Bank Group cautions against making Covid-19 related regulatory allowances that reduce the utility of essential credit-related data. Disruptions in supply chains and reductions in demand have had a huge impact on profitability during the pandemic. In order to avert a credit freeze, regulators worldwide have introduced unprecedented financial measures – from […]
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