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Items tagged with "Banking"

EBA Consults on Reporting Requirements for Market Risk

This week the European Banking Authority (EBA) launched a public consultation on specific supervisory reporting requirements for market risk. These reporting requirements form the first part of the Fundamental Review of the Trading Book (FRTB) introduced by the revised Capital Requirements Regulation (CRR2) in the prudential framework of the EU. This consultation paper includes proposals […]

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The Case for ISO 20022

Major central banks are set to switch their payments systems to ISO 20022 by 2025, bringing much-needed standardisation to the global payments infrastructure. Earlier this month The Banker sat down with Saqib Sheikh, SWIFT’s global head of ISO 20022 programme, to outline why the migration to ISO 20022 is so important for the banking industry. […]

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Survey Dives into KAMs in the Banking Sector

An Accountancy Europe survey of Key Audit Matters (KAMs) reporting has found a slight dip in the number of KAMs reported by European banks – although numbers are still significantly higher than the average for all industries. KAMs became mandatory with the new and revised auditor reporting standards which came into effect for audits of […]

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SRB Publish 2020 Taxonomy

Europe’s Single Resolution Board (SRB) is taking steps to protect taxpayers from having to bail out the banks. This week they have published a taxonomy extension in order to facilitate their shift to full XBRL reporting in 2020. The SRB was formed in response to the ‘too big to fail’ problem revealed by the 2008 financial crisis. In […]

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Adopting the LEI Could Save Banks Billions

Interesting news from the Global Legal Entity Identifier Foundation (GLEIF) this week as research shows that wider use of the Legal Entity Identifier (LEI) by banks could unlock an estimated US $2-4 billion across the global banking sector annually. While the LEI has been proving beneficial for identification in regulatory environments for some time now, […]

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Machine Learning on the Rise in Financial Services

A Bank of England (BoE) report has found that the use of machine learning (ML) is on the rise in financial services. The report is based on a joint survey from BoE and the Financial Conduct Authority in 2019 of 106 firms. The UK economy is increasingly powered by big data, with financial services in particular […]

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Predicting UK Bank Distress with Machine Learning

The UK’s Prudential Regulation Authority (PRA) is working on machine learning techniques to predict bank distress. Using novel data sources, mainly confidential regulatory returns, this still experimental early warning system for predicting bank distress significantly outperformed other models. This development follows the Danish Business Authority’s machine learning-based Early Warning Europe, which uses large data sets from five European countries […]

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EBA Risk Report Shows Stability but Low Profits

Good news from the European Banking Authority (EBA) this week as their periodic risk assessment of the EU banking sector shows stable capital ratios and improving asset quality. The Risk Dashboard’s second quarter update, which summarises the main risks and vulnerabilities in the EU banking sector, shows steady improvement despite the challenges of low profits […]

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SEC Propose Update to Statistical Disclosures for Banks

The US Securities and Exchange Commission (SEC) has proposed an update to the statistical disclosures provided by banks, savings and loan companies. The proposed update would replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies, with the proposed disclosure rules moving to a new subpart of Regulation S-K. It should be noted that Guide […]

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Big Data Could Warn of Company Distress

The Danish Business Authority, one of Early Warning Europe’s 15 partners has developed a machine learning tool that uses publicly available accounting data to identify companies in financial distress.

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