Regnology, a leading international provider of innovative regulatory, risk, and supervisory technology (RegTech, RiskTech, and SupTech) solutions, launches a first ESG reporting module for its flagship product Abacus360 Banking. The ESG module targets financial institutions that will have to comply with the new standard ESG (Environmental, Social, Governance) risks disclosure reporting obligation from EBA from 2022 on (according to 449a CRR).
These prudential disclosure requirements based on the Consultation EBA/CP/2021/06 are one of several legislative initiatives on ESG disclosures in the EU, like the Sustainable Finance Disclosure Regulation (SFDR), the EU Taxonomy Regulation and the Non-Financial Reporting Directive (NFRD), triggered by the EU Commission’s action plan on sustainable finance.
In 2022, financial institutions need to disclose quantitative information on climate change related risks, including transition and physical risks and the Green Asset Ratio (GAR) in conjunction with Article 8 of the EU Taxonomy Regulation as well as qualitative disclosures for environmental, social and governance risks. The first reporting date for the EBA-ITS reporting on prudential disclosures on ESG risks is December 31, 2022.
“The European sustainable finance regulation is evolving rapidly. Financial institutions should decide on a solution partner early on. With Abacus360 Banking, we can offer financial institutions a market-leading solution for automated reporting. Our Professional Services team supports them with our subject matter expertise in the implementation.”
Bodo Windmoeller, Senior Vice President Product Management at Regnology
The new ESG solution was presented for the first time at the 28th RegTech Convention end of November. If you would like to learn more about the ESG risk disclosure regulation and automated reporting with Regnology’s market leading software Abacus360 Banking, you can watch the video from the 28th RegTech Convention here.