The Green Mile for sustainability
BR-AG selected for GFIN cross-border testing
Business Reporting Advisory Group is one of two companies selected to participate in the 2021 Global Financial Innovation Network’s (GFIN) cross-border testing stream. GFIN welcomed applications from 38 firms spread over five continents to test innovative solutions across the jurisdictions of 23 regulators, choosing two companies as finalists.
With the successful completion of joint testing plans for the Central Bank of Bahrain, Astana Financial Services Authority, Bank of Lithuania, Bermuda Monetary Authority, Abu Dhabi Global Market and Central Bank of the United Arab Emirates, BR-AG’s testing plan shimmers in green- with sustainability reporting as a trailblazer.
Turning over a new, sustainable leaf
Sustainability is at the hearts and minds of central banks and supervisors. It is only now that we are starting to recognize that climate-related risks are an intrinsic part of the commitment to foster and nurture fair economy, and the time to act has already arrived.
With a growing number of regulators and supervisors stepping up to the plate, we are now aware that tracking climate risks is vital for ensuring that the planet we leave behind for generations to come is least affected by climate change.
The question remains, how will this be done? With an abundance of data available, the task of pinpointing how and what should be disclosed is at the forefront of a new, greener future.
A "greenprint" for sustainability reporting
Breaking down sustainability borders through data, the goal of the BR-AG’s team is to develop a sustainability reporting template that can act as a “greenprint” for regulators to follow how financial entities manage and disclose sustainability-related risks and reduce the environmental impact their business activities have on the planet, identifying the sectors that significantly impact climate change.
Gathering from the experience in shaping data models for leading financial institutions and regulators (see the MAS taxonomy example), the GFIN testing initiative will be powered by BR-AG’s ATOME Matter metadata management platform, used by regulators and financial entities alike to design clear, structured data models and taxonomies.
The goal is collaboratively develop a “greenprint” template in a sandbox environment that can act as a starting point to build a sustainability reporting framework.
See the Bank of Lithuania's press release here: