RegTech firm Regnology has launched a first ESG reporting module for its flagship product Abacus360 Banking.
According to Regnology, the ESG module targets financial institutions that will have to comply with the ESG standard risks disclosure reporting obligation from EBA from 2022.
Regnology said, “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.”
The company added that in 2022, financial institutions will need to disclose quantitative information on climate change related risks, including transition and physical risks and the Green Asset Ratio in conjunction with Article 8 of the EU Taxonomy Regulation as well as qualitative disclosures for ESG risks.
Regnology SVP product management Bodo Windmoeller said, “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.”
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