Which sub-areas are responsible for implementation?

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What adjustments need to be made in risk management for ESG compliance?
Which measures and preparations are relevant for implementation?
How must processes, systems and employees be prepared?
How is the technical implementation carried out?
3. Banks have a reporting and disclosure obligation to the supervisory authority, which places the highest demands on data quality and availability
The Taxonomy Regulation stipulates that credit institutions must report a number of new key figures as part of their transparency and disclosure obligations. These requirements are binding and will have a serious impact ireland consumer email list on reporting to the supervisory authority. However, one challenge of the EU Disclosure Regulation lies in the complexity of its implementation - vague legal terms and their interpretation can cause difficulties for financial institutions in practice. A clear derivation of action imperatives in accordance with the regulations is therefore essential. Preparing the data budget and ensuring data quality are the critical framework conditions that must be met. Technical adjustments to the reporting systems that ensure timely and correct implementation of the Taxonomy Regulation must be implemented in a binding manner. The following time frame is intended to provide a tangible representation of the reporting obligations to the supervisory authority.


Source: Association of German Banks, December 2021 Guide

Checkpoints:

What adjustments and challenges will internal departments face (controlling, internal auditing, reporting, compliance, etc.)?
How are the systems and departments coordinated to ensure smooth reporting?
What data, information and systems need to be provided?
What technological infrastructure is required for data quality, evaluation and reporting?
4. Banks must ensure that dynamic and increasing sustainability requirements are taken into account in the long term
In addition to the current must-haves, banks must ensure that they can respond flexibly to the dynamic requirements of regulation and the market. It is obvious that the demands on banks will increase not only from the regulatory side, but also from the customer and employee perspective. This requires an adaptive and flexible corporate culture that takes into account the increasing aspects of the megatrend of sustainability as an integral part of business decisions and provides the framework for their implementation.