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EDTF progress report on the implementation of disclosure recommendations

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Aug 22, 2013

In October 2012 the Enhanced Disclosure Task Force (EDTF) presented a report to the Financial Stability Board (FSB) recommending key enhancements to the risk disclosures made by banks. The report identified seven fundamental principles for enhancing risk disclosure and included 32 specific recommendations. The EDTF has now published a progress report in line with its October 2012 report.

For the progress report the EDTF conducted a survey on the level and quality of the implementation of their report Enhancing the Risk Disclosures of Banks in major banks’ 2012 annual reports.

The survey results demonstrate that the recommendations are beginning to make a positive impact on the reporting practices of global banks. The banks’ self-assessment is that they have implemented 50% of the EDTF recommendations in aggregate in 2012 disclosures. 2011 this number was at 34%; and the banks expect to implement 72% of the recommendations in 2013.

Geographically, banks in the United Kingdom showed the highest implementation rates (80%), while implementation was lowest in the United States and Canada (39% and 41%, respectively). Canadian banks expect to implement an additional 50% of recommendations in 2013, though.

Analyzed by sections, qualitative disclosures related to the EDTF's general recommendations and other risks show the highest implementation rates (exceeeding 71% over all banks) while the lowest implementation rates were observed in relation to market risk and funding disclosures.

The findings of the EDTF are in line with the results of a survey conducted by Deloitte (UK) that reviewed the implementation of the 32 recommendations by banks that were members of the EDTF Working Group.

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