Enhanced Disclosure Task Force Reports Progress In Banks’ Risk Disclosures

The Financial Stability Board (FSB) has welcomed the publication of the Enhanced Disclosure Task Force (EDTF's) progress report, examining major banks' risk disclosures in their 2012 annual reports. This article has been written by Mark Rhys, Deloitte Partner and member of the EDFT. As a member of the task-force, I'm pleased that our efforts are bearing fruit: the survey found that banks are implementing the disclosures and that further implementation is likely to be achieved in the 2013 reporting cycle. Interestingly, banks' self-assessment of their progress is higher than investors' and analysts' assessment of implementation, as the latter expect more detailed quantitative disclosures in some areas. In the UK, the EDTF's recommendations are particularly important as the Bank of England's latest 'Financial Stability Report' includes the Financial Policy Committee's recommendation that the Prudential Regulatory Authority (PRA) "should ensure that all major UK banks and