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From 2023, European asset managers are obliged to attach a standardised SFDR Annex (Sustainable Finance Disclosure Regulation) to their mandates and funds in order to avoid greenwashing. With this annex, asset managers disclose the sustainability features of their offered investment strategies on an annual basis. In order to meet these requirements by the EU, an SFDR Annex IV was developed at a major bank with Cinnamon Reporting.
Cinnamon is a flexible reporting software used by financial institutions for both client reporting and investment reporting. The software is modular and allows the use of reusable building blocks in each report. New building blocks are created within a very short time according to individual requirements. Furthermore, Cinnamon integrates seamlessly with existing data sources and serves web reporting and print formats in a standardised way – especially Microsoft Word, on which Annex IV is based. This gives the software a clear advantage in the development of the SFDR Annex IV.
I found the integration of new features into the existing software, such as new graphic types, particularly exciting. In addition, the cooperation with the various stakeholders was very enriching and instructive.
Elin Rütimann, Consultant at bmpi AG
Elin Rütimann, Consultant at bmpi AG, has contributed to the successful implementation of SFDR reporting.
For the successful implementation of SFDR Annex IV at the big bank, the following various adjustments within Cinnamon were necessary:
1. adaptation of existing data sources to ensure data integration.
2. creation of new Building Blocks to fulfil the requirements of the SFDR Annex IV.
3. creation of new Word templates to implement the regulatory requirements.
4. integration of new chart and graphic designs from Nerves into Cinnamon.
5. configuration of the report type to generate the SFDR Annex IV.
The project involved several parties who contributed to the successful implementation of the customisations. These included Elin Rütimann, Consultant at bmpi, David Eschbach, Software Engineer at bmpi, consultants from Nerves and KPMG as well as various internal teams from the major bank.
During the project, the strict regulatory requirements of the EU posed a challenge, as they did not harmonise optimally with the familiar user experience (UX) of Cinnamon. In addition, there were frequent regulatory changes, which were well managed thanks to Cinnamon’s flexibility. For example, in order to evaluate the performance of the sustainability indicators, a table was required that sometimes contained numbers, text responses and breakdowns in one column. Although this initially seemed impossible, a solution was quickly found to meet these requirements. Thanks to the agile approach, the project was able to successfully adapt to the changes.
Do you have questions about Cinnamon Reporting?
Contact Marcus Brändle at marcus.braendle@bmpi.ch or +41 44 454 84 84 for a consultation.
Do you have questions about ESG reporting?
Contact Thomas Tscherrig at thomas.tscherrig@bmpi.ch or +41 44 454 84 84 for a consultation.
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