Module 5: Green Reporting: Transparency, Accountability and Risk Communication
TBD To Be Determined
What is published today
The module description, the six topics and the learning outcomes below. No teaching material is published, and the Work Package 3 allocation named no author for this module. Module 4 shows what a finished module carries: six lessons with slides, companion readers, worked examples and solutions, free to use under CC BY 4.0.
The October week in Twente teaches a guest session on the Friday morning under the title “Module 5: Investing with Purpose”, led by the University of Siena: Friday 16 October, 09:30 to 12:30, RA 4334. That session is the host’s programme for the week. Who writes Module 5 for the micro-credential is open, and the University of Siena has not taken it on. The week in full.
Module Overview
This module covers the disclosure and reporting layer of sustainable finance, examining how financial institutions communicate climate and sustainability risks to regulators, investors, and the public. Students work through the major international reporting frameworks (TCFD, TNFD, SFDR, CSRD, and ISSB S1/S2) and learn to design transparency metrics, apply accountability frameworks, and assess ASEAN institutional readiness for compliance with evolving disclosure requirements.
M4/M5 Boundary: Module 4 covers risk management (identify, measure, manage). This module covers risk reporting (disclose, communicate). TCFD and TNFD appear here as disclosure frameworks. Risk assessment and quantification belong in Module 4.
No partner is allocated to this module yet
Modules 1 to 4 name the institution that writes them: ULBS, IHF, UO and UT. Module 5 does not, because the WP3 allocation never assigned it. The outline below is the consortium’s, not a partner’s, and nobody currently owes the content.
This matters for the WP3 timetable. The other four modules are being written against the 11 September 2026 deliverable date; this one has no author to hold to it.
Learning Outcomes
Upon completing this module, students will be able to:
- Apply TCFD and TNFD reporting frameworks, distinguishing risk assessment from disclosure
- Navigate SFDR and CSRD compliance requirements for EU sustainability reporting
- Interpret ISSB S1/S2 global disclosure standards and their relationship to regional frameworks
- Design transparency metrics and key performance indicators for sustainability reporting
- Evaluate accountability frameworks and third-party assurance practices
- Assess ASEAN disclosure requirements and institutional readiness for compliance
Topics Covered
1. TCFD and TNFD Reporting: From Risk Assessment to Disclosure
Pedagogical arc: “Risk assessment without disclosure is incomplete: TCFD and TNFD define how identified risks must be communicated to the market.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are still to be written. Module 5 has not yet been allocated to a partner institution.
2. SFDR and CSRD: EU Sustainability Reporting Compliance
Pedagogical arc: “SFDR and CSRD represent the most demanding sustainability disclosure obligations ever enacted: understanding them is essential for any institution with EU exposure.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are still to be written. Module 5 has not yet been allocated to a partner institution.
3. ISSB S1/S2: Global Disclosure Standards
Pedagogical arc: “ISSB sets the global baseline for sustainability disclosure: its adoption trajectory will define reporting requirements worldwide.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are still to be written. Module 5 has not yet been allocated to a partner institution.
4. Transparency Metrics and Key Performance Indicators
Pedagogical arc: “What gets measured gets managed: designing the right KPIs determines whether sustainability reporting is meaningful or merely compliant.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are still to be written. Module 5 has not yet been allocated to a partner institution.
5. Accountability Frameworks and Third-Party Assurance
Pedagogical arc: “Disclosure without verification is merely storytelling: third-party assurance transforms reports into credible market signals.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are still to be written. Module 5 has not yet been allocated to a partner institution.
6. ASEAN Disclosure Requirements and Readiness Assessment
Pedagogical arc: “ASEAN jurisdictions are rapidly building mandatory disclosure regimes, but institutional capacity to comply varies sharply across the region.”
The Foundation, Intermediate, PhD Research and Quantitative Lab tiers, the ASEAN case study and the reading list for this topic are still to be written. Module 5 has not yet been allocated to a partner institution.
Teaching Methods
| Method | Description | Hours |
|---|---|---|
| Lectures | Reporting frameworks, disclosure standards, and regulatory requirements | 6-8 |
| Workshops | TCFD report analysis and CSRD gap assessment exercises | 4-5 |
| Data Lab | KPI design and sustainability report benchmarking | 4-5 |
| Simulation | Third-party assurance process and reporting gap analysis | 3-4 |
| Self-Study | Sustainability report review and framework comparison | 3-4 |
Assessment
| Component | Weight | Format |
|---|---|---|
| TCFD Disclosure Assessment | 30% | Evaluate an ASEAN financial institution’s TCFD disclosure against best-practice benchmarks |
| Reporting Framework Comparison | 40% | Compare SFDR, CSRD, and ISSB S2 requirements for a hypothetical ASEAN bank with EU fund investors |
| ASEAN Readiness Report | 30% | Assess a selected ASEAN country’s institutional readiness for mandatory climate disclosure |
Key References
Required Reading
- TCFD (2023). Final Report: Recommendations of the Task Force on Climate-related Financial Disclosures.
- ISSB (2023). IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information.
- ISSB (2023). IFRS S2 Climate-related Disclosures.
Recommended Reading
- European Commission (2022). Corporate Sustainability Reporting Directive (CSRD), Directive 2022/2464/EU.
- Krueger, P., Sautner, Z., & Starks, L.T. (2020). The importance of climate risks for institutional investors. Review of Financial Studies, 33(3), 1067-1111.
- ASEAN Capital Markets Forum (2023). ASEAN Sustainability Disclosure Standards: Convergence and Divergence.
How this connects to the other modules
| Related Module | Connection |
|---|---|
| Module 1: Fundamentals | ESG factors form the basis of reporting content |
| Module 2: Global, EU and ASEAN Contexts | International and EU frameworks define reporting obligations |
| Module 3: Green Finance Products | Product-level disclosures require reporting standards |
| Module 4: Risk Management | Risk assessment outputs become reporting inputs |
What changes for ASEAN
Local Customization Required
Each ASEAN partner should supplement core content with:
- Country-specific sustainability disclosure mandates (SEC Philippines, BOT Thailand, SSC Vietnam)
- Local third-party assurance market and provider landscape
- Regional examples of TCFD and ISSB adoption by financial institutions
- National roadmaps for mandatory climate disclosure implementation
(c) GREEN FINANCE Consortium 2026