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Climate change risk

The pivotal role of banks in the transition to a sustainable economy

Amidst the aftermath of the corona pandemic and the unfolding tragedy in Ukraine, the Intergovernmental Panel on Climate Change (IPCC) published its latest report1 on climate change on 28 February 2022, containing a more alarming message than ever before.

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The ECB 2022 climate risk stress test started

This is the first time that the European Central Bank (ECB) has selected climate risk as topic for its 2022 annual supervisory stress test, which is part of the Supervisory Review and Evaluation Process (SREP). In October, the ECB published the outline and main characteristics of this stress test. This article summarizes the main methodology outlined by the ECB.

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EBA’s binding standards on Pillar 3 disclosures on ESG risks

On 24 January 2022, the European Banking Authority (EBA) published its final draft Implementing Technical Standards (ITS) on Pillar 3 (P3) disclosures on Environmental, Social and Governance (ESG) risks. This publication fits nicely into the ‘horizon priority’ of the EBA to provide tools to banks to measure and manage ESG-related risks. In this article we present a brief overview of the way the ITS have been developed, what qualitative and quantitative disclosures are required, what timelines and transitional measures apply – and where the largest challenges arise.

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On the move for an Operational Resilience Framework

Currently, for many organizations, operational resilience is at the top of the agenda of the Board and senior management. The COVID-19 pandemic clearly showed how vulnerable societies and organizations can be to unexpected and unforeseen events.

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Climate Change Risk Management for insurers

How to integrate into your governance, risk management and ORSA

Climate change risks are relatively newly identified risks that insurers are facing. These risks can negatively impact both assets and liabilities of insurers. Already in 2018, the European Commission requested the European Insurance and Occupational Pensions Authority (EIOPA) to investigate how climate change risk could be integrated into the Solvency II Framework.

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