MAS publishes Climate Risk Guidance

Posted on December 18, 2020 by Editor

The Monetary Authority of Singapore (MAS) has issued finalised Environmental Risk Management Guidelines for banks.

The guidelines focus on scenario and stress testing for material climate-related risks. Following several consultations, it has been designed to evolve as risk management methodologies for climate change continue to develop.

The guidelines also include new disclosure requirements, expecting banks to disclose their approach to managing environmental risk on an annual basis and in-line with international frameworks. However, while MAS’ guidelines recommend that banks report in line with the TCFD recommendations, there is no requirement to do so, risking a disparate and difficult-to-compare response from regulated banks. Singapore is not alone in taking a neutral stance in the ESG disclosures stakes. These are the kinds of issues that can be resolved via the proposed IFRS SSB. Together, of course, with a suitable taxonomy framework and Inline XBRL disclosure regime.

Read more here.

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