Featured Product

    APRA Releases Results of Climate Risk Survey on Regulated Entities

    March 20, 2019

    APRA published an information paper that presents the results of its first climate risk survey on regulated entities. The paper takes stock of actions and initiatives underway in Australia and internationally in response to the growing awareness of physical, transitional, and liability risks of climate change. APRA also announced that it will increase its scrutiny of how banks, insurers, and superannuation trustees are managing the financial risks of climate change to their businesses.

    APRA surveyed 38 large banks, insurers, and superannuation trustees, last year, to assess their views and practices on climate-related financial risks. The survey found that a substantial majority of the regulated entities were taking steps to increase their understanding of the climate change risk. Other key findings include the following:

    • A third of the respondents believed that climate change is a material financial risk to their businesses and a further half thought it would be in future.
    • Majority of the banks considered climate-related financial risks as part of their risk management frameworks.
    • Reputational damage, flooding, regulatory changes, and cyclones were nominated as the top climate-related financial risks.

    Respondents also described the strategic opportunities they had identified from the transition to a low-carbon economy, including developing innovative products and services, and meeting the growing demand for green investment opportunities.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Pension Funds, Climate Risk Survey, Risk Management, Climate-Related Financial Risk, APRA

    Related Articles
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News
    News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News
    News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4511