BoE makes climate risk a hot topic for banks
Financial institutions must entrust oversight of climate risk to named individual under senior managers regime
The temperature is rising in the risk departments of financial firms as senior executives wrangle over who should be responsible for managing climate risk.
The Bank of England is the first major authority to issue guidance for banks and insurers to assign individual responsibility for overseeing financial risks arising from climate change. The move is forcing institutions to consider which department is best placed to handle this emerging exposure, and how to develop concrete plans to manage it
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