Global Survey of Climate Risk Management at Financial Firms: Taking the Next Steps
GARP Risk Institute recently completed its third annual Global Survey of Climate Risk Management at Financial Firms.
The results detailed in this independent, comprehensive report are an eye-opening look at how financial institutions seek to measure and manage both the financial risks and opportunities associated with climate change through the lens of governance, strategy, risk management, metrics, scenario analysis and disclosures.
Among the key takeaways: Use of scenario analysis is increasing and becoming more mainstream. Around 70 percent of firms are using it, with a rising number employing scenarios as a regular part of risk assessment, and with more firms using their main stress testing infrastructure/technology.