Gustavo Bernal Torres
MAS' Information Papers on Environmental Risk Management
The information papers on environmental risk management for banks, insurers and asset managers provide an overview of the progress made in implementing the MAS Guidelines on Environmental Risk Management.
MAS recognises that FIs are at varying stages of putting in place the relevant risk management processes. FIs should refer to the industry practices shared in the paper, and assess the applicability of the practices to their efforts to bolster their resilience to environmental risk in a way that is commensurate to their size, nature of activities and risk profile. Particular attention should be paid to areas where further work is required, as highlighted in the papers.
FIs must push ahead to set tangible targets to address environmental risk with urgency and ambition. MAS will continue to partner FIs to accelerate their efforts in translating their environmental risk strategy and risk appetite into concrete milestones and tangible targets for action. Helping stakeholders understand potential business and risk implications through relevant disclosures and education should also be a key area of focus.