Strengthening Financial Sector Resilience to Environmental Risks
MAS issued Guidelines on Environmental Risk Management to enhance financial institutions’ resilience to environmental risks
8 December 2020
The Guidelines set out our supervisory expectations for banks, insurers and asset managers on their governance, risk management and disclosure of environmental risk. The Guidelines also aim to strengthen financial institutions’ (FIs) role in supporting the transition to an environmentally sustainable economy, in Singapore and in the region.
Through virtual townhalls, MAS shared with the industry our policy thinking and supervisory approach in working with FIs to implement the Guidelines. We have also provided detailed responses to the feedback received from the public consultation on the Guidelines.
MAS will continue to engage key FIs on their implementation progress and incorporate environmental risk in our supervisory assessment of FIs. By 2022, we will also incorporate a broader range of climate risks in thematic scenarios as part of our industry stress tests.
- MAS guidelines, published on 8 December 2020, on Environmental Risk Management for Banks
- MAS guidelines, published on 8 December 2020, on Environmental Risk Management for Insurers
- MAS guidelines, published 8 December 2020, on Environmental Risk Management for Asset Managers
- MAS media release, published on 25 June 2020, on consultation on Environmental Risk Management Guidelines for financial institutions
- Response to feedback received for proposed Guidelines on Environmental Risk Management for Banks
- Response to feedback received for proposed Guidelines on Environmental Risk Management for Insurers
- Response to feedback received for proposed Guidelines on Environmental Risk Management for Asset Managers