The Basel Committee on Banking Supervision (BCBS) has published its long-awaited principles on the effective management and supervision of climate-related financial risks, after confirmation that it had approved a final list of principles in May.
The news comes more than a year after the BCBS had announced the establishment of a high-level Task Force on Climate-related Financial Risks (TFCR) and aims to bring additional regulatory control over the banking sector’s understanding and assessment of climate change as a financial risk.
Assessment, management and supervision
Unofficially referred to as Basel V, the 18 principles cover corporate governance, internal controls, risk assessment, management and reporting.
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