Environmental risk management for financial institutions in ...

In our quick read, we provide an overview on what the MAS guidelines mean for your business and how we can help you put in place robust environmental risk ... 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Inourquickread,weprovideanoverviewonwhattheMASguidelinesmeanforyourbusinessandhowwecanhelpyouputinplacerobustenvironmentalriskmanagementpoliciesandprocesses,bringingyouastepclosertorealisingyoursustainablefuture. Downloadourquickread ImplementingMAS'guidelinesonenvironmentalriskmanagement-areyouontrack? WiththerecentfinalisationoftheMASguidelinesonenvironmentalriskmanagement,insurersaregivenuptillJune2022toimplementtheexpectationsanddemonstrateevidenceofimplementationprogress.Thisisanewandcomplexarea,andsubstantialworkisrequired,giventhatmostinsurersarejustbeginningtointegrateESGandclimaterisksintotheirbusinessandriskmanagementprocesses. Inourrecentwebinar,webroughttogetherspecialistsfromPwCUS,PwCGermanyandPwCSingaporetoshareinsightsonhowinsurerscanintegrateESGandclimaterisksintotheirbusinessandriskmanagementprocesses,howtodevelopyourbusiness’climatestrategyandthenewrevenuegrowthopportunitiesavailabletoinsurersinthisarena. Watchtherecordedsession ESGandENRMforInsurersAPACWebinar Fromevolvingconsumerpreferencesandgovernmentregulationtoextremeweatherevents,Environment,SocialandGovernance(ESG)andenvironmentalriskmanagementarebecomingincreasinglycrucialtopicsforinsurersacrosstheglobe.Thisisanewandcomplexarea:substantialactionisrequired,giventhatmostinsurersintheAsia-PacificregionarejustbeginningtointegrateESGintotheirbusinessandriskmanagementprocesses. Inourrecentwebinar,webroughttogetherspecialistsfromPwCUS,PwCGermany,PwCJapanandPwCSingaporetoshareinsightsonhowinsurerscanintegrateESGintotheirbusinessandriskmanagementprocesses,aswellashowtodevelopyourbusiness’climatestrategyintheAPACregion. Watchtherecordedsession Whatyouneedtoknow Banks,assetmanagersandinsurersmustintegrategovernance,riskmanagementanddisclosureofenvironmentalriskwithintheirexistingriskassessmentframeworks. TheseguidelinesaimtoenhancetheresilienceofFIstoenvironmentalriskandstrengthentheroleofSingapore’sfinancialsectorinsupportingthetransitiontoanenvironmentallysustainableeconomy.FIsaregiven18monthstoassessandmeettheseguidelines. TheguidelinessetouttheMAS’expectationsforFIsinthreemainareas: 1.Governanceandstrategy Effectiveoversightofthemanagementofenvironmentalriskbyboardsandseniormanagement 2.Riskmanagement Establishmentofpoliciesandprocessestoassess,monitorandmanageenvironmentalrisk 3.Disclosures Disclosureofenvironmentalriskswithregularassessmenttoimprovethoroughness,clarityandrelevance