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OCC and Basel Committee Issue Separate Proposed Principles for the Management of Climate-Related Financial Risks
5 January 2022
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Last month, the OCC released for public comment draft principles for the management of climate-related financial risk by OCC-supervised large banks (the “OCC Principles”). Public comments received on the OCC Principles will inform more detailed guidance on the topic that the OCC plans to issue in 2022.
The OCC Principles align closely with a similar set of principles released by the Basel Committee on Banking Supervision one month earlier (the “Basel Committee Principles”).
Both sets of principles are intended to provide guidance for managing climate-related financial risks, covering topics such as corporate governance; policies, procedures and limits; strategic planning; risk appetite, risk management and audit; data aggregation and reporting; scenario analysis; credit risk; liquidity risk; market risk; operational risk; legal/compliance risk; and other nonfinancial risk.
Environmental, Social and Governance (ESG)
Satish M. Kini
Gregory J. Lyons
Natalie L. Reid
David W. Rivkin
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