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More than

396 extracts

from 38 regulatory texts

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In cases where the pension plan invests in pooled funds and the administrator does not have control over individual investments held by such funds, the pension plan’s administrator can assess the pooled funds’ consideration of climate-related risk to determine alignment with the pension plan’s risk appetite.
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Climate-related risks, and transition risks in particular, can materially change the investment environment over time. Consequently, it is important for the pension plan administrator to assess how the transition to a lower GHG-economy may impact the pension plan’s investment policy and strategy in the longer term. At the same time, climate change may bring about new investment opportunities for pension plan. The pension plans are expected to evaluate any such opportunities in the context of their Statement of Investment policies and strategies, reflecting the plan’s investment objectives and risk appetite.
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Adapt risk management approaches and tools to assess and measure climate-related risks; report on climate-related risks to enable strategy recalibration. A risk management process that defines, identifies, assesses, monitors and manages climate-related risks is key to informing an effective strategy that aligns with financial institutions’ objectives and risk appetite. Traditional risk management approaches and stress testing tools may not be sufficient for identifying and accounting for a financial institution’s climate-related risk exposures due to the uncertain outlook and long-horizon of climate change.
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Establish risk appetite for climate-related risks; assess current portfolio and forward-looking business model in relation to risk appetite; develop a strategy for adherence to climate risk appetite that is commensurate with the nature, size, complexity and risk profile of the financial institution; recalibrate the strategy as needed.
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Similar to other material risks, appropriate policies, procedures, and controls implemented across the financial institutions’ three lines of defense can contribute to effective climate-related risk management: line of business; risk management, compliance, financial and actuarial functions; internal audit.
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Effective governance also requires including climate-related risk in a financial institution’s operational risk management practices. For example, embedding climate-related risk management into a financial institution’s business continuity processes and key outsourcing arrangements can foster proactive responses to climate-related business disruptions and broader operational resilience.
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For climate-related risks, traditional financial risk models can present a challenge to financial institution’s in a number of ways: current assumptions may not capture the impact of climate-related risks on the future direction of the risk exposure; historical loss rates due to climate-related risks are not currently available; and climate data available may be insufficient in granularity. Given that risk modelling in the area of climate-related risks continue to develop and evolve, financial institutions may need to consider other ways to assess their material climate-related risk exposures to determine the appropriate level of capital in the interim.
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Incorporate climate-related risk considerations into policies, procedures and controls. Governance structures, policies or practices may need to be adapted to implement a climate-related risk strategy. Some example of emerging practices include: Designating a Senior Officer accountable for climate-related risk to improve decision-making, Implementing awareness programs to improve the climate-related risk literacy of decision makers, Linking senior management compensation to specific climate-related risk magament objectives of the organization.
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Attente 9.2 : Il est attendu des établissements qu’ils évaluent dans quelle mesure la nature des activités auxquelles ils participent accroît le risque de répercussions financières négatives par suite d’événements futurs tels qu’une atteinte à la réputation, l’engagement de leur responsabilité et/ou un contentieux.
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Attente 12 : Il est attendu des établissements qu’ils évaluent si des risques significatifs liés au climat et à l’environnement pourraient entraîner des sorties nettes de trésorerie ou une diminution de leurs coussins de liquidité et, le cas échéant, qu’ils incluent ces facteurs dans leur cadre de gestion du risque de liquidité et leur calibrage des coussins de liquidité.
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Attente 11 : Il est attendu des établissements présentant des risques significatifs liés au climat et à l’environnement qu’ils évaluent l’adéquation de leurs tests de résistance en vue de leur intégration dans les scénarios de référence et les scénarios adverses.
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Attente 13.1 : Il est attendu des établissements financiers qu’ils précisent dans leurs politiques de déclaration les considérations-clés sur lesquelles repose leur évaluation du caractère significatif des risques liés au climat et à l’environnement, ainsi que la fréquence et les modalités de publication des informations.
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Attente 10 : Il est attendu des établissements qu’ils suivent en permanence les effets des facteurs liés au climat et à l’environnement sur leur exposition actuelle au risque de marché et sur leurs placements futurs, et qu’ils mettent au point des tests de résistance incorporant les risques climatiques et environnementaux.
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Attente 3.4 : Il est attendu de l’organe de direction qu’il exerce une surveillance efficace de l’exposition de l’établissement et de sa réaction aux risques liés au climat et à l’environnement.
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Attente 3.1 : Il est attendu de l’organe de direction qu’il attribue explicitement les rôles et responsabilités en matière de risques liés au climat et à l’environnement à ses membres et/ou ses sous-comités.

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