News

MAS launches environmental risk management consultation

The Monetary Authority of Singapore (MAS) has issued a set of three consultation papers for banks, insurers and asset managers to help drive the transition towards “an environmentally sustainable economy in Singapore and the region”. The guidelines aim to advance financial institutions’ ability to deal with environmental risks and fall under the MAS’ Green Finance Action Plan as Singapore sets its sights on becoming a leading global centre for green finance. The guidelines detail the MAS’ supervisory expectations for the financial institutions in their governance, risk management and disclosure of environmental risk, Singapore’s central bank said in a statement. These include: (i) Governance – Boards and senior management of financial institutions are expected to incorporate environmental considerations into their strategies, business plans, and product offerings, and maintain effective oversight of the management of environmental risk. (ii) Risk Management – Financial institutions should put in place policies and processes to assess, monitor, and manage environmental risk. (iii) Disclosure – Financial institutions should make regular and meaningful disclosure of their environmental risks, so as to enhance market discipline by investors. Interested parties can submit comments on the proposed guidelines up until August 7, 2020. © 2020 funds global asia

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