Major banks create consortium to develop climate risk standards

January 13, 2022
Nearly 20 U.S. and Canadian banks are creating a group that will craft a unified framework for addressing climate-related risks, the latest banking industry effort to share information on dealing with these risks as regulators for the sector are developing supervisory guidance on the issue. The Risk Management Association (RMA), a professional association focusing on risk management in the financial services industry, announced Jan. 12 that the group of 19 banks is forming a “Climate Risk Consortium” that will develop...

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