Regulatory Alerts2022-11-24
Climate and Environmental Risks: Main Findings of a Thematic Investigation on Less Significant Banks
The Bank of Italy issued findings from a thematic investigation into the integration of climate and environmental risks into the management paradigms of less significant banks (LSIs). The regulator requires the administrative bodies of all LSI banks to define and approve specific action plans for the effective integration of climate risks into their ordinary risk governance and management frameworks over the next three years. These requirements follow the Bank of Italy's 2022 supervisory expectations and its participation in a European Central Bank thematic investigation involving a sample of 21 intermediaries.
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