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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In April 2022, the Bank of Italy issued its first document on Supervisory Expectations regarding climate and environmental risks, containing non-binding indications concerning the integration of climate and environmental risks into governance and control systems, business models and corporate strategy, organizational systems and operational processes, risk management systems, and market disclosure by supervised banking and financial intermediaries. In this regard, in the second quarter of 2022, the Bank of Italy conducted a first structured investigation into the level of integration of climate and environmental risks in the management paradigms of less significant banks (LSIs), participating, with a sample of 21 intermediaries, in the thematic investigation conducted by the ECB on significant banks.
Regarding this matter, an informative note is published with the findings emerged - including a more detailed report - in which, among other things, the administrative bodies of all less significant banks are required to define and approve specific action plans for the effective integration of climate risks into the ordinary framework of risk governance and management over the next three years.
Text of the communication
24 November 2022
Climate and Environmental Risks. Main findings of a thematic investigation conducted by the Bank of Italy
PDF 651 KB
on a sample of less significant banks
24 November 2022
Thematic Investigation on the degree of alignment of LSIs with supervisory expectations on climate and environmental risks
PDF 2 MB
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