Regulatory Alerts2023-01-10
Communications - Climate and Environmental Risks - Thematic Survey on a Sample of Non-Bank Intermediaries
The Bank of Italy issued this communication following a thematic survey of 86 non-bank financial intermediaries, revealing widespread deficiencies in integrating climate and environmental risks into governance, strategy, and risk management frameworks. The document mandates that all supervised entities develop and submit a formalized Action Plan by 31.3.2023, detailing specific remedial measures, measurable sustainability targets, and robust data governance protocols to align with supervisory expectations. Furthermore, it requires boards to actively oversee ESG integration, enhance executive training, strengthen remuneration policies, and systematically embed climate risk assessments into credit, investment, and operational processes.
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