Regulatory Alerts2024-08-22
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Good practices on climate-related risk governance
The Hong Kong Monetary Authority issued this annex to summarize key observations and good practices for climate-related risk governance based on supervisory reviews of authorized institutions. It outlines requirements for establishing robust governance structures with clear board and senior management responsibilities, including dedicated committees and cross-functional working groups. The document further details expectations for developing explicit climate strategies, embedding climate risks into credit assessment processes, and cultivating an organizational culture through performance evaluations and targeted training.
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