Regulatory Alerts2022-06-22
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Supervisory Policy Manual GS-1 Climate Risk Management
The Hong Kong Monetary Authority issued this letter to direct Authorized Institutions to implement the Supervisory Policy Manual module GS-1 on climate risk management. The regulator emphasizes that institutions must align their practices with the Basel Committee on Banking Supervision's Principles for the Effective Management and Supervision of Climate-related Financial Risks. This guidance aims to strengthen banks' risk management frameworks while allowing for proportionate application based on individual size and complexity.
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