Regulatory Alerts2021-12-30
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Supervisory Policy Manual SPM GS-1 Climate Risk Management
The Hong Kong Monetary Authority issued Supervisory Policy Manual GS-1 to provide high-level guidance for Authorized Institutions on building climate resilience. The document requires institutions to incorporate climate considerations into their governance, strategy, risk management, and disclosure frameworks. Authorized Institutions are expected to implement these measures within a 12-month period, concluding by the end of 2022.
Banking Policy Department Our Ref: B1/15C B9/197C B1/21C 30 December 2021 The Chief Executive All Authorized Institutions Dear Sir / Madam, Supervisory Policy Manual (SPM): GS-1 “climate risk management” I am writing to inform you that, following consultation with the two industry associations, the Monetary Authority is issuing the above SPM module as a guidance note today. The SPM module is intended to provide high-level guidance to AIs to build climate resilience by incorporating climate considerations into governance, strategy, risk management and disclosure. As mentioned in the SPM, a 12-month period will be allowed for the implementation. AIs are thus expected to take relevant measures by end2022. If you have any questions about this SPM, please contact Ms Olivia Chung (2878-1624) or Mr Willy Mak (2878-1219). Yours faithfully, Frank Leung Acting Executive Director (Banking Policy) Encl cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn: Mr Justin To)
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