Canadian Credit Union Association’s Post

Canada's climate is changing, and the evidence is undeniable. Floods, wildfires, droughts, and health issues are affecting Canadians across the country. These changes will persist and intensify over the coming decades, significantly impacting Canadian communities, our economy, social well-being (including health and culture), and the environment. It's crucial to understand these impacts and the available options to build resilience through adaptation, reduce associated risks and costs, and support sound decision-making. I have written a guide outlining key and actionable steps that credit unions or any other organization can take to begin preparing for these changes. 👇 #ClimateRisk #Sustainability #ClimateAdaptation

🌱💼 Third-Party Risk Management (TPRM) is not just about managing risks across your value chain but also about fostering the sustainability of our ecosystem. Financial institutions are increasingly recognizing the urgency of addressing rapid climate change as an explicit risk to financial stability. This shift is pushing the sustainability agenda forward, especially in industries like Agri-Business. Check out the article linked below to learn more about how financial institutions are leading the charge towards a more sustainable future. https://lnkd.in/gaqnmw7W. https://lnkd.in/gfEY3uxk #TPRM #Sustainability #ClimateAction #Finance #ClimateChangeAwareness

The #ECB's Frank Elderson dropped a strong hint that the first climate risk-related fines are coming soon. Most banks, Elderson blogged, have met the #SSM's expectations on climate risk materiality assessments. Most - but not all. Check out my latest Substack post here: #climate #risk #banking #supervision #periodicpenaltypayments

Today the Reserve Bank of New Zealand has published ‘Managing climate-related risks. Guidance for prudentially regulated entities’, following consultation with the sector on the draft Guidance it issued last year. The Guidance:  • Is voluntary and non-binding, but entities should be aware that the Guidance will guide and inform RBNZ’s supervisors as the Bank increasingly integrates climate change considerations into its supervisory approach. When assessing the prudential risks to regulated entities, supervisors will consider an entity’s exposures to, and management of, climate-related risks in the context of this Guidance. • Takes a proportional approach – RBNZ expects entities that judge climate-related risks to be material to their business models and strategy will likely apply more of the Guidance than entities which judge climate-related risks to be not material. • Is targeted at both CREs and those who are not. RBNZ has consulted with XRB and FMA in developing the Guidance and have endeavoured to ensure it does not unnecessarily repeat or contract their standards or guidance. • Follows the standard TCFD-aligned categories of Governance, Strategy, Risk Management, and Metrics and targets. I’ll pop a link to the guidance in the comments. #climaterisk #rbnz 

The IFC - International Finance Corporation has started a new project to strengthen climate risk management in European financial institutions. The financial sector is addressing climate change and its part in it! ClimaLab will help banks and other institutions get a better grip on climate-related risks. As we see more extreme weather and changes, this know-how can be decisive. Read the article here: https://lnkd.in/d764hKrz #ClimateFinance #RiskManagement #SustainableBanking #IFC Would you like to get more news like this? Subscribe to our newsletter on our website!

Climate risk is becoming an increasingly big part of financial firms' risk assessments. Amid stark warnings from the United Nations and NGOs, banks, insurers, investment managers, and institutional asset owners are leaning into climate risk management and disclosure. But how do you assess such risks? SS&C's Andrew Aziz dives into what it takes and introduces our latest partnership with riskthinking.AI to provide the analytical tools institutions need to measure and integrate climate exposure into their risk calculations. Read more on our blog: https://lnkd.in/dbU7sfsb #climate #risk #ESG #insurance #exposure

❗Attention Canadian Financial Institutions❗ The Office of the Superintendent of Financial Institutions Canada (OSFI) has introduced new climate risk disclosure requirements that will come into effect starting in fiscal year-end 2024, with full compliance expected by 2025. These disclosures will focus on physical climate risks such as extreme weather events, rising sea levels, and other environmental impacts that can affect your assets and operations. Financial institutions will need to report how they assess and manage these risks, aligning with frameworks like the Task Force on Climate-related Financial Disclosures (TCFD) to ensure transparency and preparedness. This change is part of OSFI’s ongoing commitment to enhancing climate risk management in the financial sector. For institutions, it’s a critical step toward integrating climate considerations into business strategies and ensuring resilience against evolving environmental risks. 🔍 Learn more about these new requirements and how they will impact your organisation here: https://lnkd.in/d_uT7j3a #ClimateRisk #PhysicalClimateRisk #Sustainability #FinancialInstitutions #OSFI #RiskManagement #TCFD #ClimateDisclosure #ESG

Navigating climate risks is crucial for resilient financial institutions. World Economic Forum highlights risk identification, risk management and risk integration as 3 key strategies to consider. https://lnkd.in/eDvqdeRW

Insurers: Don’t spend millions and years implementing a highly customized risk analytics platform. Instead, consider partnering with SS&C Technologies and utilizing our award-winning Algorithmics risk solution — cloud-based, broad public and private asset class coverage, rich data services and analytics — all supported by deep business and technology expertise, with a more turnkey implementation and a fraction of the cost.

The Federal Reserve Bank's analysis reveals the challenges faced by top U.S. banks in quantifying climate-related impacts. CoreLogic 's article goes over the gaps in data and risk management information highlighted by the Pilot Climate Scenario Analysis Exercise. #climatechange #insurance #propertyclaims