SINGAPORE (June 25): The Monetary Authority of Singapore (MAS) has issued a set of three consultation papers on its proposed Guidelines on Environmental Risk Management (Guidelines) for banks, insurers and asset managers.
The guidelines, which are part of MAS’s Green Finance Action Plan, seek to enhance the resilience of financial institutions towards environmental risk, and support the transition to an environmentally sustainable economy.
The guidelines were co-created by MAS and The Association of Banks in Singapore, General Insurance Association of Singapore, Life Insurance Association Singapore, Singapore Reinsurers’ Association, and Investment Management Association of Singapore.
They will set out MAS’ supervisory expectations for banks, insurers and asset managers in their governance, risk management, and disclosure of environmental risk.
