But OSFI stopped short of prescribing specific increases in capital buffers to deal with risks related to climate change
Canada’s big banks, insurance companies and pension funds should integrate climate-related risks into their business strategies and tie top executives’ pay to dealing with such risks, the industry’s federal regulator said on Tuesday.
Instead, OSFI said financial institutions should incorporate the impact of climate change on its liquidity risk profile and integrate a range of potential impact on their own businesses and industry when assessing if its capital buffers are adequate. As a part of the policy, OSFI will require institutions to adopt more detailed disclosure of climate-related data and run analyses of how they would fare over a range of different physical and policy changes. That will include details of governance, strategy and internal processes for managing such risks.
France Dernières Nouvelles, France Actualités
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