Banks struggle to assess climate impact on op risk

Supervisors have provided less stress-testing guidance for op risk than for credit risk

Natural disaster

The US Federal Reserve became the latest regulator to announce a pilot scenario analysis for climate risk in September, following in the footsteps of supervisors in the UK, France and at the European Central Bank. Banks have grappled with how to calculate the impact of climate change on their credit risk. They are now turning their attention to operational risk, and finding the relationship with climate change even harder to gauge, partly due to a lack of regulatory guidance.

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