RMA’s Climate Risk Consortium—comprised of large banks located worldwide—and its new Regional Bank Climate Risk Consortium bring together risk management professionals at financial institutions with the purpose of advancing awareness of and addressing risks relevant to climate change.
Members of the groups are committed to:
Developing frameworks and recommendations for governance, disclosure, and risk management principles
Sharing experiences with peers
Helping to move the industry forward on the topic of climate change risk
Currently, 31 large financial institutions and 11 regional banks are involved in the inaugural year of RMA's Climate Risk Consortia, including RMA’s newly formed Regional Bank Climate Risk Consortium. Read more about this group, which includes Webster Bank and Zions Bancorporation, here.
RMA’s Large Bank Climate Risk Consortium is composed of an international group of financial institutions that includes:
Bank of America
Bank of the West
Fifth Third Bank
Huntington National Bank
M&T Bank Corp.
MUFG Union Bank
National Bank of Canada
Royal Bank of Canada
Silicon Valley Bank, and its parent, SVB Financial Group
Sumitomo Mitsui Banking Corporation (SMBC)
TD Bank Group
The Consortium launched in September 2021 and is chaired by Mary Obasi, Global Climate Risk Executive, Bank of America.
2022 Climate Risk Consortium Initiatives:
Helping banks develop a climate risk strategy, including risk appetite, training, policies, and Board assessments.
Communicating in a common voice to regulators and assessing/preparing for regulatory disclosures.
Developing common metrics and targets for reporting and benchmarking; organizational design for scenario analysis and stress testing.
RMA Climate Risk Consortium Files Comment Letters
NYDFS Proposed Guidance Proposed Guidance for New York State Regulated Banking and Mortgage Organizations Relating to Management Of Material Financial Risks from Climate Change.
FRB Climate Principles Principles for Climate-Related Financial Risk Management for Large Financial Institutions (Federal Reserve Board Docket No. OP-1793)
U.S. Climate Regulatory Guide for Banking Organizations
This guide focuses on key legal and regulatory developments in the United States related to climate change and their impact on banking organizations. It also touches on related developments in environmental, social, and governance (“ESG”) issues, particularly as they relate to climate change regulation, and briefly addresses key international developments.