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Climate Risk Consortia

What Are RMA's Climate Risk Consortia?

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

   

Member Banks:

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:

Ally Bank Bank of America Bank of the West BMO Citizens Bank Fifth Third Bank Huntington National Bank KeyBank M&T Bank Corp. MUFG Union Bank

National Bank of Canada Regions Bank Royal Bank of Canada Silicon Valley Bank, and its parent, SVB Financial Group Societe Generale Sumitomo Mitsui Banking Corporation (SMBC) TD Bank Group Truist  U.S. Bank Wells Fargo

The Consortium launched in September 2021 and is chaired by Mary Obasi, Global Climate Risk Executive, Bank of America.

 

 

2022 Climate Risk Consortium Initiatives:

Governance

Helping banks develop a climate risk strategy, including risk appetite, training, policies, and Board assessments.

Disclosures

Communicating in a common voice to regulators and assessing/preparing for regulatory disclosures. 

Risk Management

Developing common metrics and targets for reporting and benchmarking; organizational design for scenario analysis and stress testing. 

      

 

RMA Climate Risk Consortium Files Comment Letters

BCBS – Basel Committee on Bank Supervision​ Proposed Principles for the Effective Management and Supervision of Climate-Related Financial Risks​

Office of the Comptroller of the Currency​ Proposed Principles for Climate-Related Financial Risk Management for Large Banks​

Federal Deposit Insurance Corporation​ Proposed Principles for Climate-Related Financial Risk Management for Large Financial Institutions (RIN 3064-ZA32)​

Securities and Exchanges Commission​ Proposed Framework for The Enhancement and Standardization of Climate-Related Disclosures for Investors, 87 Fed. Reg. 21334

Financial Stability Board Interim Report on Supervisory and Regulatory Approaches to Climate-related Risks ​

ISSB – International Sustainability Standards Board ​ Exposure Draft of IFRS S2 Climate-Related Disclosures ​

Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve System​ Joint Notice of Proposed Rulemaking to Amend the Regulations Implementing the Community Reinvestment Act Of 1977​

    

      

Relevant Thought Leadership

OCC Publishes Draft Principles on Climate Risk for Comment

Edward J. DeMarco, Jr., Chief Administrative Officer & General Counsel, RMA

Journal Articles

February 01, 2022

How Banks are Enhancing their Analysis of Climate Risk – EY/RMA Survey Results

Survey Reports

January 03, 2022

U.S. Senator Sheldon Whitehouse on Where Climate Action is Headed, and How the Financial System will be Affected

Journal Articles

April 01, 2021

OCC’s Hsu Discusses Path Towards Regulatory Guidance, Action on Climate Risk

Stephen Krasowski, Communications Manager, RMA Frank Devlin, Senior Editor, The RMA Journal

Blogs

November 09, 2021

How the Financial System Can Help Solve the Climate Crisis - And Create Prosperity to Boot

Blogs

October 21, 2020