Climate Risk Consortium
What Is RMA's Climate Risk Consortium?
RMA’s Climate Risk Consortium brings 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:
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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 |
Interested in joining the Climate Risk Consortium?
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Member Banks:
Currently, 30 large financial institutions are involved in the RMA's Climate Risk Consortium.
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The Consortium launched in September 2021.
2024 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
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)
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
Interested in joining the Climate Risk Consortium?
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Content Spotlight
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.
