Risk Management: Principles for Climate-Related Financial Risk Management for Large Banks
The Office of the Comptroller of the Currency (OCC) disagrees that climate-related financial risk is the single gravest threat to the U.S. banking system and that it needs special treatment. Under the OCC proposal, banks will be required to monitor and respond to climate-related risk even when immaterial, to undertake costly scenario analyses that are not required even for other material risks, and to labor under a series of requirements that have no role where other risks are concerned
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