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ARTICLE · 28 NOVEMBER 2019

Climate Change For Senior Managers - Deadline For PRA Risk Management Compliance Passes

DAC Beachcroft LLP
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Earlier this year, the Prudential Regulatory Authority ("PRA") published a supervisory statement (SS3/19) entitled "Enhancing banks' and insurers' ...

United KingdomEnvironment
William Allison
William Allison
Leanne Rogers
Leanne Rogers

Earlier this year, the Prudential Regulatory Authority ("PRA") published a supervisory statement (SS3/19) entitled "Enhancing banks' and insurers' approaches to managing the financial risks from climate change". In summary, the PRA requires financial institutions to develop their Senior Management Regime, addressing financial risks associated with climate change through the allocation of personal risk management responsibility. Compliance with the statement was required by no later than 15 October 2019.

All firms are vulnerable to risks associated with climate change, whether or not they are operating in an environmental sector. Management boards are expected to understand, analyse and manage the financial risks from climate change. Individuals may be held to account if they are unable to demonstrate that mitigation processes are in place and that the risks have been appropriately disclosed in financial statements.

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