While credit risk and cyber security risk are the topmost issues over the next 12 months for chief risk officers (CROs), the importance of climate change has surged up their agenda and now tops the list of emerging risks over the next five years.
According to the 11th annual EY/Institute of International Finance (IIF) global bank risk management survey, polling 88 banks from 33 countries, almost half of responding bank CROs recognise climate change as a top risk in the coming year, compared to 17% that felt this way 18 months ago. More than nine in 10 CROs view climate change as the most important emerging risk.
During a recent IIF webinar discussing the results, Chris Woolard, chair of EY Global Regulatory Network, outlined the global push being made by governments…
