HKMA SPM GS-1: GS-1 Climate Risk Management

Gives the key elements of climate-related risk management and the HKMA's approach to reviewing it: an overview of climate-related risk drivers (physical and transition) and their unique characteristics; governance (board and senior management responsibilities, oversight); strategy (formulation and implementation of a strategy that embeds climate considerations); risk management (identification and measurement, scenario analysis and stress testing, monitoring and reporting, control and mitigation); and disclosure aligned with the TCFD recommendations. Classification: a non-statutory guideline issued as a guidance note; version V.1, 30.12.2021; applies to all AIs.