Banks have so far mainly worked on data collection and exercises to assess transition risks. Physical risk management practices instead are generally less advanced. Only few intermediaries have started to consider other environmental risks, such as biodiversity loss and pollution.
Randal K Quarles: America's vital interest in global efforts to promote financial stability Speech by Mr Randal K Quarles, Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, at the Utah Bankers Association 110th Annual Convention, Sun Valley, Idaho, 27 June 2018. * * * Good afternoon.