The Bank of Italy currently supervises 54 banking groups and 167 stand-alone banks, 284 asset management operators (investment firms, asset management companies and fixed capital investment companies), 153 other financial intermediaries and 51 payment or electronic money institutions. These are flanked by hundreds of EU entities subject to supervision in their home countries, which can operate under the freedom to provide services.
In the discussion of climate change risks to the financial sector, two types of systemic risks have been identified. Firstly, there are physical risks, namely damage caused by extreme weather events or climate-related natural disasters. These include hurricanes, floods, storms, heat waves etc. In addition to potential risks to life, such events generate great financial damage. For example, such events may damage properties.