Given an increasingly integrated financial world, the banking system is up against a scenario that, on the one hand, holds fresh opportunities and on the other, presents a myriad of complex challenges. Policy directions Ladies and gentlemen of the BMAP. This year, the banking system’s flexibility to adapt to market changes will again be put to the test.
Although the Insurance Core Principles (ICPs) are sufficiently broad to capture climate-related risks, and while insurers should already be seeking to integrate climate risk into their enterprise risk management frameworks, the IAIS believes further guidance and support would enhance supervisory effectiveness and help inform appropriate regulatory requirements.