1 Forbes  (2017) www.forbes.com/sites/cbovaird/2017/08/27/cryptocurrencys-total-market-cap-has-risen-nearly800-this-year/#7e89e36b67c7. 2 www.juniperresearch.com/press/press-releases/cybercrime-cost-businesses-over-2trillion. 3 RM2.5 trillion (USD633billion). 4/4  BIS central bankers' speeches
The banks have a key role to play in this effort through financing the transition as well through providing adequate disclosures to the markets. We therefore expect them to adopt both their business models and risk  1/2  BIS - Central bankers' speeches  management frameworks to incorporate climate and environmental risks. The fact that certain banks have started making tangible steps in this regard is a positive development, but there is still some way yet to be travelled. The management of climate risk by banks is on the top of the supervisory agenda. We acknowledge the challenge that this poses especially for smaller banks. However, we do expect them to act more decisively in the said direction. By default, this will ultimately also target the banks' clientele and the submission of detailed climate related information in order to feed the banks' risk management processes. The challenges noted above, require significant up- front investment before reaping the benefits. The banks should proceed without undue delays to the transformation of their business models to address a new challenging business environment. Complacency emanating from short term profits is not a viable option. Sustainability through transformation is the way forward. Thank you. 2/2  BIS - Central bankers' speeches