has noted that climate change may result in physical and transition risks that could impact the 1/2  BIS central bankers' speeches  safety and soundness of individual financial institutions and have broader financial stability implications for the banking system. In response, the Committee established the TFCR to undertake work on climate-related financial risks in February of 2020. I am acting as a co-chair of the Task Force, along with Frank Elderson, Executive Director of Supervision at the Netherlands Bank. In the first phase of work, the TFCR conducted a stock-take of members’ existing regulatory and supervisory initiatives on climate-related financial risks.3 This work highlighted the increasing focus on climate-related risks. To take the work forward, the TFCR is following a gradual and sequential approach from a banking supervisory perspective with a current focus on understanding climate risk transmission channels, as well as methodologies for measuring and assessing these risks. The TFCR plans to complete these fundamental research initiatives by mid-2021. Building on this analytical work, the TFCR will then consider the extent to which climate-related financial risks are incorporated in the existing Basel Framework and identify effective supervisory practices to mitigate such risks. The TFCR does not currently have a view on potential prudential treatments or supervisory expectations related to the mitigation of climate-related financial risks.
Ravi Menon: MAS Marks 50 Years Serving Singapore Welcome remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at MAS 50th Anniversary Partners Appreciation Evening, 7 October 2021. * * * Prime Minister Lee Hsien Loong, Chairman and Board Members of MAS, ESM Goh Chok Tong, Friends and Family of MAS Welcome to the MAS’ 50th Anniversary Partners Appreciation Evening – the first in a series of events to commemorate our Golden Jubilee. This evening is a time for thanksgiving. There are about 50 of us here at the MAS Building and about 800 friends and family joining us virtually. This includes our friends from the financial industry, consumer and governance groups, tripartite partners, academic institutions, and international organisations. And of course, our family – past and present staff and leaders of MAS and our colleagues in the broader Public Service. This is a special occasion for me personally. I joined MAS in 1987 and have spent most of my professional career here. So much of what I have learnt and how I have evolved, I owe it to the many bosses and colleagues I worked with in MAS over the years. MAS was already a highly competent organisation in 1987, and I have seen it grow over the decades to become what it is today – a central bank and financial regulator highly regarded among its international peers and the global financial industry.