Summary

CRISIL’s RISE ecosystem along with Trucost (part of S&P Global), hosted a virtual roundtable to discuss how banks can benefit from collaboration in climate risk, and also introduced their industry study solution, Strategic Comparison and Advisory Narrative (SCAN). The session was attended by 100+ senior risk professionals from over 50 global banks, including 18 global systemically important banks (G-SIBs).

RISE discussed key global trends in the climate risk space and how banks can benefit from leveraging the opportunity to collaborate at a granular level. Trucost discussed a few specific themes, such as the carbon footprint target setting, climate risk scenario quantification and key challenges around industry disclosure frameworks, Task Force on Climate-Related Financial Disclosures (TCFD) in particular. 

Leading to this, RISE introduced its value proposition around industry collaboration – Strategic Comparison and Advisory Narrative (SCAN) on Climate Risk. A data-driven comparative exercise focusing on the key components of climate risk, and not just the current state but also the future roadmap, across banks - providing actionable intelligence on best-in-class industry practices, operating models and cost structures. To know more click here.

During the event, RISE and Trucost ran a few live poll questions, to get insights on industry thinking around climate risk. From the results below, it is clear that banks have divergent views around key decision points in the evolving space of climate risk. This reinforces our view that banks can benefit from industry collaboration which can be facilitated through climate risk SCAN.