Benhart: banks should start revising for OCC’s climate exams
US agency’s climate chief says firms will need more data from clients if they’re to make the grade
Everybody hates exams. But what if you faced an exam on a topic no one had tackled before and the available study material was thin and patchy? This is the position US banks will be in when the Office for the Comptroller of the Currency (OCC) sets its first exams on climate risk management.
Late last year, the OCC became the first federal regulator to issue guidance on how banks should manage climate-related financial risks. The OCC’s first chief climate officer, Darrin Benhart, tells Risk.net
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