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The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.
Contents
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In addition, it is becoming increasingly clear that such risks are being realised and can be measured, monitored, and mitigated. This has driven the global regulatory community to seek ways in codifying ESG risks, especially those that are climate-change related, into a single risk type.
Of course, risk is inversely linked to opportunity and the emergence of such additional risks presents potential areas of growth and competitive advantage for banks in recognising such pathways more efficiently than their competitors.
Grant Thornton's ESG services are across three pillars, Strategy, Risk Management and Integration. This document outlines our focus on the development of a climate change risk quantification, stress testing, and portfolio management framework. This framework aims to identify and measure key vulnerabilities in a bank's portfolios given the negative effects of climate change, as well as to identify opportunities for growth in reference to risk based pricing reflective of climate risks.
Authors
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Dwayne Price Dwayne joined Grant Thornton in 2016 as partner to head our Regulatory Advisory Services offering. Dwayne leads the firm’s risk and regulatory offering focusing on Quantitative Risk Advisory, Regulatory Risk and Strategy, and Regulatory Support services.View Profile -
Amanda Ward Amanda joined Grant Thornton in August 2020 as a Partner in our Consulting team. Prior to joining Grant Thornton Amanda spent 8 years with the Irish branch of an International Nordic Bank finishing in the role of Chief Operating Officer. Prior to this she spent 8 years with a Big Four firm where she worked with the Financial Effectiveness Consulting and Audit divisions.View Profile -
Catherine Duggan Catherine is a senior energy/sustainability specialist with 15 years global experience, who joined Grant Thornton in 2021 to lead the sustainability offering in Financial Services.View Profile