Knowledge & Insights

The MAS' Guidelines on Environmental Risk Management (“ERM Guidelines”), which are applicable to various classes of financial institutions (“FIs”) in Singapore such as banks, asset managers and insurers, came into force on 1 June 2022. This follows a 18 month transition period since the issuance of the ERM Guidelines back in December 2020. In this connection, MAS also published a set of information papers on environmental risk management for banks, insurers and asset managers to provide an overview of the progress made in implementing the ERM Guidelines. These information papers are based on a thematic review conducted by MAS on the various classes of FIs, and highlights emerging and good practices by these FIs to bolster their resilience to environmental risks, as well as identifies areas where further work is needed. MAS thus expects FIs to refer to the industry practices shared in these information papers, with particular attention paid to areas where further work is required.

The information papers may be accessed here.

Our Financial Services Regulatory Practice has advised on a broad range of issues that concerns various classes of financial institutions. Reach out to our Financial Services Regulatory Partners Elaine Chan, Rosabel Ng, Chan Jia Hui, Tian Sion Yoong, or find out more about our practice here.