Financial Supervisory Service Holds Financial Sector Symposium to Enhance Climate Risk Response Capabilities

"Sharing the Necessity for Raising Awareness and Establishing a Management System for Climate Risk"

[Asia Economy Reporter Park Sun-mi] The Financial Supervisory Service (FSS) is collaborating remotely with financial sector practitioners to expand awareness of climate risk and enhance response capabilities.

On the 10th, the FSS announced that it will jointly hold the "Financial Sector Climate Risk Symposium" with the Financial Services Commission, targeting all financial sector practitioners to expand awareness and improve response capabilities related to climate risk. The domestic financial sector's response to climate risk is in an early stage compared to major advanced countries such as Europe, requiring support from supervisory authorities.

The FSS will introduce the main contents of the "Climate Risk Guidelines," a set of recommendations that financial companies can refer to for responding to climate risk, and announce future operational plans. Next year, it plans to analyze the differences (gap analysis) between the Climate Risk Guidelines and financial companies' own internal processing standards and consider measures to address them. To continuously expand awareness and the base related to climate risk, the FSS is also promoting the regular operation of the Climate Risk Forum and the hosting of international conferences.

An FSS official stated, "Through this symposium, we can raise financial companies' awareness of climate risk and share the necessity of establishing climate risk management systems," adding, "Separately from this symposium, the FSS is operating the Climate Risk Forum to support the financial sector's response to climate risk and will do its best to support the financial sector's climate risk response in various ways going forward."

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