Climate change: Hong Kong Monetary Authority to roll out risk assessment platform for banks, workforce training programmes

The Hong Kong Monetary Authority is expanding its role as a banking supervisor by addressing the pain points faced by the industry when managing climate risk, including setting up an online risk assessment platform and training the workforce.

The authority has been developing the cloud-based physical risk assessment platform for banks to analyse the risk to their property assets in different climate scenarios – a rare initiative from a regulatory body, according to Arthur Yuen Kwok-hang, deputy chief executive at the HKMA.