Financial institutions are growing more sophisticated in the way they incorporate scenario analysis into their risk assessments and in quantifying their climate-related risks, a new survey from the Global Association of Risk Professionals (GARP) finds.
Conducted by the GARP Risk Institute (GRI), the “Third Annual Global Survey of Climate Risk Management at Financial Firms” garnered responses from 78 financial institutions around the world—comprising banks, asset managers, insurers, and other firms—that collectively hold roughly $46 trillion of assets on their balance sheets and total assets under management around $50 trillion.
