Singapore standardizes template for corporate environmental risk assessment
A workgroup composed of Citi, DBS, HSBC, OCBC, StanChart, and UOB worked on the questionnaire.
The Association of Banks in Singapore (ABS) has launched the ABS Environmental Risk Questionnaire (ERQ), the country’s first industry-standard template that sets a consistent baseline for banks to engage their corporate clients on environmental risk issues.
The ERQ will enable banks’ customers to gather data points and identify opportunities to finance the transition to a low carbon economy.
A workgroup comprising Citibank, DBS, HSBC, OCBC, Standard Chartered and UOB developed the ERQ over several months.
The questionnaire is one of the key deliverables of the Green Finance Industry Taskforce (GFIT) workstream on risk management to help the industry in embedding the Monetary Authority of Singapore’s (MAS) Environmental Risk Management (ENRM) Guidelines.
The initiative aims to help establish a best practice for banks in Singapore to engage their clients in assessment and mitigation of their environmental risks.
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