Climate change scenarios: what banks can learn from IFRS 9
Deloitte Audit & Assurance Partner Richard Tedder and Rutang Thanawalla, Director, Risk Advisory consider how banks’ business planning has changed to accommodate climate risk scenarios.
Banks’ business planning and credit assessments have changed significantly since the 2008 financial crisis. Firms must now use a “forward-looking” approach for loan loss reserving and, for those banks using IFRS 9, this should be implemented under a range of forward-looking scenarios.
Banks also routinely generate forward-looking scenarios as part of their medium to long-term business planning and stress testing obligations.
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