Singapore standardizes corporate environmental risk assessment model

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Staff reporter

, Singapore

A working group consisting of Citi, DBS, HSBC, OCBC, StanChart and UOB worked on the questionnaire.

The Association of Banks of 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 allow bank clients to collect data points and identify opportunities for financing the transition to a low carbon economy.

A working group consisting of 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 Task Force (GFIT) Risk Management Task Force to help the industry integrate the Environmental Risk Management Guidelines (ENRM ) from the Monetary Authority of Singapore (MAS).

The initiative aims to help establish best practice for banks in Singapore to engage their customers in assessing and mitigating their environmental risks.

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