Supervisors must adapt to climate change risks – Fed official

Courtesy of the Federal Reserve Bank of New York
Photo: Courtesy of the Federal Reserve Bank of New York

Supervisory tools must adapt to better suit the risks that climate change poses to financial institutions, the head of supervision at the Federal Reserve Bank of New York said on November 7.  

Risk managers and policy-makers must develop new tools and datasets to identify, monitor and manage climate-related risks, Kevin Stiroh said.

“The US economy has experienced more than $500 billion in direct losses over the last five years due to climate and weather-related events,” the executive vice

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