BIS and MAS Collaborate to Develop Blueprint for Climate Risk Framework
Together, the Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS) are investigating how integrating regulatory and climatic data might provide insights into financial risks associated with climate change.
The two organizations have created a roadmap for a climate risk solution called Project Viridis, which intends to assist financial authorities and central banks in "identifying, monitoring, and managing climate risks in the financial system."
The Ellipse Data and Knowledge Platform (EDKP), developed by the BIS Innovation Hub Singapore Centre and MAS under Project Ellipse, is a key component of the Viridis platform, which was first unveiled in 2022.
The "blueprint" outlines the characteristics and metrics needed for a platform that manages climate risk. It highlights the need of data and information on financial emissions, physical risk exposure, and "forward-looking assessments under different climate scenarios" for any instrument that manages climate risk.
The two organizations have created a roadmap for a climate risk solution called Project Viridis, which intends to assist financial authorities and central banks in "identifying, monitoring, and managing climate risks in the financial system."
The Ellipse Data and Knowledge Platform (EDKP), developed by the BIS Innovation Hub Singapore Centre and MAS under Project Ellipse, is a key component of the Viridis platform, which was first unveiled in 2022.
The "blueprint" outlines the characteristics and metrics needed for a platform that manages climate risk. It highlights the need of data and information on financial emissions, physical risk exposure, and "forward-looking assessments under different climate scenarios" for any instrument that manages climate risk.
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