Global Association of Risk Professionals (GARP)’s Post

Bank Negara Malaysia (BNM), in partnership with the Joint Committee on Climate Change (JC3) and with contributions from the World Wide Fund for Nature, has created the Climate Change and Principle-based Taxonomy (CCPT), as outlined in the following summary. This framework standardizes the classification of climate-related exposures, crucial for Southeast Asia's financial institutions. It helps businesses manage climate risks and promote sustainability. Refined with industry feedback, the CCPT now includes sector-specific guidance and thorough due diligence assessments. BNM's latest update prioritizes reducing greenhouse gas emissions and improving climate risk management. #ClimateAction #SustainableFinance

Jia Yaw Kiu This is a forum completely up my creek. Anti-corruption is the unspoken component and little raised element of the ESG set of criteria for practice. For obvious reasons, companies dont want to bring this up as they might prefer to sweep this under the carpet, Thanks for bring this to the fore. 😊 See you there.

🌍 The Modern Slavery Risk Map As I sipped my coffee ☕ today, I couldn't help but reflect on the darker side of the supply chain that often goes unnoticed. I wonder how many human lives are at risk while we indulge in our daily pleasures. While living in developed nations like Singapore, modern slavery, forced labour, and human trafficking are not something we bring up in conversations. But does that mean the problem doesn't exist? 🤔 Sadly, the tools, reports and materials on Modern Slavery topics are often inaccessible to the general public. This inaccessibility inadvertently contributes to a lack of awareness and understanding, which can lead to oversight and perpetuation of this issue. I was pleasantly surprised when I stumbled upon The Mekong Club's risk map, which aims to bridge this gap. This incredible initiative makes crucial information easily understandable and accessible to individuals and businesses. This is just one of the resources made available on the same portal, and it empowers us to connect the dots and take meaningful action against this pressing issue. For businesses wanting to accelerate their supply chain risk management and human rights due diligence efforts, check out the link in the comment section to explore more free resources 👇🏻 #RiskManagement #ModernSlavery #Risk #SupplyChain

In Indonesia, regional progress is hampered because of excessive centralisation of authority. The future governance model needs to put in place an energy transition that strengthens the role of local governments to become more self-reliant. Al Ayubi, Climate Justice Associate at Yayasan Indonesia Cerah, shares his insights https://bit.ly/3JBTTOK

Banks need to do a lot better. With an overall average score of 1.95 out of 10, most banks assessed in the Lower Mekong Region and China do not have proper Environmental, Social, and Governance (ESG) policies. And of the assessed banks, 29 had no environmental policy at all and only three of the 29 banks scored from adequate to good on environmental criteria. Based on the analysis of the ESG policies of 38 assessed regional banks, none deal with the various ESG risks in the pulp and paper, timber and rubber sectors in a comprehensive way. Find out more about Forest and Financing in the Lower Mekong: https://lnkd.in/eZ65_MFJ #SaveForestsNow

Congratulations Maritime and Port Authority of Singapore (MPA) and Monetary Authority of Singapore (MAS) for the development of the Singapore-Asia taxonomy which defines the criteria for green and transition activities for #climatechange mitigation. The taxonomy provides a common language across #maritime and #financial services sectors on #greenshipping, channelling more financing flows for #decarbonisation. #BlueEconomy #ClimateChangeMitigation

Climate risk become the most talked about thing recently. Although the global community agreed on the table about several programs for green transition, the right action should be taken by each stakeholder. Dr Luqyan Tamanni and Ikram N. Muharam outlined briefly from the point of view of Islamic finance and shed light on how Islamic finance institutions should take part in the global agenda. #climatechange #climatefinance #islamicfinance

How do global best practices around anti-corruption compare with Thai policies? My Grant Thornton Thailand colleague Sittichai Choosupanasorn and I discuss the similarities and differences in this excerpt from our recent conversation. Watch the full video here: https://lnkd.in/gQdCVi3c