Quick News Bit

U.S. Banking Regulator Appoints New Climate Risk Chief

0

The Office of the Comptroller of the Currency in Washington. Under Acting Comptroller Michael Hsu, the agency has directed more attention to the financial risks presented by climate change.



Photo:

Stephen Voss for The Wall Street Journal

The Office of the Comptroller of the Currency has appointed Yue (Nina) Chen, a risk expert with experience at New York’s financial regulator and at major banks, as its chief climate risk officer.

The U.S. banking regulator on Monday announced the appointment of Dr. Chen, who trained as a chemical engineer, to lead the OCC’s climate risk effort. She will report directly to Acting Comptroller of the Currency

Michael Hsu,

the OCC said.

Dr. Chen replaces

Jonathan Fink,

who assumed the climate duties in an acting capacity in March while also serving as a senior adviser to Mr. Hsu.

The OCC under Mr. Hsu has urged the financial services industry to manage the risks posed by climate change, and in December released draft guidance that included principles on how large banks should address climate-related risk in their governance, policies and strategies.

Previously, Dr. Chen worked at the New York State Department of Financial Services as a climate risk expert, and in November was tapped to head its newly created climate division.

“Dr. Chen is a tremendous talent and her contributions to DFS, leading our first-in-the-nation climate division, were vast and always appreciated,” the regulator said in a statement.

Dr. Chen also served as vice chair of the climate risk steering group of the International Association of Insurance Supervisors, a Switzerland-based organization of insurance regulators that sets global standards for the sector.

Before her time at DFS, she served as director of conservation investments at the Nature Conservancy, an environmental group, and held positions at

Goldman Sachs Group Inc.

and the

Royal Bank of Canada.

Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJ

Write to Richard Vanderford at [email protected]

More From Risk & Compliance

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment