Enabling Canadian financial institutions' compliance with OSFI B-15 Climate Risk Management Guideline
TORONTO, Feb. 14, 2024 /CNW/ - EY today announces the launch of the EY Climate Stress Testing and Scenario Analysis solution, running on Microsoft Azure, which aims to help safeguard Canada's financial sector against the impacts of climate change.
"Our clients recognize the need for reliable systems to effectively manage and report environmental, social, and governance (ESG) data, but finding such systems proves challenging" explains Mario Schlener, EY Canada Risk Consulting Leader. "By combining Microsoft cloud technology and EY ESG risk expertise, we're providing a powerful solution, complete with the latest industry frameworks and standards to assist clients through the climate reporting process."
Disclosure requirements established by the Office of the Superintendent of Financial Institutions (OSFI), along with regulations imposed by other global authorities, are compelling financial institutions to prioritize climate reporting and transparency. Through collaboration with the Canadian financial services sector, this solution not only evaluates the impact of transition risk across various sectors of the economy, but also provides valuable insights to assist financial institutions in strategizing for client engagement initiatives and refining their decarbonization strategies based on scenario results. Consequently, federally regulated financial institutions in Canada can proactively comply with OSFI's B-15 guideline and disclosure deadlines while maturing climate scenario analysis capabilities internally.
"We recognize that operational readiness, resource constraints, and the evolving regulatory landscape pose significant challenges to the seamless execution of climate scenario analysis and stress testing programs," adds Katerina Kindyni, EY Canada Financial Institutions Sustainability Leader. "This solution offers a centralized tool that enables FIs to efficiently identify, measure and monitor risks associated with the transition to a net-zero economy, while seamlessly integrating market intelligence into an organization's infrastructure."
The solution covers three key areas:
"Microsoft is dedicated to promoting sustainability in financial services through our cloud, data, and AI solutions that address ESG priorities," says Jacqueline O'Flanagan, Microsoft Canada Financial Services Industry Lead. "By joining forces with EY to address regulatory compliance needs, we're accelerating and magnifying our impact and commitment to advancing innovation in climate technology."
EY and Microsoft spokespeople available for insights and commentary at Globe Forum 2024
EY and Microsoft are attending Globe Forum 2024 to support their goal of uniting leaders and change-makers that are accelerating solutions for a regenerative, resilient, net-zero economy. Microsoft and EY will be participating in a panel discussion on AI for sustainability, speaking to some of the latest ways AI is driving forward sustainability progress and how organizations can responsibly implement AI to create real progress towards ESG goals:
Please email Dina Elshurafa at [email protected] for any questions or to book an interview.
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This news release has been issued by Ernst & Young LLP.
SOURCE EY (Ernst & Young)
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