Season 10, Episode 9: European Central Bank and EU lawmakers add to sustainability workload for compliance officers
In this episode Lindsey Rogerson, senior editor, is joined by Trond Vagen, senior editor for European Financial Markets Regulation, to discuss the mounting sustainability-related workload for bank and investment compliance officers. Trond discusses the European Central Bank’s (ECB) expectations for banks to accurately assess the climate and environmental risks on their balance sheets. With just nine months remaining before the deadline and the possibility of daily fines, increased capital requirements and a fit and proper assessment for institutions that get it wrong, time is running out.Lindsey runs through the additions to sustainability legislation made in the last few weeks. The EU parliament’s five-year term is drawing to an end and there has been a wave of regulations and directives in the sustainability space that will impact the work of compliance officers for years to come.There has also been some tinkering with regulations that have already passed as politicians seeking re-election strive to appease some of their more vocal voters. Links:Frank Elderson speech: https://www.bankingsupervision.europa.eu/press/speeches/speaker/vice-chair/html/index.en.html Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.