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Key developments in 2020
The sustainability risk process is regularly updated, and it is supported with technological approaches. With the rollout of the Client Energy Transition Frameworks (CETF), assessing the energy transition readiness of clients or prospects in the in-scope sectors has become an element of the sustainability risk review process. In general, transactions with companies whose energy transition readiness is insufficient (categorized as “Unaware”) are not approved. For companies categorized as “Aware” or higher, Credit Suisse strives to support their transition towards lower-carbon production methods and products and services with the expertise and financial services coordinated by the Sustainability, Research & Investments Solutions corporate function.
We also strive to make our processes more systematic, consistent and streamlined. To this end we have introduced a chatbot for the use of front office and control functions. The chatbot provides clear guidance about whether a sustainability risk review is required for a specific private banking relationship. If a review is required, the chatbot states which information is needed and asks the front office or control function to contact a sustainability risk specialist.
In order to keep the level of awareness and the functional knowhow high, periodic training on sustainability risks is important. Classroom training was impeded by restrictions implemented as a result of the COVID-19 pandemic in 2020. However, through virtual remote training, over 1,300 employees were trained throughout the year on sustainability risk in specific industry sectors, or on the application of the CETF for in-scope sectors. Sustainability risk training often occurs in collaboration with the respective divisional reputational risk function.