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Climate risk governance and organization
The Climate Risk Strategy Steering Committee, established in 2019, provides overarching governance and guidance for Credit Suisse’s Climate Risk Strategy program and is mandated to develop comprehensive strategies to address climate-related risks. The Climate Risk Strategy Steering Committee has senior management representation, including a subset of Executive Board members from across business divisions, General Counsel, Risk, and Sustainability reporting to the Executive Board Risk Management Committee. The Executive Board Risk Management Committee is closely linked with climate-related responsibility as it oversees the Group-wide implementation of and compliance with the Group’s sustainability and reputational risk policy commitments and serves as a decision-making body for environmental and social issues.
Furthermore, a Sustainability (Climate) Risk Executive Leadership Committee (ELC) chaired by the Global Chief Credit Officer is in place to provide oversight on the implementation of the Group’s strategy with respect to managing sustainability and climate-related risks. This committee reports to the Executive Board Risk Management Committee.
A dedicated Climate Risk team was established in 2020 with the mandate to set risk appetite and strategic trajectories in order to protect the bank’s portfolio from climate-related risks, across physical and transition risks. The Global Head of Reputational, Sustainability and Climate Risk brings extensive risk management experience from both wealth management and investment banking, and regularly represents Credit Suisse in industry roundtables and conference events. Reporting directly to the Global Chief Credit Officer ensures that Climate Risk Strategy is embedded in the broader risk management governance.