Sustainability has become a ubiquitous issue. The issue is also gaining increasing attention in the financial sector, with the entities supervised by the Austrian Financial Market Authority (FMA) are increasingly being held accountable in this regard.
The FMA considers accompanying supervised entities in the transition towards sustainability and preparing them for the accompanying regulatory developments as one of its key remits. In 2020, the FMA therefore issued a Guide for Managing Sustainability Risks, to be applied by supervised entities as guidance in managing sustainability risks. In addition, since 2021, the FMA has defined the topic of “sustainability” as a priority for supervision and inspections.
The FMA has set the objective in 2022 of surveying on a cross-sector basis, to what extent the integration of sustainability risks into the strategy, governance and risk management has already occurred in the Austrian financial market. The FMA Guide serves as a reference. In addition, challenges in conjunction with disclosure requirements are also intended to be evaluated. The survey is also being used to identify any potential need to develop the FMA Guide further, and to directly involved entities supervised by the FMA in the process.
A survey has been sent out to more than 100 supervised entities for collect the relevant information. The survey runs until 30.06.2022.
Based on the questionnaire responses, the FMA will analysis the results of the survey by means of horizontal comparisons. Furthermore, the results of the survey will be taken into account within the scope of ongoing supervision.