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  5. Fifth Third: Excelling at Climate Risk Management

Fifth Third: Excelling at Climate Risk Management

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28 March 2023
Alenka Grealish

Winner of Celent Model Risk Manager 2023 Award for Responding to Emerging Risks

Abstract

Growing regulatory focus and investor pressure are making climate risk assessment an imperative at banks. Within climate risk, a critical focus for banks is transition risk’s impact on credit risk. Fifth Third stands out as one of the early movers in measuring and monitoring transition risk’s impact on its commercial loan portfolio, earning it a Model Risk Manager award.

Measuring and monitoring transition risk is a significant feat. Fifth Third has been excelling in this feat as a result of four critical elements: strong risk governance foundation, a data-driven approach, strong vendor partnership, and effective employee education.

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