The Impact of ESG on Retail Banking Legal Counsel
With the development of sustainable classification systems and information disclosure policies, retail banking legal counsel need to address the legal risks faced by banks, including compliance risks arising from non-compliance with regulatory requirements and litigation risks in business activities.
The retail banking legal counsel requires understanding the contract agreements of business products and handling potential greenwashing issues in order to reduce the reputation losses faced by the bank. This position requires understanding changes in sustainable regulatory policies and analyzing whether these changes will increase the legal risk of the bank.
Related Post: ESG Job Introduction: Retail Banking Compliance Advisory
How to Apply ESG in Retail Banking Legal Counsel
Retail banking legal counsel may apply ESG in the following tasks:
| Key Points | Tasks |
| Oversee legal strategic direction | 1. Collaborate with senior management to understand the impact of sustainable regulatory policies and standards in the financial industry on legal strategies 2. Understand the differences and impacts between new products and protocols |
| Assess and manage legal risks | 1. Identify and understand changes in regulatory policies, analyze how these changes affect the existing policies of banks 2. Develop an available compliance framework to reduce litigation risks arising from false statements, regulatory enforcement, and stakeholder actions |
| Manage and facilitate legal transactions | 1. Review product contracts and agreements, resolve potential legal disputes such as greenwashing in business activities 2. Develop strategies for emerging legal cases related to sustainable classification and disclosure in the financial industry |
| Manage litigation and legal investigations | 1. Ensure that reputation risk considerations are incorporated into reputation risk management strategies and activities to address inconsistencies with sustainable development policies and standards |
Retail banking legal counsel will need to apply sustainability risk management related skills.
Reference:
Monetary Authority of Singapore
Institute of Banking and Finance Singapore
Jobs Transformation Map – Sustainable Finance
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