In order to promote the establishment of an effective framework of environmental and social risk compliance and accountability mechanism, the Asian development bank (ADB) and the China Banking and Insurance Regulatory Commission (CBIRC) held the Regional Workshop For Development of Environmental and Social Compliance and Accountability Mechanism Framework for Financial Intermediaries in Shanghai on May 20-21, 2019. Prof. Qin Tianbao was invited to attend and give a speech.
The main goal of this workshop is to promote the monitoring of environmental and social risk by financial institutions, as well as their appeal accountability and compliance monitoring. This workshop provides a platform for participating institutions to communicate, discuss and share experience. By collecting opinions on the drafting of the mechanism, this workshop would guide relevant financial institutions to institutionalize their regulatory practices and improve their capacity and efficiency in handling complaints.
Prof. Qin, along with other financial experts from Indonesia, Georgia and China in the second group of the workshop, discussed the environmental and social risk and challenges faced by financial institutions. In his speech, Prof. Qin pointed out that the management of environmental and social risks needs the law enforcement, policy support, economic incentives, public participation and international cooperation.