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  "documentTitle": "Sustainability Risk Under Solvency II",
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      "text": "For a first estimate, a granularity level between broad economic factors and sector implications seems reasonable.",
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      "text": "EIOPA considers 6 different aggregation levels of scenario granularity. The approach outlined here drills down to a granularity of broad economic factors at the minimum, but is also able to assess implications at single issuer level.",
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      "text": "For a first estimate, a granularity level between broad economic factors and sector implications seems reasonable. However, for the analysis of further risk mitigation factors such as ESG criteria, an incorporation of relevant issuer-level key figures may be advantageous.",
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      "text": "The presented approach is generally within the guidelines on stress-testing given by EIOPA with a particular focus on transition risk. Its practicability will be demonstrated in the subsequent case study.",
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      "text": "[...] EIOPA considers the most appropriate aggregation level for a bottom-up ST at this stage to be, at least, a specification that includes impacts at an economic sector whose shocks shall be calibrated, where applicable, at country and regional level[...]¹",
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      "text": "1. EIOPA-BoS-20/341: Second Discussion Paper on Methodological Principles of Stress Testing",
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      "text": "THE PRESENTED APPROACH IS ABLE TO COVER DIFFERENT LEVELS OF GRANULARITY WITH RESPECT TO SCENARIO SPECIFICATION",
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