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  "notes": "This slide serves as a formal disclosure of the firm's risk management approach regarding sustainability and climate.",
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      "text": "Our sustainability and climate risk policy framework is embedded in our culture and is applied Group-wide, across business divisions, Group functions, locations, and legal entities.",
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      "text": "Our sustainability and climate risk policy framework is embedded in our culture and: is applied Group-wide, across business divisions, Group functions, locations, and legal entities; is integrated into management practices and control principles and overseen by senior management; and supports the transition toward a lower carbon future.",
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      "text": "Our principles and standards apply across all the business divisions, Group functions, locations and legal entities. These principles and standards define roles and responsibilities for the first line of defense (i.e. client and supplier onboarding, transaction due diligence and periodic know-your-client reviews), second line of defense (i.e. sustainability and climate risk transaction assessments) and the Group Executive Board (the GEB), which sets the sustainability and climate risk appetite standards for the firm. Our work in key societal areas, such as protecting the environment and respecting internationally recognized human rights standards, is all part of this. Living up to our societal responsibilities contributes to the wider goal of sustainable development.",
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      "text": "At UBS, sustainability and climate risk (SCR) is defined as the risk that UBS negatively impacts, or is impacted by, climate change, natural capital, human rights and other environmental and social matters. SCR may manifest as credit, market, liquidity, business and non-financial risks for UBS, resulting in potential adverse financial, liability and reputational impacts. These risks extend to the value of investments and may also affect the value of collateral (e.g. real estate). Climate risks can arise from either changing climate conditions (physical risks) or efforts to mitigate climate change (transition risks). Nature-related risks refer to how organizations and people depend on and impact natural capital, which is defined as natural resources that combine to yield a flow of benefits to people. Another risk referred to in this document is greenwashing risk.",
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      "text": "Group Risk Control (GRC) is responsible for our firm-wide SCR policy framework and the management of exposure to sustainability and climate-related (financial) risks on an ongoing basis as a second line of defense, while our Group Compliance, Regulatory & Governance (GCRG) function monitors the adequacy of our control environment for non-financial risks, applying independent control and oversight.",
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      "text": "Managing SCR is a key component of our corporate responsibility. We apply a SCR policy framework to all relevant activities and across sectors. This helps us identify and manage potential adverse impacts on climate, nature, the environment and human rights, along with the associated risks affecting our clients and ourselves. UBS identified certain controversial activities, where we do not engage and areas of concern, where we engage only under a stringent criteria. For example, UBS recognizes the significant impact of deforestation and land conversion on nature and biodiversity. Our standards cover selected high-deforestation-risk commodities, such as soy or palm oil, which apply across industries and sectors and aim to mitigate their respective negative impact on nature.",
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      "text": "Refer to our Human Rights Statement, available at ubs.com/sustainability-reporting",
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