The plenary session will discuss the development of frameworks to assess nature-related financial risks. The session will start with a presentation of the new OECD report ‘supervisory framework for assessing nature-related financial risks: Identifying and navigating biodiversity-related financial risks’. This report is part of a wider project in partnership with the European Commission (DG REFORM) and the Hungarian central bank, and funded by the European Union. In this context, the session will cover the need to balance a sufficiently granular approach, with the need to integrate different nature-related financial risks to understand the risk as a whole to the financial system. Moreover, it will discuss the role of central banks and how emerging frameworks and reporting standards can help facilitate action to mitigate financial risks stemming from nature degradation. Finally, the session will cover the remaining challenges and barriers to progress on mitigating these risks for the financial sector.