Climate Risk Management for Insurance Companies – Mastering The Fundamentals
A Thorough Examination of Climate Risk Regulations Affecting Insurers in Canada
June 12 – 13, 2024 – Toronto
CPE – 12.15 hours
This two-day conference profiles new and pending regulations for climate risk management. Learn how these developments will affect every part of your your organization with complex new risk, data, actuarial and disclosure requirements. The conference has been designed to provide practical insights for understanding and implementing these challenging new developments.
Delegate Comments
“…provided a very good high level summary of the key impacts of IFRS to financial institutions.”
“Presentations were clear even though topics were complex.”
“Best conference I’ve ever attended.”
“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”
“Finally a course that communicates true technical knowledge”
“This seminar was fantastic – very informative and has some extremely interesting and knowledgeable speakers.”
“Great balance between theory and practical application/issues. Perfect level of detail…”
“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”
Climate Risk Management for Insurance Companies – Mastering the Fundamentals
Program – June 12
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Carolyn Murnaghan, Partner, Deloitte LLP
9:05 a.m. – 10:00 a.m.
Overview of Climate Change Risk Management Standards Affecting Canadian Insurers
Katerina Kindyni, Financial Services Sustainability Lead, Ernst & Young LLP
- Discussion of ESG regulations from OSFI, CSA and the ISSB, including a comparison highlighting overlap and application to Canadian insurers
- Leading practices around the world – how insurers are preparing for a net zero future
- How to identify material risks and opportunities linked to sustainability
-how these can be managed - Inter-relationship with other OSFI regulations – B-10, E-21, E-23
- How could scenario analysis and stress testing help?
- What data and internal knowledge is needed?
– how uncertainty and data gaps can be dealt with
10:00 a.m. – 11:45 a.m. (There will be a 15 minute break in this session)
Practical Considerations for Scope Implementation and GHG Accounting Including Live Demonstration of Working Examples
Maharshi Merala, Senior Manager, Deloitte LLP
Karena Thieme, Senior Manager, Deloitte LLP
Tracy Dunbar, Director, Deloitte LLP
Shoaib Shaikh, Director, Deloitte LLP
- Understanding Scope 1,2,3
- What is GHG accounting?
-standards and protocols that must be considered/used
-benefits of information outputs - General data challenges around Scope 3 for insurers (e.g., data availability, quality, etc.)
–Establishing data governance: Importance of establishing data governance practices to reduce risk of greenwashing and increase reliability of data inputs & outputs
–Understanding the organization’s data ecosystem: Importance of understanding the source systems of data in the organization and the state of the data
–Devising a data strategy: Importance of identifying the target state for sourcing, analyzing, and reporting on Scope 3, as well as identifying the gaps between current state and target state - Scope 3 Decarbonization
-enhanced Data challenges
-addressing emissions of your value chain
-how to get started
11:45 a.m. – 12:30 p.m.
Harnessing ESG Data Strategies and Technology Programs: A Collaborative Approach towards OSFI Data Return Templates
Anima Osei, ESG Alliance Lead, Ernst & Young LLP
Tarun Mehta, Data and Analytics Lead, Ernst & Young LLP
- Introduction to ESG Data Strategies in Compliance with OSFI Framework
- Key Elements of Designing an Effective ESG Data Management Strategy
- Role of Technology Programs in Enhancing ESG Data Collection and Analysis
- Compliance with OSFI Data Return Templates: Challenges and Best Practices
- Case Studies of Successful ESG Data Strategies using Innovative Technology Programs
12:30 p.m. – 1:30 p.m.
Luncheon
1:30 p.m. – 2:45 p.m.
Governance and Internal Controls Related to Climate Risk Reporting
Pedro Medeiros, Partner, Risk Consulting, KPMG LLP
Shazia Moledina, Senior Manager, Risk Consulting, KPMG LLP
- The importance of governance, oversight and internal controls in climate risk reporting
- Developing a non-financial reporting control framework methodology
- Governance and oversight considerations and entity-level internal controls related to ESG
- Reliance on 3rd party service providers for climate risk management services
-evaluation of controls in place for service providers - Applying the COSO framework for climate risk reporting controls
- Data integrity and accountability over non-financial reporting
- Continuous monitoring of processes and controls related to climate risk reporting
2:45 p.m. – 3:30 p.m.
Exploring Sustainability Disclosures: A Focus on OSFI B-15, IFRS and CSRD
Clara Shin, Climate Change and Sustainability Disclosures Lead, Ernst & Young LLP
- Overview of key Sustainability disclosure standards
- What will it take to achieve minimum compliance
- What are the new capabilities and roles that have been introduced in the financial industry to support Sustainability disclosures
- Canadian Sustainability Standards Board’s move towards IFRS adoption
- Looking ahead: evolution of sustainability disclosure
3:30 p.m. – 3:45 p.m. – Afternoon Networking Break
3:45 p.m. – 5:00 p.m.
Risk Identification and Materiality Assessment – Scenario Analysis and Stress Testing
Warren Rodericks, Partner, Deloitte LLP
Carolyn Murnaghan, Partner, Deloitte LLP
- Risk Identification and materiality assessments – moving from qualitative to quantitative climate risk assessment
- OSFI expectations
- Scenario analysis and stress testing
- Implications for governance
- Climate resilience and operational risk management
5:00 p.m. – End of Day 2
Program – June 13
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Carolyn Murnaghan, Partner, Deloitte LLP
9:05 a.m. – 10:30 a.m.
Modelling Climate Risks
Houston Cheng, Partner, Actuarial, KPMG LLP (Confirmed)
Rachel Steinhart, Senior Consultant, Climate and ESG, KPMG LLP
- Introduction to climate risk modelling
-types of climate risk
-objectives for climate risk modelling
-identify areas of vulnerability
-any opportunities?
-quantification maturity levels - “Ideal State” model
-what does this look like?
-integrating climate risk into current risk practices
-ideal model outputs across maturity levels and how those can further inform risk
practices
-integrating the outputs of the model with all areas of the business - How we are going to get there?
-anticipating limitations and challenges that will arise
-data quality and availability
-modelling challenges – is there such a thing as “over-modelling”?
-constantly changing environment
-model validation and testing
-assessing reliability of results
-level of “acceptable” uncertainty in the model outputs
-road map
-short / medium / long term expectations and goals
-what next?
10:30 a.m. – 10:45 a.m. – Morning Networking Break
10:45 a.m. – 11:30 a.m.
Validation of Climate Change Risk and ESG Models
Andrew Smee, Partner, Deloitte LLP
Zhenfu Zhang, Senior Manager, Deloitte LLP
- Impact of climate risk overlays on model risk teams
- Understanding the challenges of climate risk methodologies and approaches – a whole new world
- Assessing conceptual soundness of methodologies and assumptions of models
- Evaluating completeness of models and absence of key risk drivers
- How to validate the expert input of model developers
- Overview of types of models used by financial institutions for climate risk management
- Summary of challenges to be confronted for validation
- Anticipating the need for staff and required skill sets
- Benefits of information outputs
11:30 a.m. – 12:30 p.m.
Climate Risk Management – Integration and Operational Challenges Presented by Draft Guideline B-15
Tiffney Hsieh, Senior Manager, Accounting Advisory Services, KPMG LLP
Sivia Tran, Manager, Finance Transformation, KPMG LLP
- Understanding the Financial Impact
-connections between climate-related risks and opportunities and financial statements
-expected challenges and factors for consideration - Operational impacts of B15 on the wider organization
-target Operating Model impacts
-challenges and lessons learned
-building a phased roadmap
12:30 p.m. – 1:30 p.m. – Luncheon
1:30 p.m. – 2:15 p.m.
Climate Change Litigation – Identifying Legal Risk and Vulnerabilities
Jennifer Fairfax, Partner, Osler, Hoskin & Harcourt LLP
Ankita Gupta, Associate – Litigation Group, Osler, Hoskin & Harcourt LLP
- Review of categories of climate risk litigation claims
-mitigation claims
-adaptation claims
-governance and regulatory claims - Climate litigation risk within the context of the TCFD framework
-corporate and operational risks
-underwriting risks - Key drivers of climate litigation risk for insurers
- CSA requirements for climate risk litigation disclosure
-assessing climate risk litigation risk that has not yet materialized - Defining climate litigation risk for insurers – regulators criteria
- What to expect – comparison to tobacco and asbestos litigation
- Review of major climate risk litigation claims affecting insurers including greenwashing
2:15 p.m. – 3:15 p.m.
Climate Risk Management and Solvency Compliance – Near and Long Term
David Mamane, Partner, Actuarial Services, RSM Canada
- Understanding the relationship between climate risk management and OSFI solvency
requirements
-Quantitative measurement – developing/adapting models to quantify climate risks
-Qualitative assessment – impact on ORSA
-assessment of climate risk exposures
-impact of climate risk scenarios on capital position
-mitigation strategies
-Disclosure Requirements – SCFR discussion of qualitative and quantitative exposures - Evaluating whether transition risks will trigger unexpected asset revaluations
- Evaluating climate risks in a forward-looking valuation
- Calculating a coverage ratio incorporating climate risk data
- Inclusion of secondary risks
3:15 p.m. – 3:30 p.m. – Afternoon Networking Break
3:30 p.m – 4:20 p.m.
Workshop – Climate Risk Insurance Data
Ernst & Young LLP
| Registration Options | Before April 22, 2024 | Before May 1, 2024 | After May 1, 2024 |
| Climate Risk Management | $1,899.00 + HST | $2,099.00 + HST | $2,399.00 + HST |
Our HST Number: R862562543
Group Discount: Fourth Delegate FREE!
If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups.
Your Registration Includes
Registration fees include all conference materials, continental breakfast, lunch and refreshments. Parking and accommodation are not included.
FREE CONFERENCE WORKBOOK
As a registered delegate, you will receive a complete digital set of conference materials. These materials will serve as an invaluable guide, both during and after the event.
Cancellation Policy
Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 or email to info@acumeninformation.com prior to 5:00 p.m. on May 28, 2024. A credit voucher will be issued to you for the full amount, redeemable against any other Acumen conference. If you prefer, you may request for a refund of fees paid less $250 administration fee. Registrants who cancel after above date will not be eligible to receive any credits or refunds and are liable for the entire registration fees.
Confirmed delegates who do not cancel before May 28, 2024, and fail to attend will be liable for the entire registration fees.
Acumen Information Services reserves the right to change the date, location and content for the event(s) offered herein without further notice and assumes no liability for such changes.
Register prior to May 1, 2024, and you will obtain the following additional savings:
| Second delegate: | $100 Discount | |
| Third delegate: | $150 Discount | |
| Fourth delegate: | FREE |
Please indicate that you are eligible for this offer on the registration page or your registration form if you are mailing in your registration.
The conference will be held at a convenient location in downtown Toronto. Venue information and special conference accommodation pricing details will be provided upon confirmation of the venue.
Delegates can register at the Acumen service desk beginning at 8:00 a.m. on the morning of the first day of the conference. Registration fees do not include hotel accommodation or parking.
This conference has been specifically designed for, and in consultation with, insurance experts specializing in climate risk management, financial institutions regulations, insurance regulatory reporting and enterprise risk management. The event has been developed with the professional responsibilities of our audience as our focus. As well, auditors, financial advisors, analysts, lawyers and other advisory professionals would benefit from staying current on the information provided at this timely event. In particular, our experience indicates that individuals in the following positions will mostly likely be in attendance:
- Chief Financial Officers
- Chief Risk Officers
- Chief Actuaries
- Chief Accounting Officers
- VPs, Directors and Managers
- Enterprise and ESG Managers
- Actuarial Risk
- Financial and Regulatory Reporting
- Finance
- Regulatory Compliance
- Risk Managers
- Actuaries
- Controllers
- Internal Auditors
- Audit Committee Members
- Audit and Assurance Professionals
- Industry Regulators and Standard Setters
- Financial Services Regulatory Lawyers
Comments from Past Delegates to Acumen Conferences
“the topics were current and touched upon a variety of upcoming changes”
AVP Finance – Definity Insurance
“Insightful conversation/presentations related to upcoming regulatory changes and standards”
V.P. Strategic Sourcing, Venor & Facilities Management – Wawanesa
“…provided a very good high level summary of the key impacts of IFRS to financial institutions.”
Associate Chief Accountant, Bank of Montreal
“Presentations were clear even though topics were complex.”
Chief Financial Officer, Société Générale
“Best conference I’ve ever attended.”
Senior Manager, Enterprise Hedge Accounting and Derivative Reporting, Royal Bank of Canada
“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”
V.P. Risk Management Advisory, New Brunswick Credit Union Stabilization Board
“Finally a course that communicates true technical knowledge”
Director, Operations Finance, NAV Canada
“This seminar was fantastic – very informative and has some extremely interesting and knowledgeable speakers.”
Manager, Corporate Accounting, Brascan Power
“Great balance between theory and practical application/issues. Perfect level of detail…”
Treasury Manager CHC Helicopter Corporation
“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”
Derivatives Accountant, Agrium Inc.
To submit questions to be answered at the conference, please send us an email at this address: info@acumeninformation.com
• Cocktail reception
• Luncheon sponsorship
• Breakfast sponsorship
• Booth/exhibit space
For more information, or to check availability,
please contact us by phone at (416) 504-6952
or by e-mail info@acumeninformation.com
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