Climate Risk Management – Regulation, Implementation and Reporting
Program – June 21
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Katie Dunphy, Partner, KPMG LLP
9:05 a.m. – 10:00 a.m.
Road to Net-Zero for Insurers
Simone Brathwaite, Senior Principal, Oliver Wyman
- What net-zero will look like for insurers – large and small
- 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 can these be managed
- 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. – 11:15 a.m.
Review of Climate Risk Regulations – OSFI (B-15) and Related Climate Risk Standards
Robin Edger, Senior Manager – ESG and Sustainable Finance, KPMG LLP
Tiffney Hsieh, Senior Manager, KPMG LLP
Anoosha Lalani, Manager, KPMG LLP
- Discussion on climate risk regulations from OSFI, SEC and CSA and proposed standards from the ISSB, including a comparison highlighting overlap and application to Canadian insurers
- Highlighting the impacts of physical risks and transition risks for insurance sectors
- Integrating climate risk into the financial statements including illustrative disclosure for insurance sector
- Implications for governance, risk and controls.
- Roadmap for adoption and initial activities insurers should be considering, including addressing challenges in data availability and readiness to support disclosures.
11:15 a.m. – 11:30 a.m.
Morning Networking Break
11:30 a.m. – 12:30 p.m.
Impact on Organizational Structure/Processes and Governance
Katerina Kindyni, Senior Manager, Financial Services Risk Management, Ernst & Young LLP
- Is climate-related risk integrated into strategy formulation?
- Implementing tools to measure/monitor climate-related risk
- Inclusion of climate risks into the risk appetite framework
- Risk management oversight of climate risk management – what needs to be done?
-including climate-related risks as drivers
- Defining roles and responsibilities for first line of defense
- Understanding organizational climate exposures including reputational risk
- Development of KPI’s incorporating climate risks into business strategies
- Identifying climate related risks in all risk management frameworks
- New challenges for model risk management and oversight
12:30 p.m. – 1:30 p.m.
1:30 p.m. – 2:15 p.m.
Talent and Product Development Strategies for Net Zero Transformtion
Céline, Bak, Partner, Deloitte LLP
Sonia Sood, Partner, Deloitte LLP
- ESG Talent and Organization
-challenges in meeting net zero obligations with limited supply of talent having required skills and capabilities
-determining the right operating model to realize ESG vision including
-key capabilities, skills and roles organizations are seeking to fulfill ESG needs
-sourcing and talent development to close the talent gap
-how organizations can organize to achieve their ESG goals and strategy
- Product Development as the Key to Achieving Net Zero Goals
-transitioning to climate neutral revenues including financed emissions
-setting parallel paths for
-building a Scope 3 financed emissions baseline and building new and
-building new products use new products using sustainable finance taxonomies and
other third party data providers
-setting portfolio management emissions reduction by identifying where top quartile
sector-based climate performance is ALSO top quartile sector financial performance
2:15 p.m. – 3:15 p.m.
Climate Risk Management and Solvency Compliance – Near and Long Term
David Mamane, RSM Canada
- Understanding the relationship between climate risk management and OSFI solvency
-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
-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. – 5:15 p.m.
Life and Health Insurers – Risk Identification and Materiality Assessment
Carolyn Murnaghan, Partner, Deloitte LLP
Miguel Wong, Senior Manager, Actuarial & Insurance Solutions, Deloitte LLP
- Understanding climate risk terminology (physical, transitional and liability risks)
- Alignment with enterprise risks – strategic, operational, model, reputational
- Understanding materiality in the climate risk context
- Impact of KPIs and other financial metrics
- Defining climate risks for life and health insurers
-assets investments backing long term liabilities
- Understanding financed emissions for risk identification and materiality assessment
- Evaluating different assets classes for climate risk exposure
- Climate risk materiality in the context of enterprise risks
- Challenges of time horizon in assessing materiality
- Managing material and non-material climate risks aligned to forthcoming regulations
Program – June 22
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Nicolas Gémin, Partner, Business Consulting – Insurance & Actuarial, Ernst & Young LLP
9:05 a.m. – 10:30 a.m.
Modelling Climate Risks
Eric Levy, Partner, Actuarial Modelling, KPMG LLP
Anna Kryshtopenko, Senior Actuarial Consultant, Financial Risk Management, KPMG LLP
Objectives for Climate Risk Modelling:
- Identifying areas if vulnerability and risk mapping
- Climate and Stress-Test scenarios
Transition Risk Assessment
- Measuring financed emissions as the first step in transition risk assessment
- Quantification of Transition Risk
- Impact of carbon reduction on portfolio
Physical Risk Assessment :
- Assessing the impact of climate risks on company assets
- Evaluating the impact of climate risks on Life insurance liabilities through mortality impact
Focus on Climate Change Impact on Life Insurance:
- Identifying sources of climate scenarios and related data
- Modelling the impact of climate change on mortality and forecast outcomes
- Example of Application : Impact on Life Insurance pricing
- Deep Learning for Mortality forecasting
10:30 a.m. – 10:45 a.m. – Morning Networking Break
10:45 a.m. – 12:15 p.m.
Integrating Climate Risk into the ORSA Process
Nicolas Gémin, Partner, Insurance and Actuarial, Ernst & Young LLP
- Review of ORSA reliant policies and processes to address climate change impacts
-risk policies and processes – key risk indicators
-investment risk policies
-ongoing testing and improvement
-testing resilience of strategy under different scenarios
-providing metrics used to assess climate-related risks
-performance against targets
- Mitigation and adaptation actions
- ORSA reports to management – what should be in the Climate Risk opinion?
-what should it look like/disclose?
-which scenario is the baseline, how many scenarios?
-translating scenarios into model inputs
-how to model over a long time horizon
-level of granularity
-outputs to produce – metric selection and metric calculation
-new metrics/targets – Scope 3
-forward looking exposures – time horizons
12:15 p.m. – 1:15 p.m. – Luncheon
1:15 p.m. – 2:15 p.m.
Practical Considerations for Scope 3 Implementation
Robin Edger, Senior Manager – ESG and Sustainable Finance, KPMG LLP
Gaby Polanco-Sorto, Vice President & Head of Purpose and Sustainability, Gore Mutual
- Understanding Scope 3
- General data challenges around Scope 3 for insurers (e.g., data availability, double counting, 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
2:15 p.m. – 3:15 p.m.
Disclosures – Climate Risk and Reporting/Disclosure Requirements of Multiple Supervisory Agencies – OSFI, OSC, TCFD, SEC
Kevin McLeod, Director, PricewaterhouseCoopers LLP
Simran Khattra, Manager, PricewaterhouseCoopers LLP
Effy Gao, Manager, PricewaterhouseCoopers LLP
- Developments related to Environmental, Social and Governance (ESG) initiatives
- Meeting expectations for high-quality, transparent, reliable and comparable reporting
- What climate risk and ESG means for reporting entities
- Climate risk trends, challenges, and regulatory developments
- What the future of climate risk reporting looks like, including the role of finance team
-ISSB developments – IFRS S1 and IFRS S2 Exposure Drafts
- Handling regulatory overlap
- Expectations regarding near and longer term disclosures – current and expected
- Examples of climate related disclosures in the insurance industry
|Registration Options||Before April 21, 2023||Before May 8, 2023||After May 8, 2023|
|Climate Risk Management||$1,799.00 + HST||$1,999.00 + HST||$2,299.00 + HST|
Our HST Number: R862562543
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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:
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Comments from Past Delegates to Acumen Conferences
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Associate Chief Accountant, Bank of Montreal
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Chief Financial Officer, Société Générale
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V.P. Risk Management Advisory, New Brunswick Credit Union Stabilization Board
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