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
Giammaria Famiglietti, Principal, Oliver Wyman (Milan)
- 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.
Panel Discussion – Review of Climate Risk Regulations – OSFI (B-15) and Related Climate Risk Standards
Gaby Polanco-Sorto, Vice President and Head, Purpose and Sustainability, Gore Mutual Insurance
Robin Edger, Senior Manager – ESG and Sustainable Finance, KPMG LLP
Tiffney Hsieh, Senior Manager, KPMG LLP
The panel of industry experts will canvas essential issues in the adoption of OSFI Guideline B-15 including the following:
- 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, ESG Risk Lead, 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, National Leader ESG and Impact, Financial Services, Deloitte LLP
Sonia Sood, Partner, Deloitte LLP
- A Value-Driving Opportunity: Turning ESG Upside Down
-re-oreinting – expectations from Millennials and Gen Z
-reframing – the power of solution leadership and a new mindset
-reimagining – starting with capital and risk
-re-engaging – to align with values and so, to create value
- 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
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
Jean-Francois Gagnon, Leader, ESG Initiatives – Financial Institutions, 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 Consultatnt, 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
Anthony Buonaiuto, Director Regulatory Transformation, KPMG LLP
Margarita Rojkova, Senior Consultant, KPMG LLP
- 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
|Before June 9, 2023
|Before June 16, 2023
|After June 16, 2023
|Climate Risk Management
|$1,999.00 + HST
|$2,099.00 + HST
|$2,299.00 + HST
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