Climate Risk Management for Insurance Companies –

Regulation, Implementation and Reporting

Climate Risk Management – Regulation, Implementation And Reporting

June 21 – 22, 2023 – Toronto

CPE – 12.5 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.

Register

Delegate Comments

“…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.

The topics were current and touched upon a variety of upcoming changes.

A.V.P. Finance, Definity Insurance

Insightful conversations/presentations related to upcoming regulatory changes and standards.

V.P. Strategic Sourcing, Wawanesa Insurance

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, Oliver Wyman

  • What net-zero will look like for insurers – large and small (practical)
  • Leading practices around the world
  • What is happening in the Canadian market
  • What insurers can learn from other industries
  • Introducing Scope 3 climate risks for risk management
    -getting the entire value chain down the net zero path
    -data and projection challenges
    -PCAF update on calculating insured emissions

10:00 a.m. – 11:15 a.m.
Review of Climate Risk Regulations – OSFI (B-15) and Related ESG Standards

Robin Edger, Senior Manager – ESG and Sustainable Finance, KPMG LLP
Tiffany Hsieh, Senior Manager, KPMG LLP
Anoosha Lalani, Manager, KPMG LLP

  • Discussion on proposed ESG 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

Nicolas GĂ©min, Partner, Insurance and Actuarial, 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.
Luncheon

1:30 p.m. – 2:15 p.m.
Talent and Product Development Strategies for Net Zero Transformtion

CĂ©line, 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/ESG and Solvency Compliance – Near and Long Term

David Mamane, 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. – 5:15 p.m.
Break-Out Sessions – Life – Property and Casualty – Risk Identification and Materiality Assessment

  • Both sessions will consider the following –
    -understanding climate risk terminology
    -physical, transitional and liability risks
    -other related organizational risks – strategic, operational, model, reputational
    -understanding materiality in the climate risk context
    -impact of KPIs and other financial metrics

Break Out Session 1 – Property & Casualty

PricewaterhouseCoopers LLP

  • Defining climate risks for P&C insurers
    -assets
    -liabilities
  • How climate risks may impact general insurers – long and shorter term views
  • What is expected to be done now
  • Identifying sources of impacts of climate change to the business, in particular
    -underwriting
    -pricing
  • Assessing relevance of impacts to the business
  • Tools for assessing relevance and determining materiality
  • Managing material and non-material climate risks under regulations

Break Out Session 2 – Life and Health 

Carolyn Murnaghan, Partner, 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
    asset investments backing long term liabilities
    underwriting
  • 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

Ernst & Young LLP

9:05 a.m. – 10:30 a.m.
Modelling Climate Risks

KPMG LLP

  • Using scenarios for predictive modelling
    -operational scenarios for transition – orderly, disorderly, none
    -assessing transition and physical risks over different time horizons
    -evaluating credit and mark risk implications
    -sources of climate scenarios and related data
  • Objectives for climate risk modelling – identify areas of vulnerability
    -classification of assets to assess transition risk
  • Mapping climate change risks to prudential risks
  • Anticipating limitations and challenges that will arise
    -data quality and data availability
    -how to project in the absence of sufficient data
    -short and long term horizons
    -expectations/accuracy of long term horizon projections
  • How much uncertainty is acceptable in scenario results?
    -financial
    -climate
    -macroeconomic
    – “soft” variables
  • Climate risk as a standalone stress or business wide stress
  • Key decisions for climate change risk modelling – demonstrating the steps and choices
  • Assessing model outputs 

10:30 a.m. – 10:45 a.m. – Morning Networking Break

10:45 a.m. – 12:15 a.m.
Integrating Climate Risk into the ORSA Process

Nicolas GĂ©min, 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
    -results generation
    -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
    -financed emissions
    -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

Margarita Rojkova, Senior Consultant, KPMG LLP
Anthony Buonaiuto, Director Regulatory Transformation, KPMG LLP
Robin Edger, Senior Manager – ESG and Sustainable Finance, 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 ESG Reporting/Disclosure Requirements of Multiple Supervisory Agencies – OSFI, OSC, TCFD, SEC

PricewaterhouseCoopers LLP

  • Developments related to Environmental, Social and Governance (ESG) initiatives
  • Meeting expectations for high-quality, transparent, reliable and comparable reporting
  • What ESG means for reporting entities
  • ESG trends, challenges, and regulatory developments
  • What the future of ESG 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 OptionsBefore August 2, 2022Before August 16, 2022After August 16, 2022
Climate Risk Management$2,199.00 + HST$2,299.00 + 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 set of conference materials. These materials will serve as an invaluable guide, both during and after the event. The workbook will be distributed on the morning of the first day beginning at 8:00 a.m.

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 June 6, 2023. 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 June 6, 2023, 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 8, 2023, 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, experts in accounting for financial institutions as well as standard setters. 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 would mostly likely be in attendance:

  • Chief Financial Officers
  • Chief Risk Officers
  • Chief Compliance Officers
  • VPs, Directors and Managers
    • Finance
    • Accounting
    • Financial Reporting
    • Regulatory Compliance
  • Controllers
  • Internal Auditors
  • Audit Committee Members
  • Corporate Counsel
  • Risk Managers
  • Audit and Assurance Professionals
  • Industry Regulators and Standard Setters
  • Financial Analysts
  • Corporate and Securities Lawyers

Comments from Past Delegates to Acumen Conferences

“…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 obtain a copy of the brochure, please send a request to the email below or click on the image of the brochure on this page.

Email at info@acumeninformation.com

To submit questions to be answered at the conference, please send us an email at this address: info@acumeninformation.com

Limited sponsorship and exhibition options are available for this event, including

• 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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