Purpose of the group

The main purposes of the group will be to:
• Research and collate climate change risk management best practices and solutions.
• Develop a strong committee with a wider representation of members across different industry sectors.
• Support IRM’s goals including increasing membership and developing educational training for members. 
• Hold monthly meetings with the core committee members and organise 3-4 events a year.

Relevance to the risk community

There is an expectation from key stakeholders including regulators that existing risk management frameworks will need to address risks from climate change (CC), and thus the scope of the SIG will be to support how organisations enhance their frameworks and risk maturity from identifying to reporting CC risks.

The relevance of this risk is highlighted in many recent risk publications including The Global Risks Report 2019 from the World Economic Forum. In their survey environmental risks linked to CC counted for 3 of the top 5 global risks, 'extreme weather events', 'failure of climate-change mitigation and adaptation' and 'biodiversity loss and ecosystem collapse'.

Aims and Objectives

Inspire:           Provide active thought leadership.

Learn:             Evaluate tools and techniques for members.

Engage:           Create a series of CC SIG meetings with IRM members and RM Community.

Research:        Commission quarterly surveys on emerging climate change risk trends.

Collaborate:     Develop key relationships.

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Group Chair: Martin Massey

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Future events

Best practice modelling tools and techniques

Our speakers will cover topics that focus how to design and model physical and transition risks, as well as use of parametric insurance and sustainable bonds.     

Speakers

Justin Butler Ph.D., CEO, Ambiental Risk Analytics

Will be covering:

• Key points from the June 2020 CFRF guide - written by industry for industry to help firms approach and address climate-related financial risks
• How bad could it get? What do the recently released UK Climate Projections (UKCP18) mean for the insurance, finance and risk management sectors?
• Towards meaningful scenario analysis - case study - UK Flood and FloodFuturesTM - helping boards to review disclosures and enhancing TCFD reporting capabilities

 

Dr Bronwyn Claire, Senior Programme Manager, ClimateWise

Will be covering:

• Global regulatory developments for the sector relating to modelling climate risk and opportunity
• What are and how to model the main risks of the transition to a low carbon
• How to use modelling tools to better manage investment and underwriting risk, with an example of the ClimateWise transition risk framework   

           

Dr. Srini Sundaram, Founder and CEO, Agvesto

Will be covering:

• Why parametrics?
• How parametrics are used by risk managers
• How sustainable bonds are used to address transition risk       

 

Q&A will be chaired by Darren Munday CFIRM, Partner, ICG Risk and Climate Change SIG committee member

 

Agenda 

16.00 - 16.10	Welcome and introduction	Martin Massey MIRM, Chair of the Climate Change SIG
16.10 - 16.20	Physical risk modelling	Justin Butler, Ambiental Risk Analytics
16.20 - 16.30	Transition risk	Dr Bronwyn Claire, ClimateWise
16.30 - 16.40	Risk transfer solutions	Dr. Srini Sundaram, Agvesto
16.40 - 16.55	Q & A	Chaired by Darren Munday CFIRM, ICG Risk
16.55 - 17.00	Wrap up remarks	Martin Massey MIRM, Chair of the Climate Change SIG

 

Date:	Tuesday, 8th September 2020
Time:	16.00 - 17.00 BST
Registration:	Click here to register

Past events

The role of the Risk Manager in assessing climate risks

 

Date:	Monday 17th Feb 2020
Time:	16:00 - 18:00
Location:	Nationwide London, 1 Threadneedle Street, London EC2R 8AL

This event was sponsored by Nationwide.