PRMIA Climate Risk Series: Making Climate Risk Transparent
Climate Risk is one of the most important topics facing the world today. PRMIA (Professional Risk Managers International Association), a voluntary group of over 50,000 risk professionals worldwide, is pleased to invite you to this complimentary online event with a series of panel discussions on this very topic. Our esteemed speakers will be offering their expert knowledge on the latest on Regulatory Changes, Climate Disclosures, Data Management, and Modelling as the first topic for the series on Wednesday, February 28, 2024.
Date:
February 28, 2024
Time:
12:30 - 2:00 p.m. PT
3:30 - 5:00 p.m. ET
Location:
The panel discussion seminar is complimentary, and all are welcome. This event will be held virtually. A meeting link will be provided prior to the event. Please register for it by Monday, February 26, 2024, to secure your place.
Session Length:
90 minutes
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Moderator and Introductions
Dr. Bob Mark, Black Diamond
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Climate Risk North America Regulation and Disclosures
Speakers:
Maureen F. Gorsen, Environmental Law Partner, Sidley Austin LLP
Lucas Neufeld, Senior Policy Analyst, BC Financial Services Authority
Maureen F. Gorsen will discuss:
Recent Climate Risk regulation in California. For example:
• SB 253
• SB 261
• AB 1305
- What are these three regulations about?
- What are the implications?
- Examples include: How do they apply to me?
- What are the consequences if you don’t comply?
- Examples include potential lawsuits from Third Parties (e.g., from inadequate and misleading disclosure)
Lucas Neufeld will discuss:
- Provincial Mandate of BCFSA
- Contrast with the Federal Mandate of OSFI
- Key Challenges such as:
1. The tradeoffs between Prudential Regulation and Market Conduct Oversight
2. Measuring Physical Risk
3. Acute and Chronic Risk (e.g. for Mortgages)
4. Measuring Transition Risk
5. Integrating Physical Risk and Transition Risk Measures
Note: Incorporate challenges encouraging the private sector to make investments in opportunities that mitigate climate risk
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Modeling & Understanding Societal Consequences of Climate Risk
Speaker:
Paul Higgins, Associate Executive Director, AMS
Paul Higgins will discuss:
• Key factors that contribute to the societal consequences of climate risk changes
• Type of climate risk models that are not predictive but depend on these factors
• Range of societal plausible implications that are output from these climate models
Challenges:
• Linking the field of societal consequences to variables (such as macroeconomic factors) that are typically used as input to measure the impact of climate risk on financial risks, such as credit risk.
• Type of plausible actions that can be taken to adjust the financial risk profile, such as avoiding, transferring, mitigating, and keeping the risk.
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Data Management for Physical and Transition Climate Risk
Speaker:
Laxmi Ramanath, CEO, La Meer Inc.
Laxmi Ramanath will discuss:
• Need to collect quality climate risk data to:
o Generate disclosures on the current state of climate risks within organizations
o Standardize the climate risk data and reporting to ensure reporting across multiple reporting frameworks from a single source of truth
o Understand the social impact of climate risk
• Establish a continuous data-gathering and governance process:
o On Physical and Transition Risks through establishing goals, policies and procedures, risk assessments, supply chain data, key risk indicators and metrics needed to meet the disclosure obligations
o Ensure accuracy and auditability of data in disclosures to prevent regulatory fines, reputation loss, and litigation risks
o Identify materiality to profitability that needs to be included in reporting
o Build a comprehensive data governance structure with roles and responsibilities for proper functioning, including for BCBS 239 considerations
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| Continued Risk Learning Credits: 1 |
PRMIA Continued Risk Learning (CRL) programs provide you with the opportunity to formally recognize your professional development, documenting your evolution as a risk professional. Employers can see that you are not static, making you a highly valued, dynamic, and desirable employee. The CRL program is open to all Contributing, Sustaining, and Risk Leader members, providing a convenient and easily accessible way to submit, manage, track and document your activities online through the PRMIA CRL Center. To request CRL credits, please email [email protected].
This event is FREE for members and non-members, although registration is required. Click "Register Myself" below to reserve your spot. Make sure to click "Continue" to proceed with your registration. (If this is your first time accessing the PRMIA website you will need to create a short user profile to register.) Support chapter events like this by becoming a member.