• Forums & Workshops
• iNED Forum - The risk Climate Change represents to regulated firms and the financial system

Climate change, to quote the recent dear CEO letter, “represents a material financial risk to regulated firms (firms) and the financial system” and is increasingly becoming a hot topic for insurers who are required to have “have fully embedded their approaches to managing climate-related financial risks by the end of 2021”. In this session Leila Kamdem-Fotso and Dorian Hicks of Mazars and James Orr of the PRA explore this topic and will cover:

•             Climate change 101

•             Deep dive into physical, transitional and liability risks and how they might impact insurers

•             Broader regulatory landscape including international situation

•             PRA Supervisory Statement and Dear CEO letter

•             EU agenda on sustainable finance

•             Climate Biennial Exploratory Scenario (“CBES”) on the financial risks from climate change

•             Expectations on boards

Learning Objectives

Participants should be able to:

• Identify the key physical, transitional and liability risks arising from climate change

• Describe how these risks might impact insurers

• Summarise the broader regulatory landscape in the UK and internationally with reference to the PRA “Dear CEO” letter and the EU agenda on sustainable finance

• Highlight regulatory expectations of boards as regards firm’s climate change response

Leila Kamdem-Fotso

Leila leads the UK Financial Services Consulting practice and is also in charge of promoting Mazars’  sustainable finance and climate change service offering. She is a French Certified Chartered Accountant and holds a master’s degree in accounting and finance from Paris Dauphine University.  Leila advises financial institutions in the UK and across Europe on the implementation of climate change regulations and sustainability standards, such as the Bank of England’s expectations, TCFD and the UNEP FI Principles for Responsible for Banking. Leila has led the delivery of several assignments on behalf of regulators and public authorities, including the PRA, the European Commission, the European Central Bank (ECB) and HM Treasury in the UK.

Dorian Hicks

Dorian is a qualified actuary and leads the general insurance actuarial team at Mazars. He is responsible for all aspects of managing the team, driving business development growth and delivering key client assignments. Prior to joining Mazars Dorian worked at PwC for over nineteen years where his primary focus was to support and help PwC’s personal and small commercial insurance clients from a general insurance perspective.

James Orr

James Orr is the Chief Actuary for General Insurance (GI) at the Prudential Regulation Authority, within the Bank of England. His work in engaging with the UK’s GI actuarial community has included forums for and discussions with individual chief actuaries, which have fed into the publication of occasional ‘Dear Chief Actuary’ letters. These letters have shared results from the PRA’s thematic reviews, particularly on reserving and the importance of actuaries being able to express an independent review when required by regulation. His career prior to the PRA included working for Lloyd’s of London, time as a GI consultant and five years with the PRA’s predecessor organisation, the Financial Services Authority.

CPD Hours:

This accredited iNED Workshop qualifies for up to 1.5* CPD hours.   Delegates participating in accredited iNED Forums and Workshops can claim CPD hours towards the CII / PFS members CPD scheme.

*excluding breaks