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Supervisory Statement SS 3/19 Enhancing banks' and insurers' approaches to managing the financial risks from climate change April 2019.
The Bank of England Climate change page is a gateway to a number of (often PRA) regulatory resources including the 2015 insurance report and:
- Transition in thinking: The impact of climate change on the UK banking sector, an early (2018) examination of the financial risks from climate change that impact the PRA’s role
- This was followed in April 2019 by Supervisory Statement SS 3/19 Enhancing banks' and insurers' approaches to managing the financial risks from climate change
- The December 2019 Discussion Paper The 2021 biennial exploratory scenario on the financial risks from climate change moved the UK regulatory position forward, although the timeline has slipped on account of the Covid situation. More recently, the PRA’s CEO letter Managing climate-related financial risk - thematic feedback from PRA's review of firms' SS3/19 plans moved things along and clarified the regulator’s expectations and timeline.
EIOPA has issued views on the integration of sustainability, in particular climate-related developments, into the Solvency II framework for the valuation of assets and liabilities, investment and underwriting practices, the calibration of market and natural catastrophe risks and the use of internal models.
Some of the NGFS publications address climate risk in bank business models from a regulatory perspective.
The Partnership for Climate Accounting Financials (PCAF) seeks to develop harmonised and transparent carbon accounting. This requires measuring and disclosing the GHG emissions associated with the lending and investment activities of financial institutions, creating transparency and accountability.
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Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
This session will examine the megatrends and themes driving the Future of Work across the Financial Services industry, and how Covid-19 has accelerated new future work priorities with a particular focus on hybrid work and leadership mindset and capabilities.
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.