You are here

Environmental Risk Reporting

The Environmental Risk Reporting working party will build on the work of the **‘Risk Reporting’ working party and the ‘incentives facing UK firms to adopt early risk reporting provisions of the Revised Corporate Code.

Environmental risk reporting is an increasingly important topic both for external reporting to shareholders (via disclosure of Environmental, Social and Governance information) as well as for regulatory purposes (e.g. the production of integrated and/or sustainability reports). The actuarial profession has a unique insight into this topic and it is important to get more research published; particularly in relation to the increasing role of narrative, sustainability and climate change issues. There are also UK-specific issues related to environmental risk reporting and the need for better explanation of risk tolerance and risk resilience information under the Corporate Code. The Financial Reporting Council has recently issued requirements for risk reporting in the Revised Corporate Code issued in September 2014. The Task Force on Climate-Related Financial Disclosures, and the Climate Disclosure Standards Board issued guidance on these issues, while the Prudential Regulatory Authority has issued regulatory guidance and recommendations concerning the impact of climate change on the UK insurance industry.

The working party was set up to develop and refine further thought leadership on this subject area promoted by the IFoA, first with the Risk Reporting working paper published in BAJ Volume 19(3) and subsequently a joint working party paper concerning the impact of new Revised Corporate Code requirements for risk reporting, published in BAJ Volume 21(2). The working party was established in the light of ongoing concerns about the impact of climate change on various aspects of actuarial work, ranging from pension fund valuation reports to general insurance pricing. The working party is undertaking further research concerning the impact of these developments on environmental risk-related practices in reporting by a range of insurance companies and pension funds.


The main outcomes from the working party will be a report that:

  • summarises the current and future guidelines, protocols, standards and rules in relation to the impact of climate change and environmental risk,
  • summarises the risk reporting of listed insurance firms and pensions schemes and, based on their disclosures, the risk management processes that they have adopted,
  • provides a view of differences in practice by size of firm and by type of company,
  • provides a view and examples of best practice (and potentially poor practice).

The paper will be disseminated through a number of channels within the actuarial profession and with other external interested parties such as the FRC, listed companies and in conjunction with other professional groups.


**Read all about the work of the 'Risk Reporting' working party.

Chair: Paul Klumpes
Membership: 5
Established: 2017

Related documents

Contact Details

If you want more information about this research working party please contact the Communities Team.

Filter or search events

Start date
E.g., 27/09/2021
End date
E.g., 27/09/2021

Events calendar

  • Spaces available

    A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.

    This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.

  • Spaces available

    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.

  • Spaces available

    How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more.

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Spaces available

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.