Webinar on Climate-Related Disclosures and Risk Management: Standards and Leading Practices
Announcement from the IAA organiser:
The International Actuarial Association (IAA) is pleased to announce the publication of the paper Climate-Related Disclosures and Risk Management: Standards and Leading Practices developed by the IAA’s Climate Risk Task Force.
This paper is the fifth in a series of papers that will be developed, aimed at creating awareness and promoting actuarial approaches in climate-related risk management and reporting. The preceding four papers along with this paper are available on the IAA website under PUBLICATIONS/PAPERS/Climate Issues.
There are multiple areas where actuaries can contribute to the preparation and analysis of climate-related disclosures, and to incorporating the impacts of climate change into risk management processes. The aim of this paper is to assist actuaries (and others) to understand the principles and leading practices for preparing climate-related disclosures, and how they can be used to inform risk management processes in relation to the impacts of climate change.
The paper discusses a number of global climate-related disclosure initiatives as well as a few selected national regulations. The paper provides insights into climate-related risk as part of Enterprise Risk Management, general considerations on the need for quality climate-related disclosures supplemented with some helpful examples of leading practices on climate-related disclosures.
This activity advances the IAA’s mission and strategic objectives to provide key supranational institutions with actuarial expertise on issues of relevance in global forums and to promote the advancement of scientific knowledge and skills of the actuarial profession.
To learn more about the work of the IAA on this topic, contact the Director of Technical Activities at the IAA Secretariat.
Jérôme Crugnola-Humbert, Actuary SAA (Switzerland), Certified Actuary in France (Lead Author)
A financial engineer and actuary by background, Jerome specializes in climate risk and sustainable finance. Following a 20-year career in banking, consulting and insurance (including for the European Union regulator), Jérôme joined Deloitte Switzerland in 2021 to contribute to the development of sustainability services. He currently chairs the sustainability working group of the Swiss Association of Actuaries, and he is a member of the sustainability and climate risk working group of the Actuarial Association of Europe.
Xi Cynthia Yuan, FIA in China (Co-Author)
Cynthia is the senior risk manager of China Re group. She has twenty years’ experience in insurance industry mostly in General Insurance. She was educated in UK and worked for many years before she came back to China. Cynthia has extensive experience ranging from pricing, reserving, catastrophe modeling, capital modeling, asset liability modeling. She has been active in research and advisory roles including being in the expert team of China Banking and Insurance Regulatory Commission on Chinese Solvency Regime C-Ross and Asset Liability management regulation.
Santiago Fiallos, Certified Actuary in France (Co-Author)
Santiago is a fellow of the French Institute of Actuaries. He specialises in assessing Life insurance liabilities under multiple standards (Solvency 2 - Internal Models, MCEV, French GAAP). Over the past few years, Santiago has focused on current and future European sustainability regulations and market best practices. Santiago is Managing Director within the Actuarial & Quantitative Services practice of Sia Partners.
Gábor Hanák, Chair of the IAA Climate Risk Task Force (Moderator)
Gábor is a leading member of KPMG’s actuarial practice in Hungary and of KPMG CEE Risk and Actuarial Services Group. He has played a key role in the Hungarian, the European and the international actuarial associations in various leading positions. Gabor was President of the IAA in 2019 and was Chairman of the Actuarial Association of Europe between 2011 and 2012. He is currently a member of both the IAA’s and the AAE’s Professionalism Committees.