- Webcast -
Tuesday, March 28, 2023 3:30 PM
Hear from members of the UK’s Climate Financial Risk Forum Scenario Analysis Working Group, as we review useful tools and resources that risk professionals should be aware of, and explore key lessons from the Bank of England’s Climate Biennial Exploratory Scenario.
In this extended webcast, we will discuss the most current outputs from the UK CFRF’s Scenario Analysis Working Group, of which GARP has been proud to serve as secretariat since it was established in 2019.
In this session we will provide an overview of these outputs, including scene setting that draws on insights from GARP’s deep dive on scenario analysis in financial firms. We will then focus on the lessons learnt from the Bank of England’s Climate Biennial Exploratory Scenario, in a report by the Centre for Greening Finance and Investment. And we’ll hear from those involved in the other main outputs, which include:
We will also provide an update on other valuable resources, such as an online scenario analysis tool and a database of key scenario analysis providers.
Speakers
Ben Carr
Analytics and Capital Modelling Director, Aviva
Ben Carr leads the multi-disciplinary project team at Aviva working on the development of scenario analysis to support the development of disclosures consistent with the recommendations of the Taskforce on Climate Related Financial Disclosures. He is also a member of the joint PRA-FCA Climate Financial Risk Forum Scenario Analysis Working Group.
He joined Aviva from the Prudential Regulation Authority at the Bank of England in 2011, where he led the UK Internal Model Approval Process (IMAP) in preparation for the implementation of Solvency II. Before that, he worked at the Insurance and Pensions Unit at the European Commission, where he was heavily involved in the drafting and negotiation of the Solvency II Framework Directive as well 3rd country dialogues with other major insurance markets including the US, Japan, Switzerland, and Bermuda.
Jo Paisley
President, GARP Risk Institute
Jo has worked on a variety of risk areas at GRI, including stress testing, operational resilience, model risk management and climate risk. Her career prior to joining GARP spanned public and private sectors, including working as the Director of the Supervisory Risk Specialist Division within the Prudential Regulation Authority and as Global Head of Stress Testing at HSBC.
Dr. Nicola Ranger
Climate and Environment Analytics Director, CGFI
Dr. Nicola Ranger is Director of Climate and Environmental Analytics at the UK Centre for Greening Finance and Investment (CGFI), Executive Director of the Oxford Martin Programme on Systemic Resilience, and Senior Researcher at the Smith School of Enterprise and the Environment.
She also holds multiple advisory roles, including as a Senior Advisor for the World Bank, a member of the European Commission High Level Expert Group on Sustainable Finance in Low and Middle Income Economies, an Academic Visitor at the Bank of England and a member of the Financial Systems Thinking Innovation Centre of the Institute and Faculty of Actuaries. Nicola is also Visiting Research Fellowship at the Grantham Research Institute of the London School of Economics and Political Science.
Paul Barrett
Chief Risk Officer, AIG UK
Paul Barrett is Chief Risk Officer for AIG UK. He is also the designated ‘Senior Manager’ for Climate Change Risk. Paul reports jointly to the Board of AIG UK and Fabrice Brossart, CRO, GI International. Paul’s team is responsible for the Risk Governance, ORSA, Stress Testing, Risk Register, Risk Appetite & Limits and Operational Risk processes. Paul also works closely with the Group in helping to develop AIG’s Climate Strategy. Previously Paul was Assistant Director, Solvency II at the Association of British Insurers (ABI). Prior to that Paul worked in Policy at the Financial Services Authority.
Phil Cliff
Former Head of Climate, M&G Investments
As Head of Climate at M&G Investments, Phil led the climate transition plan including activities such as: climate target setting and commitments; the Net Zero Investment Framework; Climate risk modelling; Thermal coal transition plan; TCFD reporting; supporting the response to the Bank of England’s CBES stress test; and producing thought leadership research on climate. Prior to this role, Phil integrated ESG into the investment process as a Portfolio Manager, and has 20 years of experience in the asset management industry.
Phil has been Co-Chair of the FCA’s Climate Financial Risk Forum Asset Management working group, as well as being active on IIGCC and UK SIF working groups to develop best practice and shape policy.
Marek Piskorz
Climate Risk Scenario Analysis & Stress Testing Lead, Lloyds Banking Group
Marek Piskorz is risk professional with over 25 years leadership experience in the financial services sector and is passionate about a just transition to a sustainable future. At Lloyds Banking Group, Marek is leading climate risk embedding and climate capital and has been engaged in the Bank’s climate risk response since 2019. Marek held a key role across the delivery of the CBES and represented the Bank on external industry working groups. Since the CBES, Marek has continued to represent the Bank in the industry’s efforts to enhance climate risk capabilities, including being a lead author of the 2022 edition of the CFRF Scenario Analysis Guide for Banks.
Jo Paisley
Co-President, GARP Risk Institute
Ben Carr
Analytics and Capital Modelling Director, Aviva plc
Co-President, GARP Risk Institute
Jo Paisley is co-President of the GARP Risk Institute, the thought leadership arm of GARP. Set up in early 2018, the Institute works across all risk disciplines, with Jo’s focus to date on climate risk management and scenario analysis, stress testing and operational resilience.
Her career began at the Bank of England where she worked in a variety of roles across macroeconomics, statistics, supervision and risk. Her last role was as a Director of the Supervisory Risk Specialists Division within the Prudential Regulation Authority, where she was heavily involved in the design and execution of the UK’s first concurrent stress test in 2014. She left the Bank in 2015 and joined HSBC as their Global Head of Stress Testing. She has also worked as an independent stress testing consultant, advising firms on how to get the most value out of stress testing.
Analytics and Capital Modelling Director, Aviva plc
Ben Carr leads the multi-disciplinary project team at Aviva working on the development of scenario analysis to support the development of disclosures consistent with the recommendations of the Task Force on Climate-related Financial Disclosures.
He works in the Group Actuarial Function at Aviva, where he is responsible for the maintenance and development of their approved group-wide Solvency II internal economic capital model.
Carr joined Aviva from the Prudential Regulation Authority at the Bank of England in 2011.
Prior to that, he worked at the Insurance and Pensions Unit at the European Commission, where he was heavily involved in the drafting and negotiation of the Solvency II Framework Directive.
Carr holds a doctorate in mathematics from the University of Warwick.
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