Climate risk management for INEDs with Nick Spencer of Milliman: www.milliman.com

Date: Wednesday, 3rd July, 8.30 – 10.30am
Venue: The Private Dining Room at The Don, 19-23 St Swithin’s Lane, London, EC4N 8AD
Format: Presentation by Nick Spencer, alongside coffee and breakfast around the table, and then discussion of the key themes and content amongst our guests.

Milliman’s Nick Spencer is a past chair of the Institute and Faculty of Actuaries Sustainability Board, an award-winning thought leader on sustainable investing, and one of the leading voices on climate risk management in the UK’s institutional investment consulting industry.

There has been an enormous amount of change and progress in climate science and risk mitigation in the last year, including the outcomes of COP28 in the UAE. In Nick’s words:

“There is a minor revolution going on in climate scenario modelling and climate risk governance. These developments are almost certainly behind the PRA’s ‘Dear CEO’ comment that ‘further progress is required by all firms, particularly on [climate] scenario analysis and risk management’. Increasingly there is recognition that if we are transitioning to a low carbon economy, then legacy calibrated risk distributions must adjust to fully understand the volatility, uncertainty, complexity, and ambiguities that we will all face.”

In a presentation specifically designed for financial services board members, Nick will cover recent developments in this field, before outlining how causal frameworks can overcome the weaknesses in more traditional risk management approaches, and providing insights on how board members can monitor further developments and advise their businesses accordingly.