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ICLR Friday Forum: OSFI’s Climate Risk Mgmt Guideline - How Insurers Can Prepare (Jan 27, 2023)
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On January 27, 2023, ICLR hosted a Friday Forum webinar titled 'OSFI’s Climate Risk Management Guideline: How Insurers Can Prepare', led by Laura Zizzo, Co-founder and CEO, Manifest Climate.
In 2022, Canada’s Office of the Superintendent of Financial Institutions (OSFI) released a draft guideline on how firms should manage and disclose their climate risks. The draft guidance is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the world’s leading climate reporting framework. As part of the draft, OSFI instructs financial firms to report their emissions and climate transition plans, as well as how they are governing climate-related issues and integrating climate risks into enterprise risk-management structures. OFSI is following suit with many financial regulators in an attempt to force companies to understand, manage and better communicate their approach to climate issues, and better navigate the climate transformation, all in the name of shoring up financial market stability and resiliency. This webinar provided an in-depth discussion on how insurers can prepare for OSFI’s requirements and how the TCFD can support their climate journeys.
Laura is a trained lawyer and entrepreneur with over 20 years of experience leading organizations toward a low-carbon and climate-adapted future. Through her work in climate change law, policy, and financial risk, she has been a respected advisor to leading North American financial institutions, as well as local and international governments. She is a leading voice on the legal imperative to adapt to climate change, the need to integrate climate into core business considerations, and the benefits of using technology to navigate climate risks and opportunities.
In 2022, Canada’s Office of the Superintendent of Financial Institutions (OSFI) released a draft guideline on how firms should manage and disclose their climate risks. The draft guidance is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the world’s leading climate reporting framework. As part of the draft, OSFI instructs financial firms to report their emissions and climate transition plans, as well as how they are governing climate-related issues and integrating climate risks into enterprise risk-management structures. OFSI is following suit with many financial regulators in an attempt to force companies to understand, manage and better communicate their approach to climate issues, and better navigate the climate transformation, all in the name of shoring up financial market stability and resiliency. This webinar provided an in-depth discussion on how insurers can prepare for OSFI’s requirements and how the TCFD can support their climate journeys.
Laura is a trained lawyer and entrepreneur with over 20 years of experience leading organizations toward a low-carbon and climate-adapted future. Through her work in climate change law, policy, and financial risk, she has been a respected advisor to leading North American financial institutions, as well as local and international governments. She is a leading voice on the legal imperative to adapt to climate change, the need to integrate climate into core business considerations, and the benefits of using technology to navigate climate risks and opportunities.