11 Dec 2023
ESG Risk Management Beyond ORSA and Scenario Analyses
So far most of the market approached the ESG risk management from a scenario-analysis perspective, limited to climate change considerations.
If this is in line with some of the regulatory expectations, scenarios – because of lack of available data – can only capture a small portion of all the Environmental and Social risk an insurance entity might be exposed to. Furthermore, it fails in picturing all potential interconnections among the different type of environmental and social risks and the related implications on the company’s financials.
EIOPA itself, in its staff paper on nature-related risks, starts to switch the focus on more comprehensive although more qualitative approaches, that would enable risk managers to get the full picture of their exposure to ESG risks, as a preliminary exercise to the scenario analysis, that could therefore be focused on the most critical variables for the company.
This approach allows the Risk Management to move toward a business steering role, as it also allows to spot opportunities and possible mitigations. According to the granularity used for the assessment, the analysis performed could also help in validating the company’s materiality assessment.
The session is open to all professionals interested in understanding how the risk managers can approach the ESG risk management from a comprehensive perspective and how the results can be used for business steering and materiality assessment.
The session is mainly directed at Risk Management professionals, although given the implications for compliance, business, and the materiality assessment, it might be of interest for Business functions, Finance, Compliance, and Sustainability department as well.
Technical RequirementsPlease check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.
Purpose and Nature
Giammaria FamigliettiGiammaria is a Principal at Oliver Wyman since 2020, leading the Actuarial practice in Italy. He is leading for Sustainability for OW Actuarial Europe. Before joining OW, he worked for the Italian Insurance Association (ANIA), for Allianz headquarter in Munich and for some of the Big4 in the field of risk management, regulatory compliance and reporting, with a specific focus on the integration of the sustainability factors within the insurance sector. Giammaria is a lecturer at the SOA (the US Society of Actuaries) on insurance-related sustainability matters, at University of Pisa, in European and global public events. He also holds top management training for leading insurance players in Italy and in Europe.
Mattia TerenziMattia Terenzi is a Manager in Oliver Wyman’s Actuarial Services practice, located in Milan. Mattia has 5-year experience within the insurance sector. He has joined OW after gaining 4 years expertise in the insurance sectors with other consulting firms (including Big4). He specializes in supporting insurance entities in the areas of Risk Management, Sustainability, Regulatory Compliance, Data Quality and Reporting.