Deloitte Insights

Episode 14: The financial risks from climate change

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What are firms doing to ensure they are prepared for climate change and the financial risks it can bring? Amid growing political, media and regulatory attention, banks and insurers are coming under increased pressure to show that they understand the scale of the climate risks that they each face. In this episode, Scott Martin speaks to Damian Hales and Rutang Thanawalla from Deloitte’s FS-Risk Advisory practice about the latest thinking in the financial sector on preparing for climate change. Tune in now to hear about a key financial sector risk and the regulatory response.

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Key questions:

  • What are the different types of climate change risks that firms should be assessing now?
  • How is measuring climate risk different compared to measuring financial risk or conduct risk?
  • Which climate change scenarios are the most realistic ones for firms to be assessing?
  • Which regulators are leading the pack in establishing climate change stress tests for financial firms?
  • How can we expect the regulatory framework around climate risk to evolve in the next decade?

To put it simply, the regulatory focus will switch from green wishing to green-watching and regulators will want confirmation that firms are doing what they’re saying in their reporting and their disclosures.

Speakers

Damian Hales
Partner
UK IFRS 9 Target Operating Model Lead

Damian is a Partner within the Risk and Regulation practise with over 23 years’ experience in the financial sector. He specialises in Credit Risk Management and Credit Risk Transformation across the full credit lifecycle (from origination to collections and recoveries) covering retail, commercial, corporate and asset finance industries.

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Rutang Thanawalla
Director
Risk Advisory in North West Europe

Rutang is a Director in the Financial Risk Measurement practice within Deloitte UK's Risk Advisory group for Financial Services. He leads on assignments in Enterprise-wide Risk Management, notably Stress Testing, drawing on his experience in banking, insurance, a global credit rating agency and the energy sector.

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Scott Martin
Senior Manager
EMEA Centre for Regulatory Strategy

Scott is a Senior Manager in the Centre for Regulatory Strategy advising on international banking regulation, with a particular focus on bank capital, strategy, cyber risk and public policy-making processes.

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Transcript

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