Skip to Main Content

RMA, Cambridge Centre for Risk Studies Convene Chief Risk Officers from Major Financial Institutions to Prepare for Climate Transition

Roundtable Featured Experts from the Cambridge Centre and the Federal Reserve   

(February 3, 2021) – The Risk Management Association (RMA) and the Cambridge Centre for Risk Studies at the University of Cambridge Judge Business School hosted an executive roundtable discussion with global banks and asset managers on climate change risks to the financial system. Key speakers included Kevin Stiroh, Senior Advisor in the Division of Supervision and Regulation and Chair of the Supervision Climate Committee (SCC) at the Federal Reserve, and Dr. Andrew Coburn, Chief Scientist at the Cambridge Centre for Risk Studies.   

The SCC brings together senior staff across the Federal Reserve Board and the Federal Reserve Banks and joins other international central bank groups devoted to managing climate risk. Cambridge adds its quantitative modeling experience for supporting climate-related disclosures by European-based companies. “It has been formative to be working with early adopters of the Task Force on Climate-Related Financial Disclosures (TCFD). We are delighted to be able to participate and contribute to the discussions occurring in the U.S.,” said Dr. Michelle Tuveson, Chairman and Executive Director, Cambridge Centre for Risk Studies.     

Participants in the Roundtable, “Climate Change and Its Impact on Risk Management,” included financial service sector chief officers responsible for strategy, risk, credit, climate, and sustainability. The wide array of topics addressed included risks and opportunities that confront financial institutions due to climate change, investor perspectives on climate risk disclosures, and the recommended standards.  Coburn discussed the importance of scenarios in the corporate response to the global coordination of risk management and disclosures. “We work with leading global corporations to quantify and embed climate risk into their existing processes and practices. As a number of companies are beginning to disclose climate-related risks according to the TCFD guidelines, the Centre’s Risk Framework is providing actionable insights to identify, assess, manage, and report against its balance sheet,” said Coburn.     

“The risks and opportunities related to climate change are already affecting financial institutions and will soon grow to dominate the entire universe of risk,” said William L. Truscott, Senior Associate Director at RMA and Co-Chair of the Roundtable. “It is an honor for RMA to partner with the Cambridge Centre for Risk Studies in hosting this important event. RMA looks forward to furthering our commitment to offering critical resources and thought leadership on what is clearly a top risk to the industry.”         

About RMA  

Founded in 1914, the Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.   

Media Contacts 

Frank Devlin,, 215-446-4137   

About Cambridge Centre for Risk Studies 

The Cambridge Centre for Risk Studies Climate Risk Analytics Framework is used by global companies to analyze and quantify their risks from climate change. The Centre’s rigorous scenario-based framework integrates a wide range of threat classes including financial, geopolitical, technology, environmental, social, and governance. 

The Cambridge Centre for Risk Studies is based within the University of Cambridge Judge Business School. The Centre works closely with business partners in tackling complex issues of management science in risk. This policy of deep engagement has enabled the Centre to develop relevant solutions for businesses. The Centre’s leadership combines academic excellence with industry experience. Information on Cambridge’s Climate Change Scenario Suite and other risk management resources can be viewed at 

For more information please contact:  Suzanne Hopkins, Cambridge Centre for Risk Studies