Roundtable Featured Experts from the Cambridge
Centre
(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, fdevlin@rmahq.org,
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 cambridgebusinessriskhub.com
For more information please contact:
Suzanne Hopkins, Cambridge Centre for Risk Studies
s.hopkins-oldak@cantabrisk.com