logo-euiFlorence School of Banking & Finance

Co-organised with

Oliver Wyman

In scientific cooperation with

EUI’s School of Transnational Governance

 


Quantitative

21 February – 18 March 2022

Registration deadline: 17 February 2022

Limited seats per institution

Register here

 

  • General description

    This Climate Risks Online Academy co-organized by Oliver Wyman and the Florence School of Banking and Finance (EUI), in scientific cooperation with the EUI’s School of Transnational Governance, combines the expertise and tools of the financial industry to assess and grasp the risks posed by climate change to the financial sector. To understand the physical risk exposure of the financial system, it is essential to realise the link between physical phenomena such as global warming, sea level rise, more frequent flooding and droughts with the corresponding financial losses and risks. The same goes for transition risks and it’s still poorly understood repercussions.

    The Academy is held in a context in which climate change is deeply transforming the role of central banks and, in particular, is leading to a re-evaluation of central banks’ financial stability mandate. It is also impacting prudential authorities. Instead of examining how the risk landscape has been altered by climate change, the Academy will review practical approaches for quantifying their impact and explore best practices for integrating climate risk into both prudential and risk management frameworks.

    This online Academy has been designed for staff members of financial institutions, micro-prudential and macro-prudential authorities who wish to deeply understand the crucial risks that climate change pose to the financial system. In addition to providing topical content and practical tools, this online Academy will also act as a platform to stimulate exchange and debate between public officials, academics and private practitioners.

  • Topics covered

    • Climate Change in Theory and in Reality
    • Climate-related Financial Risk Analysis
    • Physical Risks
    • Transition Risks
    • Integration of Climate-Related Risk Factors into Risk Management Approach
    • The Prudential Supervision of Climate Risks
    • Macro Perspectives on Climate Risks
    • Climate Regulatory Risks

  • Live classes

    All times are in CET

    • Mon 21 February, 2.00-3.00 PM
      Kick-off session
      (optional) 
    • Tue 1 March, 2.00-3.30 PM
      1st Live Class
      (Physical and Transition Risks) 
    • Thu 3 March, 2.00-3.00 PM
      Open-Mic Session with Ilya Khaykin andAlban Pyanet
       
    • (tbc)
      2nd Live Class
       
    • Tue 15 March, 2.00-3.30 PM
      3rd Live Class (Policy Roundtable)
  • Modules

    • Module 0: Introduction to the course, to the platform and ice-breaking
    • Module 1: Climate-change: theory and practice in a bird’s-eye view
    • Module 2: Climate-related Financial Risk Analysis
    • Module 3: Quantifying the impact of Climate Risk – Physical Risks
    • Module 4: Quantifying the impact of Climate Risk – Transition Risks
    • Module 5: Integrating Climate-Related Risk Factors into Banks’ Risk Management Approach
    • Module 6: Prudential Supervision and Climate-related Financial Risks
    • Module 7: Macro Perspectives on Climate risks
    • Module 8: Integration of Climate-Related Risk Factors by Non-Banks
    • Module 9: Steering the Transition?
  • Academy Directors

    Andrea Federico (Oliver Wyman) is a Partner at Oliver Wyman. He joined the firm in London in 1998 and throughout his career has worked across a number of European jurisdictions and beyond. He is currently based in Rome and advises financial services firms, authorities and governments on some of their most pressing strategic and operational challenges. Andrea is co-director of the FBF-Oliver Wyman Climate Risks and Anti-Money Laundering Academies.

    Pierre Schlosser (EUI FBF) is the Scientific Coordinator of the Florence School of Banking and Finance, an executive education platform for financial stability, banking supervision and resolution experts and risk managers which forms part of the Robert Schuman Centre at the European University Institute (Florence, Italy). Pierre holds a Ph.D in political and social sciences (European University Institute, Florence, 2016), a postgraduate master degree in EU economic studies (College of Europe, Bruges, 2008) and a master’s degree in economic governance (Sciences Po Paris, 2007). His main research interests encompass fiscal integration, banking regulation, supervision and resolution and sustainable finance. Previously, Pierre worked for 5 years at Eurelectric, the Brussels-based energy industry association, on renewable energies, smart grids and risk management. He is the author of Europe’s New Fiscal Union (Palgrave, 2019).

  • Academy Instructors

    Beverley Adams (Marsh & McLennan Companies)

    Dr. Beverley Adams is Consulting Director and Head of Catastrophe Resilience and Visual Intelligence Services at Marsh Risk Consulting. She joined Marsh & McLennan Companies (MMC) in 2012. She chairs MMC’s visual intelligence working group, and through her team’s project work at Marsh Risk Consulting is driving operational best practice in catastrophe planning and response within businesses, government, and re/insurers.

    Jan Cornillie (European University Institute-School of Transnational Governance) is an environmental economist, trained in London and Oxford. After two years at OXERA, he pursued a career in government, serving as chief of cabinet for various Belgian ministers of Transport, Energy and Economy. Jan now heads the Strategy & Policy team at 3E, a Brussels-based renewable energy technology company, since beginning of 2020, helping customers to align their actions with 10-year developments in renewable energy. He recently joined the STG team, specialising in climate policy, energy markets and sustainable finance.

    Jos Delbeke (European University Institute-School of Transnational Governance) holds the first EIB Chair on Climate Policy and International Carbon Markets and was previously Director-General of the European Commission’s DG for Climate Action (2010-2018). Delbeke was involved in setting the EU’s climate and energy targets for 2020 and 2030, and in developing EU legislation on the Emissions Trading System (ETS), cars and fuels, air quality, emissions from big industrial installations and chemicals (REACH). He developed Europe’s International Climate Change strategy and was the European Commission’s chief negotiator at the UNFCCC Conference of the Parties, playing a key role in the EU’s implementation of the Kyoto Protocol and in negotiations on the Paris Agreement.

    Paul Fisher (Oliver Wyman and Cambridge Institute for Sustainability Leadership, Cambridge University) was a policy maker at the Bank of England for 26 years, serving on its Monetary Policy Committee, interim Financial Policy Committee and the Board of the Prudential Regulation Authority as well as on a number of international committees. During his time in the PRA he had responsibility for coordinating the Bank’s work on climate change. Subsequently Paul was a member of the EC High Level Experts Group on Sustainable Finance 2017 and the UK Green Finance Task Force 2017/18. Paul is the editor of ’Making the Financial System Sustainable’, November 2020, published by Cambridge University Press.

    Paul Hiebert (ECB) heads the Systemic Risk and Financial Institutions Division of the European Central Bank (ECB). In this role, he leads systemic risk analysis for the euro area feeding into the ECB’s flagship Financial Stability Review, as well as macroprudential policy for the largest euro area banks. His current role builds on over 20 years of experience within the ECB, the International Monetary Fund, the Reserve Bank of Australia and the Canadian Department of Finance in various capacities—spanning economic, financial and policy functions for a wide range of countries. He has published on a diverse set of topics, including financial cycles, global banking, climate change issues, macroprudential policy, housing markets, and fiscal policy. He holds an M.A. in Economics from McGill University in Montréal.

    Ilya Khaykin (Oliver Wyman) is a Partner with deep banking and risk management expertise and backgrounds in physics, engineering as well as public policy. Ilya has led our work on the topic of climate risk and opportunity assessment. He worked in depth with private sector institutions, development banks and regulatory bodies in the Americas, Europe and the Middle East on a range of risk management topics including credit risk, climate risk, risk identification, stress testing, country and political risk, resolution planning, and capital management. Ilya currently serves on the IIF Sustainable Finance Working Group.

    Anne Platou (DNB Bank ASA) is Sustainability Manager at DNB Bank. DNB Bank is the largest financial institution of the Nordics, based in Oslo, Norway. In DNB, Anne is part of the Corporate Responsibility team and covers climate risk, environmental management and TCFD disclosure. She currently leads the bank’s efforts in quantifying climate risk in credit activities. Anne has 10 years experience from energy companies Equinor and Statkraft, working with corporate responsibility and climate-related issues in both oil & gas and renewable energy projects in Norway, South East Asia and East Africa. Anne holds an MSc Sustainability management from Columbia University, MSc EU Policy making from LSE and BA Political science from University of British Columbia.

    Alban Pyanet (Oliver Wyman) is a Partner in the Finance & Risk Management practice of Oliver Wyman. Alban has worked in depth with major financial institutions in North America and in Europe, with a focus on climate risk management, credit risk modeling, and stress testing. Alban has been leading the climate risk engagements for Oliver Wyman, including a project with the United Nations Environment Programme – Finance Initiative (UNEP FI) and a group of 16 global banks, which aimed to develop a methodology to assess climate risks and opportunities and help banks implement the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD). Alban has authored several publications on the topic of climate risk and serves on the finance panel of the SENSES project, a global expert working group committed to developing the new generation of climate.

    Bas van Ruijven is a Senior Research Scholar with the Energy (ENE) program at IIASA and co-chair of the International Committee On New Integrated Climate change assessment Scenarios (ICONICS). Between 2011 and 2017, Dr. van Ruijven worked as Project Scientist with the Integrated Assessment Modeling group at the National Center for Atmospheric Research (NCAR) in Boulder, CO, USA and was Research Scientist at Boston University. Before 2011, Dr. van Ruijven was Policy Researcher with the IMAGE IAM group at the Netherlands Environmental Assessment Agency (PBL). Dr. van Ruijven’s research interests cover a wide range of topics, from energy and technology scenarios to energy transitions in developing countries and the impacts of climate change. Current projects include a global analysis of the role of electricity interconnections in greenhouse gas mitigation and guidance of mitigation scenarios for financial sector analysts.

    Peter Vis (Rud Pedersen Public Affairs & European University Institute-School of Transnational Governance), a former official of the European Commission having worked in the areas of climate, energy, transport and taxation, has co-directed an STG distance-learning course on Climate Governance (2019). For the 2014-2015 academic year Peter was EU Visiting Fellow at St. Antony’s College, Oxford University, UK. From 2010-2014 he was Chief of Staff to the European Commissioner for Climate Action, Connie Hedegaard. He worked in the Private Office of Andris Piebalgs, European Commissioner for Energy from 2007-2010, where he was responsible for renewable energy.

    Katrin Weissenberg (EBA) works as a Bank Expert at the EBA’s newly established ESG Risks Unit. Before her current role, she was looking at ESG related topics as part of EBA’s Economic Analysis and Impact Assessment Team. Prior to joining the EBA, she held roles at the EBRD’s Office of the Chief Economist working mainly on financial sector analysis, as well as at Moody’s in the Team for UK banks. Katrin holds an MA in Economics from Boston University and a BSc in Economics from the University of Kent at Canterbury.

  • Guest Contributors

    Adrien Amzallag (European Securities and Markets Authority (ESMA) )

    Adrien Amzallag works on risk analysis and structured finance policy topics at the European Securities and Markets Authority. Before joining ESMA, Adrien worked for many years at the European Central Bank on structured finance, risk management, and financial stability activities. Adrien holds degrees in Economics from the London School of Economics and the University of Edinburgh.

    David Carlin (UNEP- Finance Initiative)

    David Carlin leads the TCFD and climate risk program for UNEP- Finance Initiative. He currently is running a pilot for nearly 50 global banks and investors on topics of climate scenarios, climate risk assessments, and climate governance. He is also a contributor to Forbes, where he writes about climate change and leadership.

    Prior to joining UNEP-FI, he worked as a senior manager in Risk and Public Policy for Oliver Wyman Consulting and in Model Risk Management for PNC Bank. His background is in quantitative modeling and decision science.

    He conducted research in financial decision-making at Carnegie Mellon University and graduated Phi Beta Kappa from Williams College.

    Julien Mazzacurati (ESMA)

    Julien Mazzacurati is a Senior Economist at ESMA in the Risk Analysis and Economics department. He focuses on sustainable finance analytics, including ESG-related trends and risk monitoring, and participates in several international workstreams on climate risks. In addition to risk analysis and research, he supports ESMA’s regulatory policy work on sustainable finance.

    Upon joining ESMA in 2013, Julien worked for several years on European securities, repos and derivatives markets, publishing several papers on these topics. Before that, he worked for five years at the Institute of International Finance in Washington DC.

    Julien holds an MSc in Economics from the London School of Economics and a Master’s in Management from ESCP Business School.

    Angel Monzon (EBA)

    Angel Monzon is the Head of Risk Analysis and Stress testing – Economic Analysis and Statistics Department at the European Banking Authority. Within the EBA, he is responsible for the Unit in charge of the EU-wide stress test and of risk analysis. Prior to this position, Mr. Monzon worked as a Senior Policy Expert in the Regulation Department at the EBA, where he was responsible of accounting issues and their relation with prudential regulation.

    Before joining the EBA, Mr. Monzon worked in the Bank of Spain and the European Commission for more than 10 years. In the Bank of Spain, he occupied different positions covering areas related to financial reporting and prudential regulation. From 2007 to 2011, he worked for the European Commission in areas related to financial reporting. Over the course of his career, Mr. Monzon has represented the EBA, the European Commission and the Bank of Spain in several working groups both at European and International level.

    Raffaele Passaro (EBA)

    Raffaele Passaro is a stress test expert at the European Banking Authority (EBA), where he is affiliated to the Unit in charge of the EU wide stress test and of risk analysis. Since he joined the EBA Mr. Passaro has worked on the EU-wide stress focusing on Market risk and in the last years also on climate risk. Within the EBA he has also contributed to other projects like the benchmarking exercise on banks internal models and the transparency exercise.

    Before joining the EBA, Mr. Passaro worked 2 years at the ECB in the financial stability and in the research department. Mr Passaro has also joint the research department of bank of Italy form 2008 to 2009 working in the econometric forecasting unit. Mr. Passaro represents the EBA in some of the working groups on climate risk stress testing at European level.

    Hanno Stremmel (EBA)

    Hanno Stremmel joined the European Banking Authority in 2019 as Policy Expert in the Unit Stress Testing and Risk Analysis. He works on climate risk and macro-prudential policy and represents the EBA in related working groups. Mr. Stremmel has also worked for more than five years in the German Federal Ministry of Finance in different positions, including banking supervision.

     

  • FBF Team

    Maria Ana Barata (Teaching Associate)

    Jan Trevisan (Course Designer)

  • Fees

    The Academy takes place from 21 February to 18 March 2022.

    • € 1350 – Private Sector
    • € 1250 – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions
    • € 950 – Full-Time Professors, PhD Students, Research Associates

    Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.

    Please note that the payment must be settled one week before the start of the course.

    Limited seats per institution

    A certificate of attendance will be provided to all participants after the course.

    CANCELLATION POLICY

    • In case you can no longer attend the course, you are required to inform the organisers by sending an email to fbf@eui.eu in order to free a seat for participants in the waiting list.
    • In case of frequent cancellations, FBF reserves the right not to accept further registrations from the same person.