logo-euiFlorence School of Banking & Finance


Co-organised with

Oliver Wyman

In scientific cooperation with

EUI’s School of Transnational Governance

 


Quantitative

30 April – 21 May 2021

Registration CLOSED

To request inclusion in the waiting list, contact fbf@eui.eu.

 

  • Video

  • 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

  • What you will learn

    • Identify climate-related financial risks and the impact of climate change on the financial sector;
    • Understand how the financial sector is exposed to the different implications of climate change (from sea level rise to carbon pricing);
    • Calculate and quantify climate risks and exposures (e.g., climate scenarios, transition risks) under a series of given assumptions;
    • Debate the impact of physical risks on the global economy;
    • Link climate risks with wider macro-financial variables;
    • Design state of the art climate scenario designs;
    • Define and leverage climate scenarios to quantify their potential financial impacts on financial institutions;
    • Discuss how climate risks can be incorporated into an institution’ risk management framework and how risk management approaches can be adjusted to capture climate risks;
    • Comprehend the role of central banks to hold financial stability from climate-related risks;
    • Describe the potential implications of climate change for financial stability;
    • Review latest EU climate action instruments and discuss emerging climate regulatory risks.

  • Academy Directors

    Andrea Federico

    Andrea Federico

    Partner, Oliver Wyman

    Andrea Federico 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

    Pierre Schlosser

    Scientific Coordinator of the Florence School of Banking and Finance, European University Institute

    Pierre 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).

  • Core faculty

    Adrien Amzallag

    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.

    Jan Cornillie

    Jan Cornillie

    Research Associate, European University Institute, School of Transnational Governance

    Jan Cornillie 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

    Jos Delbeke

    EIB Climate Chair and Professor, European University Institute, School of Transnational Governance

    He 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

    Paul Fisher

    Cambridge Institute for Sustainability Leadership, Cambridge University

    After an initial career as an academic specializing in macro-econometric modelling, Paul Fisher 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.
    Current positions:

    • Chair of the London Bullion Market Association;
    • Non-executive Director at the UK Debt Management Office;
    • Principal, PGFpolicy Ltd for consultancy work.
    • Fellow at the Cambridge University Institute for Sustainability Leadership (CISL) and through them, Vice-Chair of the Banking Environment Initiative.
    • Visiting Professor at Richmond, the American International University in London.
    • Visiting Professor (teaching sustainable finance) at the London Institute of Banking and Finance (LIBF).
    • Senior Research Fellow, King’s College Business School, DAFM Research Centre.
    • Governor, National Institute of Economic and Social Research.
    • Member of the Advisory Board, UEA Centre for Competition Policy.
    Paul Hiebert

    Paul Hiebert

    Head of Division, Systemic Risk & Financial Institutions, European Central Bank

    Paul 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

    Ilya Khaykin

    Partner, Financial Services, Oliver Wyman

    Ilya Khaykin 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.

    Julien Mazzacurati

    Julien Mazzacurati

    Senior Economist, European Securities and Markets Authority (ESMA)

    Julien 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.

    Cornelia Neumann

    Cornelia Neumann

    Principal- Financial Services, Oliver Wyman

    Cornelia is a Principal in the Public Policy and Financial Services practice in Oliver Wyman’s Amsterdam office. She has 9 years of experience in Oliver Wyman, consulting to leading banks and authorities. She is leading OW’s Climate and Sustainability platform in the Netherlands. Cornelia holds a MSc in Finance and Economics from London School of Economics and a BA in Economics from St. Gallen University. She is a CFA Charterholder. Cornelia joined Oliver Wyman in 2011 from the Financial Stability Department of the Bank of England

    Anne Platou

    Anne Platou

    Sustainability Manager, DNB Bank

    Anne Margrethe M. Platou 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

    Alban Pyanet

    Partner, Oliver Wyman

    Alban Pyanet 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

    Bas van Ruijven

    Sustainable Service Systems Research Group, International Institute for Applied Systems Analysis

    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

    Peter Vis

    Rud Pedersen Public Affairs and Senior Research Associate, 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, Peter 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.

    Guest instructors to be announced soon
  • Guest instructors

    Adrien Amzallag

    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

    David Carlin

    TCFD Program Lead, UNEP- Finance Initiative

    David Carlin leads the TCFD program for UNEP- Finance Initiative. He most recently managed a banking pilot with over three-dozen global financial institutions 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.

    Paul Hiebert

    Paul Hiebert

    Head of Division, Systemic Risk & Financial Institutions, European Central Bank

    Paul 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.

    Julien Mazzacurati

    Julien Mazzacurati

    Senior Economist, European Securities and Markets Authority (ESMA)

    Julien 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

    Angel Monzon

    Head of Risk Analysis and Stress testing – Economic Analysis and Statistics Department European Banking Authority
    Within the European Banking Authority (EBA), Mr. Angel Monzon 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

    Raffaele Passaro

    Stress test expert, European Banking Authority
    Within the European Banking Authority (EBA), Mr. Raffaele Passaro works as a stress test expert in 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

    Hanno Stremmel

    Policy Expert, European Banking Authority
    Mr. 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.

  • Teaching Associates

    Maria Ana Barata

    Maria Ana Barata

    European University Institute – Florence School of Banking and Finance

    Christy Ann Petit

    Christy Ann Petit

    European University Institute – Florence School of Banking and Finance

  • Prerequisites

    A BA/MA degree in Law, Economics, Management, Political Science or equivalent degree, or 6-10 years professional experience, is recommended to be able to follow the course.

    A basic knowledge of financial markets regulation and prudential risk management is required to follow this course. A prior exposure to risk modelling is recommended.

  • 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: Integration of Climate-Related Risk Factors by Non-Banks
    • Module 7: The Prudential Supervision of Climate Risks
    • Module 8: Macro Perspectives on Climate risks
    • Module 9: Lab with climate-related data
    • Module 10: Climate regulatory risks?
  • Format and Schedule

    Your progression in the course will take approximately 20-25h hours to complete.

    The Academy combines:

    • Self-paced material, including suggested readings, forum exchanges, and video lectures
    • Live classes: the Academy will feature a kick-off session and four live classes, which include practical activities led by instructors, a policy roundtable, and time for questions by participants.

    Live classes

    • 30 April – Kick-off Session (2.00 – 3.00pm CET)
    • 6 May – Physical Risks (1st Live Class | 2.00-3.30pm CET)
    • 10 May – Transition Risks (2nd Live Class | 2.00-3.30pm CET)
    • 18 May – Practical Activity (3rd Live Class | (2.00-3.30pm CET)
    • 21 May – Policy Roundtable (4th Live Class | (2.00-3.30pm CET)
  • Fees

    1300€ – Private Sector

    1200€ – Public Authorities (e.g. National Competent Authorities, Central Banks, International and European Institutions).

    950€ – Academics (Full-time Professors, full-time PhD Students and full-time 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 per organisation will be limited to ensure that a diversity of views are represented in the room.

    FEE WAIVERS

    A few fee waivers are available to outstanding candidates applying from, and resident in, low-income and lower-middle-income economies (as set by the World Bank) in the Americas, Africa and Asia.

    The deadline for applying for a fee waiver is April 15th, 2021.
    To apply for a scholarship, send your CV and a cover letter to the course secretariat at fbf@eui.eu.

    CANCELLATION POLICY

    • Registered participants can cancel their participation and ask for a refund until two weeks (24 March) before the start of the course, by sending an email to the FBF secretariat: fbf@eui.eu. Past that date, refund requests will no longer be accepted by the Secretariat (unless for compelling and motivated reasons).
    • In case a course is cancelled, registered participants can request a total refund or request a voucher to attend another FBF course.
    • In case a course is postponed to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.

    For more details, please contact fbf@eui.eu

Climate Risks Academy

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