RMA and McKinsey & Company, as a knowledge partner, announced that they are holding a workshop designed to help bank executives integrate climate risks, opportunities, and regulations into their business decisions and operations. The workshop will take place at The Ritz Carlton New Orleans from April 12-13, 2023. Attendance is limited to facilitate peer sharing and networking, and registered participants will include financial risk executives from RMA member banks.
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Banks have a number of reasons to step up their climate risk management planning, including their mounting environmental commitments, increased exposure to climate-related risk, shareholder and customer pressure, and an evolving regulatory landscape. Action from federal and state banking regulators as well as the Securities and Exchange Commission is likely this year.
Fran Garritt, RMA’s Director of Financial Risk and the lead for RMA’s Climate Risk Consortia, commented: “The more than 40 banks in RMA’s climate consortia are working on key aspects of climate risk but we want to help more financial institutions make progress on this critical issue. We are delighted to team with McKinsey as a knowledge partner for this workshop and use our shared expertise to benefit our members.”
“In working with RMA’s climate risk consortia, we look forward to facilitating a robust workshop with RMA to address the many current and impending climate issues and opportunities financial institutions will face as the year progresses,” said Hans Helbekkmo, Partner, McKinsey & Company.
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The RMA Climate Risk Management Workshop will give executives a holistic understanding of the impacts of climate change on their institutions. Led by the creators of RMA’s Climate Risk Consortia and climate experts at McKinsey, the workshop will help registered attendees:
- Set up climate programs.
- Implement climate risk frameworks.
- Integrate climate into business decisions, data, scenario analysis, disclosures, and governance.
- Address regulations and understand what might come next in the policy sphere.
- Explore the opportunities presented by the necessary transition to a greener economy.
This course is designed for senior level risk and other financial services professionals who will walk away with practical approaches to managing climate change risks and opportunities, integrating climate into risk frameworks, “hands on” learnings that will inform their climate-related decisions, and a new network of industry peers and experts.
Topics covered in the workshop sessions include:
• Climate risk, Net Zero, and climate finance.
• Responding to regulatory and policy changes.
• Measuring physical and transition risk.
• Data requirements to integrate climate risk.
• Integrating climate risk into business decisions.
• Operationalizing financed emissions and Net Zero.
• Climate opportunities and finding the competitive edge.
• Shifting the operating model and driving transformation.
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 1,600 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 41,000 individuals located throughout North America, Europe, Australia, and Asia/Pacific.
Founded in 1926, McKinsey is a global management consulting firm committed to helping organizations accelerate sustainable and inclusive growth. They work with clients across the private, public, and social sectors to solve complex problems and create positive change for all their stakeholders. McKinsey has a global reach of 133 cities in 67 countries, more than 35,000 colleagues, with employees that speak more than 135 languages and represent over 140 citizenships. They combine bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for this generation and the next.
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