Climate Change Risk Requirements Proposed for Actuaries

The Financial Reporting Council (FRC) has published a consultation on proposed changes which would require actuaries to include climate change risks in their work. The proposed amendment to Technical Actuarial Standard 100 aims to ensure actuarial practitioners have regard to all material risk, including the consideration of climate change and other ESGrelated risks, which they might reasonably be expected to know about while carrying out their duties. Mark Babington, the FRC’s Executive Director of Regulatory Standards, said: “Actuaries have a key role to play in considering risks and modelling of future events so that users of actuarial information can make informed decisions about material risks. As the importance of climate change risks continues to grow it is critical that actuaries consider these risks in the course of their work. The proposed amendments are designed to ensure actuarial work remains fit for purpose within the rapidly changing environment in which actuaries operate.” 

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