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Institute of Risk Management forms climate change group

Institute of Risk Management forms climate change group | Insurance Business

Institute of Risk Management forms climate change group

The Institute of Risk Management (IRM) has announced the formation of the Climate Change Special Interest Group (CC SIG) for its members to better understand the risks associated with climate change.

Martin Massey has been appointed chairman of the IRM CC SIG, and will host its inaugural event – titled, “The role of the risk manager in assessing climate risks” – next month. Massey has years of risk management experience, and has held positions at organizations including Swiss Re, Aon, AIG and Marsh.

“Today’s world is increasingly defined by unpredictable events with severe and lasting consequences that impact on an organization’s ability to survive and thrive,” Massey said. “Effective business risk managers must develop greater global situational awareness to understand and stay ahead of these direct and indirect risks. As the professional body that trains, promotes and improves standards in risk management, the formation of this group is to provide a platform for our membership who work with climate-change risks on a regular basis.”

CC SIG will:

  • Research and collate climate-change risk management best practices and solutions.
  • Develop a strong committee with a wide representation of members across industry sectors.
  • Support IRM’s goals, including membership and developing training for members.
  • Hold monthly meetings with the core committee members and organize three to four events per year.

“The Global Risks Report 2020 from the World Economic Forum has highlighted that risks linked to climate change counted for three of the top five global risks,” said Iain Wright, IRM chair. “There is an expectation from key stakeholders, including regulators, that existing risk management frameworks will need to address risks from climate change, and thus the scope of the CC SIG will be to support how organizations enhance the maturity of their risk frameworks from identifying through to reporting climate-change risks.”