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Events

Internal Audit’s role in supporting insurance firms’ climate change strategies

30 June 2021

12.00 - 1.00 pm

Climate change and prudential risks - PRA's expectations

In their presentation, Nick Dexter and James Orr introduced climate change as a source of prudential risks and set out the PRA’s expectations of firms in responding to these. They summarised the findings from the FRC’s climate thematic review of external audits and suggested potential areas of involvement for internal audit functions, which were explored further with the iiag delegates.

 

If you would like to view the Webinar recording please click on the link below

The presentations for this event are available to download for IIAG members only.

Internal Audit’s role in supporting insurance firms’ climate change strategies

Nick Dexter
James Orr

690 kb

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Speakers Profiles

Nick Dexter

Senior Advisor

PRA

 

 

Nick’s main area of expertise is in insurance and advising supervision teams on technical areas such as Solvency II, and insurance practice more generally, including sitting on PSM, SIF and IMAP panels.  He has also assisted both banking and insurance supervision team on management and governance reviews. 

Nick previously worked as a partner within both KPMG’s Actuarial and Insurance Risk practices where he gained a good insight into insurance best practice. As well as being the lead actuarial audit partner for several large insurance companies, he advised many of KPMG’s clients on profit reporting and capital and risk management, including IFRS and Solvency II, both in UK and overseas.

James Orr

Senior Manager

PRA

 

 

 

 

James is an actuary with extensive experience in insurance regulation, including 13 years as the Chief Actuary for General Insurance at the PRA and the FSA. He oversaw the production of the PRA’s seminal paper on ‘The impact of climate change on the UK insurance sector’, which was published in 2015 and he was a contributing author to the Institute & Faculty of Actuaries ‘Practical Guide to Climate Change for GI Practitioners’, published in 2019. Having stepped down from his Chief Actuary role earlier this year, James now focuses on supporting the PRA in managing and delivering strategic projects