Risk in Context Podcast: Getting Ready for New Climate Reporting Requirements

In this episode of Marsh’s Risk in Context podcast, Sophie Griffin and Nick Faull from Marsh Advisory look at climate reporting trends and the actions businesses can take to prepare for mandatory reporting requirements.

Stacks of unfinished papers documents of business report with green paper corner on desk in modern office.

As the physical and transition risks from climate change grow more prominent, regulators in many nations are making climate reporting mandatory.

In Australia company directors will be required to disclose climate change as a material risk and New Zealand from 2023 financial organisations will be required to report in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

In this episode of Marsh’s Risk in Context podcast, Sophie Griffin (Marsh Advisory Pacific) and Nick Faull (Marsh Advisory UK) look at climate reporting trends and the actions businesses can take to prepare for mandatory reporting requirements.

Who is this for: CEOs, Company Directors, Risk Managers
How long: 24 mins
Topics discussed:

  • What is TCFD and what should business be doing to prepare for climate change reporting?
  • The differences in mandatory climate reporting requirements between Australia and New Zealand
  • The commercial benefits of climate-related risk reporting for entities
  • Complexities and challenges and how a business may respond to them
  • Timescales for TCFD and climate-related reporting and how to get ready
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Key takeaways

Many countries are set to make climate reporting — as prescribed by the Taskforce on Climate-Related Financial Disclosures (TCFD) — compulsory over the next decade.

At the same time, key stakeholders — including investors, regulators, customers, and suppliers — expect companies to understand and disclose key climate-related exposures.

Climate reporting should be viewed not only as a compliance exercise, but rather as an opportunity.

Companies that can better understand and assess their climate risks can integrate climate risk management into their strategic planning and can position themselves to more easily access green financing.

Assessing and effectively disclosing climate risks may not be a straightforward exercise.

Rigorous processes will be required for companies to align with the TCFD’s core elements, including governance, strategy, risk management, and metrics and targets.

About our speakers

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Sophie Griffin

Principal Consultant, Marsh Advisory

Sophie Griffin is a principal consultant with Marsh Advisory in the Pacific. Sophie helps Marsh clients reduce their exposure to natural hazards through modeling, emergency response planning, business continuity planning, and recommendations that reduce physical loss and resultant business interruption.

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Nick Faull

Head of Climate and Sustainability Risk

Nick Faull is head of Marsh Advisory’s Strategic Risk Consulting Practice in the UK, through which he leads the rollout of Marsh’s climate proposition. He has extensive experience consulting to leading financial institutions and has completed a DPhil in climate change modeling at Oxford University.

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