ESG Conference 2021

Fireside chat: Risk mitigation is not enough

Alice and Stacy discuss how financial services must adapt to manage the emerging risks of climate change and help to explain how risk mitigation is no longer enough.

The way that we assess and predict risk is not founded in what might actually occur, but instead on what has happened in the past. This is something that Alice Hill describes as a “failure of imagination”. We saw this play out over the course of the global pandemic – but it is also something that extends to our response to the three pillars of ESG, especially the ‘environmental’ element.

Having had responsibility for climate adaptation and catastrophic risk for the Obama administration, Alice draws on her experience to explain how financial services must adapt to manage the emerging risks of climate change. Drawing on ideas of “preparedness”, Alice sets out the future landscape of the “E” for ESG and explain how risk mitigation is no longer enough.