Addressing Climate Change Risks: Guidance for Senior Managers and Board Members
This slide pack tool provides guidance on addressing climate change risks for senior managers and board members. It covers key messages such as understanding obligations and gaps, identifying climate change risks, exploring responsibilities, and implementing actions to address these risks effectively. The guidance emphasizes the importance of integrating climate change considerations into existing risk management frameworks and assessing risks through a multi-dimensional lens. Overall, the tool aids in enhancing preparedness and responsiveness to the challenges posed by climate change in organizational decision-making processes.
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Presentation Transcript
Considering Considering climate climate change risks change risks For Senior Managers, Board members This slide pack tool is intended as a guide to help you with your presentations to the board
Guidance To address climate change risks we should consider: Key message 1. What are our obligations and gaps? 2. What are climate change risks? 3. Who is responsible? Climate change is a mainstream risk we need to address 4. How do we address climate change risks? 5. What are the benefits? 6. Our actions and commitment September 24 2
Guidance How do we address climate change risks? Identify existing risks in our risk register Apply climate change as a multiplier to our existing risks Consider short-, medium- and long-term Explore both physical and transition risks How does this affect our risk appetite? Suppliers and other agencies share our risks Key message Use our risk management framework and consider a range of timeframes September 24 3
Guidance Consider below for your climate change risk assessment Scope Determine the objectives, functions and activities to assess Review the risk register to assess how climate change is already handled Assess And / or add any new physical or transition risks Report Report risks to Executive and Board with any new plans to treat them Confirm Confirm risk management strategy and resource allocation September 24 4
What are our obligations and gaps? VGRMF Key message Are there gaps? What steps do we need to take to address these? Financial Management Act Public Administration Act Climate Change Act September 24 6
What are climate change risks? Key message Physical and transition risks exist to our objectives, functions and activities Source: Task Force on Climate-related Financial Disclosures (TCFD), 2017, final report September 24 7
What are our physical risks? September 24 8
What are our transition risks? September 24 9
What are the benefits? 1 2 3 4 5 Better informed decision making Better resource prioritisation Better long term planning with long tail climate change risk Better performance against objectives More resilient September 24 10
Our actions and commitment September 24 11
