World Business StrategiesServing the Global Financial Community since 2000

Wednesday 6th October

08.00 - 09.00
Registration and Morning Welcome Coffee
Chair:

Navin Rauniar:

Advisory Partner focusing on LIBOR, ESG, Climate Risk & TCFD, HSBC

Navin Rauniar: Advisory Partner focusing on LIBOR, ESG, Climate Risk & TCFD, HSBC

Navin is a Risk Director with 17 years’ experience in advising the sell side on the delivery of prudential regulation such as IBOR Transition, FRTB, IRRBB, Basel III, CRR 2 and CRD V. Navin is currently leading the IBOR workstream for a Tier One bank.

Prior to this, he worked as a Senior Manager at a leading global advisory firm, where he led the analysis of the impact of the IBOR Transition on financial institutions. Additionally, Navin has spent 15 years in the industry working in global run-the-bank and change-the-bank roles for Credit Suisse, RBS, Commerzbank and JP Morgan across Front Office, Risk and Operations.

Navin is a steering committee member of the Professional Risk Managers Association where he represents the Risk Management industry on regulatory initiatives, mentoring of capital markets professionals, and a frequent speaker at banking & thought leadership events.

09.00 - 09.45
Introduction
  • What is ESG and why does it matter to you?
  • Key regulations and frameworks financial institutions need to be aware of
  • Impacts to the Risk function

Navin Rauniar:

Advisory Partner focusing on LIBOR, ESG, Climate Risk & TCFD, HSBC

Navin Rauniar: Advisory Partner focusing on LIBOR, ESG, Climate Risk & TCFD, HSBC

Navin is a Risk Director with 17 years’ experience in advising the sell side on the delivery of prudential regulation such as IBOR Transition, FRTB, IRRBB, Basel III, CRR 2 and CRD V. Navin is currently leading the IBOR workstream for a Tier One bank.

Prior to this, he worked as a Senior Manager at a leading global advisory firm, where he led the analysis of the impact of the IBOR Transition on financial institutions. Additionally, Navin has spent 15 years in the industry working in global run-the-bank and change-the-bank roles for Credit Suisse, RBS, Commerzbank and JP Morgan across Front Office, Risk and Operations.

Navin is a steering committee member of the Professional Risk Managers Association where he represents the Risk Management industry on regulatory initiatives, mentoring of capital markets professionals, and a frequent speaker at banking & thought leadership events.

09.45 - 10.45
The Impact of ESG Investing on Asset Pricing, Credit Rating, Financial Analysis and the Cost of the Debt
  • The performance of ESG Investing in the stock market between 2010 and 2021
  • Why the relationship between ESG and performance is different in the corporate bonds’ market?
  • Intrinsic value or extrinsic value: materiality versus investment flows
  • The convergence between ESG ratings and credit ratings
  • The rise and the fall of the financial analysis or how extra-financial analysis will become the standard
  • The example of sovereign debt: E, S or G?

Thierry Roncalli:

Head of Quantitative Research at Amundi Asset Management

Thierry Roncalli: Head of Quantitative Research at Amundi Asset Management
Thierry Roncalli is Head of Quantitative Research at Amundi Asset Management, Professor of Finance at the University of Paris-Saclay/Evry and member of the AMF’s Scientific Advisory Board (French Securities & Financial Markets Regulator).
10.45 - 11.15
Morning Break and Networking Opportunities
11.15 - 12.00
'The role of ESG data in determining credible net-zero ambitions'
  • Introduction into carbon footprinting and the importance of Scope 3 data
  • Trends in scope 3 reporting and financed emissions
  • How to determine portfolio alignment to the Paris climate goals
  • Inferences for investor net-zero claims

Yannick Pape:

Consultant, South Pole

Yannick Pape: Consultant, South Pole

12.00 - 13.00
Risk vs. Uncertainty: A new paradigm in risk management

The capital markets theories of the 1950’s and 1960’s are based on assumptions that will render them obsolete as the shift towards a low carbon economy is gathering momentum. The underlying assumptions are based on risk data and information that is largely based on historical timeseries. We are in the early stages of a fundamental re-engineering of the financial system. This new paradigm puts the financial sector at the service of fighting climate change, the biggest challenge of our time. This has profound consequences for how portfolios are constructed, how companies are valued, the changing role of risk managers, and the type of data they need to inform decisions. 

  • Risk/return concepts are based on historical timeseries; Historical correlations and performance are no longer valid in a world shaped by climate change
  • The materialisation of physical and transition risks depends on multiple nonlinear dynamics (natural, technological, societal, regulatory and cultural, among others) that interact with each other in complex ways and are subject to radical uncertainty
  • This has profound consequences on how portfolios are constructed, how companies are valued, the changing role of risk managers, and the type of data used to inform decisions

Gerhard Mulder:

CEO, Climate Risk Services

Gerhard Mulder: CEO, Climate Risk Services

Gerhard brings a 25-year career in climate finance, spanning both the public and private sector, from consulting in Washington DC, environmental markets on Wall Street, and for the Dutch government (Netherlands Enterprise Agency) to implement the Kyoto Protocol. In 2005 he set up the climate finance desk at ABN AMRO Bank and positioned the bank as one of the first global banks in the carbon market. In 2010 he joined a subsidiary of Rabobank International to develop an electronic trading platform for environmental commodities such as carbon credits and renewable energy certificates. In 2014 he switched back to the public sector and joined a leading non-profit (IUCN) in the Netherlands. At IUCN he advised the Netherlands government on developing financial instruments to attract private sector climate finance. Gerhard completed his MBA (distinction) at the University of Oxford in 2018. He studied environmental economics and international affairs at Columbia University in New York, and Public Policy at the University of Amsterdam. Gerhard is co-founder and CEO of Climate Risk Services.

13.00 - 14.00
Lunch
14.00 - 15.00
Systematic ESG Research: Measuring ESG Return Premium In Equity Markets - The Right Way

A common approach to measuring the effect of ESG (or ‘ESG premium’) in equities is to use the difference between a broad index and its ESG version. This approach, however, does not control for mismatches in systematic risk exposures and sector weights between the two indices that can contaminate the results. We introduce a new approach that addresses the issues and accurately measures ESG return premium in equities. We find that the ESG return premium in equities has been positive in the past decade in both US and Europe. We illustrate how investors could use our approach at the aggregate or more granular levels to measure ESG returns, as well as to construct portfolios with pure ESG exposures.

Arik Ben Dor:

Managing Director and Head of Quantitative Equity Research, Barclays

Arik Ben Dor: Managing Director and Head of Quantitative Equity Research, Barclays

Over the past 15 years, Dr. Ben Dor oversaw large scale research projects in rates, credit, equities, and hedge funds used by the largest institutional investors globally, including central banks, Sovereign wealth funds, asset managers, insurance companies, pensions and hedge funds. He co-authored two books on quantitative investing in credit securities and over a dozen articles in leading industry journals such as the Journal of Portfolio Management, Journal of Fixed Income, Journal of Investment Management, and Journal of Alternative Investments. One of his articles received the Martello award for the 2007 best practitioner paper.

Dr. Ben Dor research on ‘DTS (Duration Times Spread)’, a new approach to measuring the spread risk of corporate bonds and credit default swaps changed industry practices and was widely adopted by credit investors globally. In 2018, he was ranked 1st in the II All-America Fixed Income Research survey in the Quantitative Analysis category. Dr. Ben Dor also conducted research on ‘cloning’ hedge funds was the basis for several products and was awarded a U.S. patent.

His work on exploring the cross-asset relation between stocks and bonds was the basis for constructing systematic equity strategies such as momentum and ‘value’ based on credit signals, and the usage of equity derivatives for hedging high-yield bonds. His systematic strategies were adopted by some of the most prominent quantitative hedge funds and ‘long-only’ asset managers and were presented in leading industry conferences.

Prior to Barclays, Dr. Ben Dor worked at Lehman Brothers and Morgan Stanley. He holds a PhD in Finance from the Kellogg Business School at Northwestern University, and completed his B.A. and M.A. in Economics from Tel Aviv University, Cum Laude.

15.00 - 15.45
Beyond the Buzz - Integrating ESG Data into Investment Processes.
  • Trust, Transparency, and ESG Data: Embracing Asymmetry and Approximation
  • Customization is Crucial: Understanding Bias in ESG Scores
  • Alpha and ESG: Quiet the Noise to Add Value
  • Time Horizons: Long-Termism and the Efficacy of ESG Strategies

Alexandria Fisher:

Senior Strategic Analyst, Government of Alberta

Alexandria Fisher: Senior Strategic Analyst, Government of Alberta

Alexandria is an environmental, social, and governance (ESG) specialist with over a decade of experience integrating data to shape opportunities and mitigate risks to inform the investment decision process across institutional investors, government, and the energy sector. She specializes in translating ESG data into actionable insights. At the Government of Alberta, she is a Senior Strategic Analyst with the Ministry of Energy and was previously with the CoLab (a public innovation lab.)

Prior to joining the government, Alexandria served as a Responsible Investment Analyst with the Alberta Investment Management Corporation (AIMCo) and an Associate with Canadian Business for Social Responsibility. She is regularly named a top global social influencer in green finance and was previously a Public member of the Board of Governors (Investment and Audit Committees) at MacEwan University.

Alexandria holds a Master of Science in Environment and Development from the London School of Economics and Political Science and a Bachelor of Environmental Studies from the University of Waterloo.

15.45 - 16.15
Afternoon Break and Networking Opportunities
16.15 - 17.00
Risk Measures and Scores in Electricity Markets including Renewables

Helyette Geman:

Professor of Mathematical Finance, Birkbeck – University of London & Johns Hopkins

Helyette Geman, PhD, PhD: Professor of Mathematical Finance, Birkbeck – University of London & Johns Hopkins

Helyette GEMAN is a Professor of Mathematical Finance at Birkbeck – University of London and at Johns Hopkins University. She is a Graduate of Ecole Normale Supérieure in Mathematics, holds a Masters degree in Theoretical Physics, a PhD in Probability from the University Pierre et Marie Curie and a PhD in Finance from the University Pantheon Sorbonne.
She has been a scientific advisor to a number of major energy and mining companies for the last 20 years, covering the trading of crude oil, natural gas, electricity as well as metals in companies such as EDF Trading, Louis Dreyfus or BHP Billiton and was named in 2004 in the Hall of Fame of Energy Risk.
Prof Geman was previously the head of Research and Development at Caisse des Depots. She has published more than 140 papers in major finance journals including the Journal of Finance, Mathematical Finance, Journal of Financial Economics, Journal of Banking and Finance and Journal of Business. She has also written the book entitled Insurance and Weather Derivatives and is a Member of Honor of the French Society of Actuaries.
Her research includes exotic option pricing for which she got the first prize of the Merrill Lynch awards, asset price modeling through the introduction of transaction time (JOF, 2000); she is one of the authors of the CGMY pure jump Levy model (2002). Prof Geman had organized in 2000 at College de France the first meeting of the Bachelier Finance Society, with Paul Samuelson, Robert Merton and Henry McKean as keynote speakers.
Her book, ‘Commodities and Commodity Derivatives’ is the reference in the field. She was a Scientific Expert on Agriculture for the European Commission and is on the Board of the Bloomberg Commodity Index.
She counts among her numerous PhD students Nassim Taleb, author of the Black Swan

17.00 - 18.00
ESG & Climate Risk PANEL
  • How do we balance alpha vs. ESG commitments
  • Challenges and opportunities with ESG metrics
  • Taxonomies for products and the challenges
  • Opportunities for financial institutions

Moderator

Navin Rauniar:

Advisory Partner focusing on LIBOR, ESG, Climate Risk & TCFD, HSBC

Navin Rauniar: Advisory Partner focusing on LIBOR, ESG, Climate Risk & TCFD, HSBC

Navin is a Risk Director with 17 years’ experience in advising the sell side on the delivery of prudential regulation such as IBOR Transition, FRTB, IRRBB, Basel III, CRR 2 and CRD V. Navin is currently leading the IBOR workstream for a Tier One bank.

Prior to this, he worked as a Senior Manager at a leading global advisory firm, where he led the analysis of the impact of the IBOR Transition on financial institutions. Additionally, Navin has spent 15 years in the industry working in global run-the-bank and change-the-bank roles for Credit Suisse, RBS, Commerzbank and JP Morgan across Front Office, Risk and Operations.

Navin is a steering committee member of the Professional Risk Managers Association where he represents the Risk Management industry on regulatory initiatives, mentoring of capital markets professionals, and a frequent speaker at banking & thought leadership events.

Simone Kramer:

Manager, ESG Product Management and Development, S&P Global

Simone Kramer: Manager, ESG Product Management and Development, S&P Global

Simone Kramer is a Manager for the ESG Product Development team at S&P Global where she focuses on the delivery of ESG, Climate Analytics, and Environmental data solutions on strategic platforms. Prior to this, she worked as a quantitative energy analyst at S&P Global Platts where she specialized in Non-OPEC oil supply and production forecasting, as well as in the analysis of environmental and emissions focused regulations and their net impact on the oil & gas sector. Before joining S&P Global, Simone worked in a product management function addressing carbon market and commodity focused financial data products at IHS Markit. She also has project experience in the solar industry in the Dominican Republic, and has done sustainability focused research for the Linden Trust for Conservation and Columbia University. Simone has a B.A in Political Science from Columbia University, as well as a Master of International Affairs degree in Global Energy Management & Policy from the Columbia University School of International and Public Affairs.

Jeroen Bos:

Head of Specialised Equity & Responsible Investing, NN Investment Partners

Jeroen Bos: Head of Specialised Equity & Responsible Investing, NN Investment Partners

  • Discount Structure
  • Special Offer
    When two colleagues attend the 3rd goes free!

  • 70% Academic Discount
    (FULL-TIME Students Only)

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