The client, a UK general insurance group, had previously been relatively conservative in its approach to transition-related opportunities.
Its investment management arm was considerably more sophisticated in its climate stance than the remainder of the business.
Crowe supported them in revisiting their climate strategy in order to be more confident in taking a proactive stance, enabling it to secure transition-related opportunities and reposition its brand accordingly.
Crowe reviewed and challenged the client’s internal and external reporting and identified over 25 associated risks. By considering the brand impact on nine key stakeholder groups, the risks were ranked in terms of their potential upside or downside impacts. Each risk was also ranked in terms of priority for action based on whether it sat within risk appetite.
By focusing on the top five opportunities and top five threats, we were able to support the client in identifying areas where they could adopt a bolder stance while also recognising some enabling actions required to protect against this stance backfiring.
We were able to support management in positioning their climate strategy with the Board and ensuring that they had put in place the critical mitigation plans to ensure they could gain Board endorsement to proceed.
At the same, the analysis helped to identify some key proactive steps that could be taken so the business could secure a number of climate-related opportunities that were potentially not open to some peers, opening up areas of competitive advantage.