Integration of climate change risk in ORSA in the short and long term
3.1. CAs should require undertakings to integrate climate change risks in their system of governance, risk-management system and ORSA, in line with Solvency II legislation [Article 44.2 of the Solvency II Directive provides that "the risk-management system shall cover the risks to be included in the calculation of the SCR as well as the risks which are not or not fully included in the calculation thereof."], [Article 45.2 of the Solvency II Directive provides that for the purposes of assessing the overall solvency needs, "the undertaking concerned shall have in place processes which are proportionate to the nature, scale and complexity of the risks inherent in its business and which enable it to properly identify and assess the risks it faces in the short and long term and to which it is or could be exposed."],[Article 262.1(a) of the Delegated Regulation provides that the assessment of an undertaking's overall solve
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