Climate Risk Modeling Solutions, 2023: Market and Vendor Landscape


Despite recent uncertainty around wider environmental, social and governance (ESG) issues, climate risk modeling is still rising up the agenda for banks and asset managers. But while firms are looking for ways to integrate climate risk across the enterprise risk framework, there is a lack of consensus on how this should be done, and appropriate methodologies are poor. Indeed, the full financial impact of climate change is still beyond the reach of available models.

Vendors are taking important steps in this space, employing data-centric strategies to enable them to innovate across physical, transition and natural catastrophe risk, by improving data granularity and the parameterization of specific risk factors. Advances in technology are proving significant, enabling firms to develop more sophisticated climate risk models. And by integrating Big Data analytics and insights driven by advanced technologies, solutions can more precisely assess climate risk.

Ultimately, as the need to address climate risks becomes more urgent, effective climate risk management will require adaptability, data quality, transparent communication and regulatory alignment. By addressing these challenges, organizations can navigate the financial impacts of climate-related events, make informed decisions and boost their resilience and sustainability.

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