-Climate risk analysis firm Riskthinking.AI launches a new product to solve the complex problem of climate risk management
Launch of VELO®, a cloud-based web application to help banks, insurance companies and corporations develop their climate risk needs.
TORONTO, Oct. 17, 2023/PRNewswire/ — Riskthinking.AI, an award-winning, innovative climate risk startup located in Toronto, Canada, today announced the launch of its product, VELO®.
Climate change is no longer a problem of “tomorrow”; Today, companies and governments around the world are feeling its effects. The physical, economic, social and natural assets on which we all depend are increasingly exposed to losses and disruptions associated with increased physical and transition risks.
It is more important than ever for companies, financial institutions and governments to understand how, where, when and why they are exposed to climate risk so they can:
However, most organizations lack critical data and models to facilitate this understanding. Dr. Ron Dembo, Founder and CEO of Riskthinking.AI, explained: “It is a tremendous challenge to address, requiring access to a large amount of data, including the composition of companies’ physical assets, forward-looking data on risk “Multi-hazard climate change and data on transition risks, such as the future price of carbon. But having the data is not enough; reliable models and analyzes are needed to make sense of it and use it to make decisions.”
Dr. Dembo and his team at Riskthinking.AI have spent the last few years doing just that. The launch of VELO simplifies this broad and complex problem for organizations around the world. VELO helps companies, financial institutions and governments understand, quantify, report, mitigate and adapt to climate risk with more confidence, speed and cost-effectiveness than ever before. VELO is a uniquely stochastic solution for measuring climate financial risk, powered by more than 100,000 of the latest climate data sets, 3.5 million assets from more than 250,000 companies worldwide and 16 billion multi-factor stress tests, carried out almost in real time. The Riskthinking.AI solution is science-based and consistently solves integrated physical and transition climate risks.
Riskthinking.ai, backed by Bloomberg L.P., has already received several accolades for its innovation in climate risk management. Recently, a leading authority on news and analysis on sustainable investing and green finance, Environmental Finance, awarded them the Global Product Innovation of the Year 2023 award as part of the Sustainable Business Awards.
Verdantix, a leading research and advisory firm, is conducting significant research on climate risk providers within its Net Zero and Climate Risk research practice. When comparing Riskthinking.ai with other competitive offerings, Verdantix highlighted its innovation in assessing climate transition risk. “Riskthinking.ai’s combination of probabilistic transition and physical risk modeling, and its use of a stochastic methodology, are differentiators,” said Verdantix research director Ryan Skinner. Riskthinking.AI’s purely probabilistic, forward-thinking methodology for assessing climate risk allows companies to uncover blind spots that other vendors’ solutions may miss.
Visit Riskthinking.ai to learn more and register for a live demo.
ABOUT RISKTHINKING.AIFounded by financial risk pioneer Dr. Ron Dembo, Riskthinking.AI is a leading data and technology company that revalues financial risk with the reality of climate change. Its innovative algorithms generate, select and maintain a detailed database of physical assets, infrastructure and commodities covering more than two hundred thousand public and private companies. This data, combined with Riskthinking.AI’s proprietary multi-factor and stochastic climate risk analysis, allows financial institutions, corporations and governments to capture unforeseen impacts of climate change that current models miss. Riskthinking.AI has operations in North America and Europe and provides its services globally. For more information, visit www.riskthinking.ai.
CONTACT: Riskthinking.AI, Dr. Ron Dembo, Founder and CEO, 416-294-3144, r.dembo@riskthinking.ai; John White, Managing Director, EMEA, 44 778 0003337, j.white@riskthinking.ai
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