Launching VELOⓇ, a cloud-based web application to aid banks, insurance companies and corporates in developing their climate risk needs.
TORONTO, Oct. 17, 2023 /PRNewswire/ - Riskthinking.AI, an award-winning, innovative climate risk start-up located in Toronto, Canada, has announced today the release of its product, VELO®.
Climate change is no longer a "tomorrow" problem; today, businesses and governments worldwide are feeling its effects. The physical, economic, social, and natural assets we all depend upon are increasingly exposed to loss and disruptions associated with greater physical and transitional risk.
It's more important than ever that companies, financial institutions, and governments understand how, where, when, and why they are exposed to climate risk so that they can:
- Continue to thrive in this new environmental and regulatory environment.
- Generate strategies to mitigate/adapt to risks and capitalize on opportunities.
- Quantify and report their exposure to investors and other stakeholders.
Yet, most organizations lack the critical data and models to facilitate this understanding. Dr. Ron Dembo, Founder and CEO of Riskthinking.AI explains: "It is a tremendous challenge to address, requiring access to a vast amount of data including the physical asset make-up of companies, forward-looking climate risk data across multiple hazards, and transition risk data such as the future price of carbon. But having the data isn't enough; you need reliable modelling and analysis to make sense of it and use it to make decisions."
Dr. Dembo and his team at Riskthinking.AI have dedicated the last several years to doing just that. Their launch of VELO simplifies this vast and complex problem for organizations worldwide. VELO helps companies, financial institutions, and governments understand, quantify, report, mitigate, and adapt to climate risk with more confidence, speed, and cost efficiency than ever before. VELO is a uniquely purely stochastic solution to measuring climate financial risk, powered by over 100,000 of the latest climate data sets, 3.5 million assets from over 250,000 companies worldwide, and 16 billion multi-factor stress tests, delivered in near real-time. The Riskthinking.AI solution is science-based and consistently solves for 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. They were recently awarded Global Product Innovation of the Year 2023 as part of the Sustainable Company Awards by a leading authority for news and analysis for sustainable investment and green finance, Environmental Finance.
Verdantix, a leading research and advisory firm, is conducting significant research on climate risk providers within its Net Zero and Climate Risk research practice. In comparing Riskthinking.ai to other competitive offerings, Verdantix noted its innovation in climate transition risk valuation. "Riskthinking.ai's combination of transition and physical risk probabilistic modeling, and its usage of a stochastic methodology, are differentiating," said Verdantix Research Director, Ryan Skinner. Riskthinking.AI's forward-looking, purely probabilistic methodology for assessing climate risk enables companies to uncover blind spots that other providers' solutions may miss.
Visit Riskthinking.ai to learn more and register for a live demo.
Founded by financial risk pioneer Dr. Ron Dembo, Riskthinking.AI is a leading data and technology company repricing financial risk with the reality of climate change. Their innovative algorithms generate, curate, and maintain a detailed physical asset, infrastructure, and commodities database covering over two hundred thousand public and private companies. This data, combined with Riskthinking.AI's patented stochastic and multifactor climate risk analytics, empowers 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, please visit www.riskthinking.ai.