Riskthinking.AI Climate Risk Data Selected by OSFI and AMF to Power Mandatory Climate Scenario Analysis
TORONTO, OTTAWA, ON and QUEBEC, April 11, 2024 /PRNewswire/ -- Today, Riskthinking.AI announced that it's been selected by the Office of the Superintendent of Financial Institutions (OSFI) to provide the necessary climate risk data for approximately 400 financial institutions that are required to complete the 2024 Standardized Climate Scenario Exercise (SCSE) in collaboration with L'Autorité des marchés financiers (AMF).
Riskthinking.AI is making flood risk analytics from its Climate Earth Digital Twin (CDT™) platform available through a portal for approved representatives from each of the participants to access data required to complete this scenario analysis exercise.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada. OSFI regulates and supervises more than 400 financial institutions and 1,200 pension plans. OSFI's purpose is to contribute to public confidence in the Canadian financial system by regulating and supervising approximately 400 federally regulated financial institutions (FRFIs) and 1,200 federally regulated pension plans (FRPPs).
The AMF considers climate risks to be among the most significant facing the economy in terms of its potential impact. It believes it is critical to assess the climate risk exposures of the institutions it regulates and ensure that such risks are properly managed. The AMF's Climate Risk Management Guideline, currently in public consultation, will come into effect in 2024. The information collected through the SCSE will enable it to assess and compare financial institutions' aggregate exposures to climate risks and take the necessary action to ensure financial market stability.
"As a Toronto-based company, we're very honored to be aligned with OSFI and AMF, to participate in the SCSE and ultimately help Canadian financial institutions become resilient to climate change," said Ron Dembo, CEO and founder of Riskthinking.AI. "It's the latest example of our data and analytics platform helping model climate risk."
Riskthinking.AI recently announced the availability of its CDT™, a data and analytics platform that allows a complex institution to realistically simulate the future impact of climate change worldwide on any aspect of its business, including physical asset data. It is specifically targeted to meet the requirements of regulators. It helps organizations model how climate, physical and transition risks may affect their organization in the future. Riskthinking.AI's CDT™ powers physical risk on the Bloomberg terminal.
For further information on Riskthinking.AI, visit www.riskthinking.ai or contact: [email protected].
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