Following this announcement, the new Software-as-a-Service (SaaS) risk offering will focus on optimising the way businesses across all industries improve the way clients assess, as well as reduce and report their exposure to the physical risks of climate change.
In addition, the company will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
By leveraging FIS’ risk modeling and insurance analytics, the FIS Climate Risk Financial Modeler was developed in order to combine client data with third-party climate data, while being hosted on a new interface that is directly designed for the risk management needs of financial institutions. This process aims to drive a more proactive and secure foresight into the potential climate-related risks and challenges.
Currently, corporates and businesses of all sizes and across all markets are expected to be affected by climate change, and regulators across the globe have been increasing their climate-related reporting and stressing the overall process of testing requirements as a result. By adopting the new FIS Climate Risk Financial Modeler, clients and users are expected to be enabled to gain an important assessment of their operations, investments, as well as strategic positioning from a climate risk perspective. In addition, they will gain efficient support for their climate-related regulatory compliance as well.
The service was developed in order to leverage data and information from PwC US, combined with readily available information on a firm’s physical assets, such as buildings and contents, alongside global climate data. This process will take place for the modeler to perform relevant calculations.
As corporate climate risks and the related regulatory pressures are becoming increasingly important at the moment, for both executives and risk managers of all levels, the launch is set to build on the company’s insurance risk application capabilities. This is expected to respond to the challenges customers face in the process of understanding the potential impacts of climate change on their overall firms.
Furthermore, the solution will allow users to perform efficient modeling on various weather-related perils at both local levels and worldwide levels, as well as project potential financial losses from severe weather events. Companies will have the possibility to determine the effect of climate change on their operations as well.
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