TORONTO, Jan. 25, 2024 /PRNewswire/ — Aligned to climate disclosure guidelines issued by the Australian Accounting Standards Board (AASB), Riskthinking.ai today announced its launching of the first ever commercially available, comprehensive climate digital twin for banks, insurance companies, countries, and multinational corporations.
Dr. Ron Dembo, CEO and Founder of Riskthinking.ai, will be hosting an executive roundtable at the Canadian Consulate in Sydney on 1 February to launch Riskthinking.ai’s CDT in Australia. Using the CDT data and analytics, we’ve analyzed the Australian market’s physical climate risk, an example of which can be seen in the appended image and animated in LinkedIn.
The CDT is 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. It is specifically targeted to meet the requirements of Australian 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.
Ron Dembo states that “the challenge facing banks wanting to integrate climate risk into their operations is that they need an ‘engine’, not a series of inconsistent products. They need to have a single source of truth that covers all of the complexity of their products and operations. These functions cannot be easily replaced but rather require augmentation with a climate risk simulation engine. CDT is the big E in ESG that everyone has been looking for.”
Verdantix, an independent research firm, echoes the need for a solution like this. Verdantix’s industry analyst for climate risk solutions, Alice Saunders, said: “Recently we’ve highlighted that addressing climate-related risks must become an integral component of a company’s enterprise risk management practice. These risks are unique to each firm and require the right data, analyses, and capabilities that many firms lack. Climate risk solutions like Riskthinking.ai’s CDT can help fill that gap and inform business strategy and decision-making.”
Riskthinking.ai’s vision is that each institution will have its own unique Climate Digital Twin. This allows them to jump-start their climate risk architecture and data environment. They may then easily add their own data, analytics, and assumptions without having the immense task of building and maintaining the system. It is readily integrated with existing systems and allows the operation in a manner that protects the privacy of their data.
Join Dr. Dembo and top executives from Australian regulators and banks at the Sydney roundtable event taking place on 1 February. Learn more about the event and register here.
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