Financial technology company FIS has introduced a new software-as-a-service (SaaS) risk offering, dubbed Climate Risk Financial Modeler to address risks associated with climate change.
The new tool is designed to support businesses across all sectors in better assessing, reducing, and reporting their exposure to the physical risks of the shifts in weather pattens.
By leveraging the financial technology company’s risk modelling and insurance analytics, Climate Risk Financial Modeler integrates client data with third-party climate data.
The risk offering solution is hosted on a new interface that is directly tailored to the risk management requirements of businesses and financial institutions. Its primary goal is to foster more proactive foresight into potential climate-related risks.
Clients are expected to get a meaningful assessment of their operations, investments, and strategic positioning from a climate risk perspective by adopting the new SaaS risk offering. It will also efficiently support their climate-related regulatory compliance.
Besides, users of Climate Risk Financial Modeler will be enabled to perform robust modelling on various weather-related threats at both local and global levels.
They will also be able to estimate potential financial losses from severe weather events and determine the effects of climate change on their operations.
The solution will utilise data from PwC US, along with readily available information on a firm’s physical assets, including its buildings and contents, and global climate data.
FIS treasury and risk head JP James said: “The launch of the FIS Climate Risk Financial Modeler is the latest chapter in our long history of market-leading risk management software and services throughout the money lifecycle.
“Corporate climate risk and the related regulatory pressures are becoming increasingly important for executives and risk managers of all levels and across all industries.
“With this launch, FIS is building on our best-in-class insurance risk application capabilities to respond to the challenges our clients face in understanding the potential impacts of climate change on their business.”
Last month, FIS launched Atelio by FIS, a new fintech platform, to support financial organisations, businesses, and software developers to integrate financial services into their offerings.
