Fintech PR
Riskthinking.ai announces CDT™ as the first ever commercially available Climate Digital Twin that accounts for the radical uncertainty of climate change risk
TORONTO, Jan. 25, 2024 /CNW/ – Riskthinking.ai today announced its launching of the first ever commercially available, comprehensive climate digital twin for banks, insurance companies, countries, and multinational corporations.
Riskthinking.ai’s climate digital twin, 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 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, CEO and Founder of Riskthinking.ai, 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. Our solution 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. Our CDT is readily integrated with existing systems and allows the operation in a manner that protects the privacy of their data.
For further information on Riskthinking.ai’s Climate Digital Twin, visit www.riskthinking.ai or contact: sales@riskthinking.ai
