In practical terms, the deterministic approach does not provide actionable information for businesses to assess and mitigate potential climate risks. However, if someone could develop climate risk analysis on a stochastic basis for any location on the earth, the possibilities for climate risk management would be vast. This is exactly what Riskthinking.AI provides.
Riskthinking.AI is a global leader in developing climate scenario generation that accurately captures extreme weather-related possibilities positive and negative. They do this with their proprietary climate risk analysis methodology designed for the current risk market. The company’s solution breaks up the entire world into little hexagonal pixels 33 billion of them to provide high-resolution, climate risk data on a global scale.
For every single one of those locations, Riskthinking.AI has collated all relevant risk factors pertinent to the economy and combined it with historical data going back to the 1850s. By pulling this data together and analyzing it, Riskthinking.AI ensures that the resulting information is up to date, near-real-time, and capable of covering more than 33 billion locations, providing trillions of data points.
Using its Machine Learning and Structured Expert Judgement (SEJ) powered solution, CLIMATEWISDOM, Riskthinking.AI collects, aligns, codifies, and algorithmically generates trillions of data points and tens of thousands of derived climate risk datasets covering the entire surface of the earth.
This derived climate risk data is parsed by a patented multi-factor scenario generation algorithm within CLIMATEWISDOM to help quantify the uncertainty in market related risk factors at numerous future horizons. This enables users to access, visualize, analyze, compare, simulate, and publish model data on scales from hours, months, and years spanning from 1850 to 2100.
“CLIMATEWISDOM simplifies the process of managing and analyzing petabytes of climate risk data for governments, regulators, financial institutions, climate scientists, analysts, and business communities by mapping over 500 climate and socioeconomic variables to a user-specified climate risk region,” states Ron Dembo, Founder and CEO of Riskthinking.AI.
The data is then updated and can be leveraged to analyze climate risk with extreme accuracy. For organizations with operations across various geographies, global climate data is crucial. Businesses can cross-reference locations of their supply chains and RiskThinking.AI can immediately tell them the climate exposure at every point in that supply chain.
CLIMATEWISDOM simplifies the process of managing and analyzing petabytes of climate risk data for governments, regulators, financial institutions, climate scientists, analysts, and business communities by mapping over 500 climate and socioeconomic variables to a user-specified climate risk region
The comprehensive, consistent, and science-based CLIMATEWISDOM Data Exchange provides subscribers a central location for accessing geo specific Climate Risk Data. The data holds immense potential in identifying, evaluating, stress-testing, and rating potential financial impacts of climate change on industries, economies, portfolios, and assets. With it, businesses worldwide can propel themselves into an era of greater climate risk visibility and overall prosperity.