RiskThinking.ai Powers Canadian Flood Risk Analysis

RiskThinking.ai has been chosen as the sole vendor to supply flood risk data and analytics for the Standardized Climate Scenario Exercise 2024 (SCSE), announced in a press release. This initiative, led by the Canadian Office of the Superintendent of Financial Institutions (OSFI) and the Autorité des Marchés Financiers (AMF), aims to enhance the financial sector's understanding of climate risks.

The SCSE report, titled "Strengthening Climate Risk Financial Resilience," highlights the critical data gap addressed by RiskThinking.ai's platform, which evaluated risks to approximately $904 billion in mortgage and real estate assets and $3 trillion in insured property values. The exercise covered financial exposures in eleven major urban regions, providing a standardized view across over 250 financial institutions.

The report underscores the necessity for advanced tools and analytics, noting that many institutions lack the geospatial analysis experience needed for modern climate risk assessment. Following the exercise, OSFI and AMF expect institutions to identify physical hazards in their portfolios and perform reliable stress testing using geospatial data, key functions of the RiskThinking.ai platform.