The company offers comprehensive property data and insights by employing advanced analytics and technology. It supports various sectors like real estate, insurance, and mortgage services, delivering location intelligence, market analysis, and risk assessments. Their solutions enhance property valuation, assess climate risks, prevent fraud, and streamline workflows for appraisals and claims management, thus catering to the needs of industry professionals.
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1.
Situation
Bank Faces Climate Risk Challenges
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Established ESG working group in 2021.
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Aimed to address climate-related risks holistically.
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Lacked robust data for thorough risk assessment.
In 2021, one of the nation’s leading regional banks, with over 25 billion dollars in assets and aproactive approach toward climate risks, set up an Environmental, Social, and Governance (ESG) working group. Their goal was to assess their physical and financial risks prompted by climate change and meet their long-term sustainability objectives. Despite having aBusiness Continuity Strategy, they lacked comprehensive data to evaluate and mitigate these risks effectively.
2.
Task
Find Reliable Risk Analysis Solution
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Needed climate data to identify risks.
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Sought data for ESG reporting alignment.
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Required strategy for hazard mitigation.
The bank needed accurate and comprehensive climate risk data to tackle their challenges effectively. They required this data to identify financial risks associated with climate change, assess physical hazard risks of their properties, and strategize necessary insurance and mitigation measures for sustainable operations. Additionally, they sought to align their efforts with regulatory requirements and enhance their ESG reporting for stakeholders.
3.
Action
Implement CoreLogic's CRA Solution
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Adopted CoreLogic's CRA for risk analysis.
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Mapped data for comprehensive risk stories.
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Created detailed ESG and risk reports.
Upon engaging with CoreLogic’s Discovery Center, the bank opted for the Climate Risk Analytics (CRA) solution, which allowed them to analyze current and future risks using CoreLogic’s proprietary climate data. The bank listed all commercial property addresses, and CoreLogic employed this data to assign risk scores, analyze seven climate perils, and produce detailed reports. These efforts supported ESG goals and regulatory compliance, enabling acomprehensive risk story through mapped visualizations.
4.
Result
Enhanced Climate Risk Strategy
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No high-risk scores found across properties.
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Enhanced ESG reporting with actionable insights.
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Strategic resource allocation based on data.
The implementation of CoreLogic’s Climate Risk Analytics allowed the bank to clearly quantify potential financial losses and understand property vulnerabilities. No high-risk scores were found, demonstrating effective risk mitigation. With this data-driven clarity, the bank improved their disaster recovery plans, bolstered community support efforts, and refined ESG reporting. The partnership with CoreLogic enabled them to strategically allocate resources and better prepare for future climate challenges.
Keywords
CLIMATE RISK ANALYTICS
CORELOGIC
ESG REPORTING
COMMERCIAL PROPERTY RISK
CLIMATE DATA SOLUTIONS
CLIMATE RISK MITIGATION
SUSTAINABILITY GOALS
BANKING CLIMATE STRATEGY
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