WOLF & CO Alerts Climate Risk Management: Are You Prepared?

Climate Risk Management: Are You Prepared?

According to the National Oceanic and Atmospheric Administration (NOAA), the 10 warmest years on record have all occurred since 2005, and 7 of those 10 have occurred since 2014. The climate is changing, and organizations must transform how they understand and evaluate climate risks before they can implement effective adjustments to protect their business. Prioritizing climate risk management is becoming essential, and enhancing techniques and strategies around these objectives is crucial.

Climate risk management is complex. Without the proper expertise, it can be extremely hard to identify and document your unique risks, and it can be equally as difficult to estimate the financial impacts from those risks. You need a clear path on how to begin this process.

That’s where we come in. We’re offering a new service to tackle your climate risk management initiatives. We start by consulting with management on the current state of policies, strategic plans, product offerings, and customer profiles. Then we evaluate your business practices against known threats to identify possible vulnerabilities. Collaborating with management, we’ll develop a strategy and organize a program tailored to your organization to address risks and harmful threats.

Your program should determine respective roles and responsibilities of management, identify governance committees, and outline a roadmap for conducting impact analyses on controls to mitigate potential losses. Our article, Climate Change Risk Management: Preparation & Protection, details how to get started and how Wolf can help you take the first step with a comprehensive Climate Risk Management Readiness Assessment.

By embedding climate-related risk management practices into existing governance and risk management processes, your organization can make more informed business decisions and improve resilience.

To address your unique climate risk management needs, or to hear how Wolf can help you begin this process, please reach out to Jared Kelly at (617) 933-3368 or [email protected], or Mike Cohn at (617) 428-5488 or [email protected].