AXA XL Risk Consulting announced the launch of its Water Impact and Sustainability Evaluation (WISE) tool – a remote, customisable solution which helps risk managers to understand, evaluate and act on water risks.
Amid a changing climate, water risks affect almost every industry, bringing financial and operational challenges.
In the face of a changing climate, safeguarding water resources is crucial for our planet’s health. Water risks concern almost every industry, bringing financial and operational challenges. That’s why understanding and practicing water control is a smart move for companies to help manage risks.
WISE evaluates risks across three key components – physical, regulatory, and reputational – in addition to considering process efficiency and business continuity, to provide an adaptable evaluation framework.
Water-related issues including water scarcity, poor water quality and flooding can have a significant impact on a company’s risk profile. WISE helps clients to better understand their evolving exposure and how to address these challenges.Jonathan Salter, Global Head of Risk Consulting at AXA XL
WISE uses information from various sources and risk factors and the results are structured in an interactive dashboard, allowing clients to compare risks, see site-specific data, and download reports easily.
“By combining our consultants’ experience with digital services, we’re able to gain deeper insight into clients’ risks and continue to increase understanding of these topics“, Suzanne Scatliffe, Director of Sustainability, AXA XL added.
Creating a water-secure world requires water resources to be protected and properly managed.
Manage water risks with confidence
By using WISE, you’ll gain several advantages that boost your risk management strategy:
- Complete risk picture: WISE looks at three main risk areas — Physical, Regulatory, and Reputational. It combines them into an overall risk score that gives you a clear view of potential problems.
- Seeing the big picture: WISE doesn’t just focus on the main risks. It also checks how your processes and business continuity might impact these risks. This helps you plan better for all possibilities.
- Detailed insights: WISE offers two angles—checking basin-wide risks and specific site risks. This helps you understand the larger context while also diving into what’s happening at your sites.
- Customized for your business: WISE can be tailored to your needs. It considers your company standards and industry specifics, making sure the results fit your situation.
- Clear and open: WISE’s process is open and clear. It uses information from various sources and risk factors.
- Interactive info: The results are structured in an interactive dashboard, allowing you to dive into all the components of the water risk exposure. You can compare risks, see site-specific data, and download reports easily.
All stakeholders relying on water should understand how changes in global climate will impact their financial security, which is why it’s important that we continue to raise awareness of these topics.
The WISE tool will be available in the UK, Europe and APAC initially.by Nataly Kramer