Yorkshire and Hometrack agree Climate Change Risk contract
Building on their existing relationship, Yorkshire Building Society has agreed a new Climate Change Risk contract with Hometrack.
Hometrack’s Climate Change Risk analysis – in partnership with Ambiental and Terrafirma – will afford Yorkshire Building Society an increased understanding of the impact of climate change on its mortgage portfolio.
Given increasing regulation from the Bank of England, Hometrack will also help the society to navigate the changing climate risk landscape.
Hometrack’s risk insights will assess how climate change risk is projected to evolve across Yorkshire Building Society’s portfolio over time, giving greater control over managing climate change risk.
The climate change risk intelligence is powered by a blend of expertise from Ambiental, which provides flood data and analytics, and Terrafirma, a firm of geologists, soil scientists and engineers working on ground risk modelling.
Bringing together critical risk components into a single tool tailored to Yorkshire Building Society’s requirements, Hometrack’s Climate Change Risk product will be delivered for back book portfolio assessment, enabling the society to evaluate the climate risk exposure across its current portfolio.
Rob Purdy, director of balance sheet management at Yorkshire Building Society, said: “We are really pleased to have built on our existing relationship with Hometrack and to be able to announce this new partnership with them to receive in depth and evolving analysis of the risks that climate change will pose to Yorkshire Building Society.
“Their expertise and support will help us prepare for future risks and mitigate current ones as well.”
George Robbins, VP commercial at Hometrack, added: “Climate change risk is a pressing issue for the mortgage industry today, but Yorkshire Building Society has recognised early on the urgent need for visibility and control.
“With the issue developing at an unprecedented pace for the industry, we are poised to support the society as they navigate an ever-changing regulatory landscape.
“We relish the opportunity to build on our existing relationship and to deliver streamlined, in depth analyses, powered by profound intelligence from Ambiental and Terrafirma, that unlocks the next generation of climate change risk management for the industry.”