On Monday May 19th, the United Nations (UN) launched an initiative that helps businesses to manage the risks associated with climate change. After a decade of record breaking economic losses and disruption due to climate change, risk management is an increasingly high priority issue for businesses all around the world. This UN initiative is called RISE and it shows the current and future effects of climate change. The idea is that by laying out current and future threats it can businesses to plan for disasters and invest wisely.
Those who are contributing to the RISE Project include the UN Office for Disaster Risk Reduction (UNISDR), PricewaterhouseCoopers (PwC), the Economist Intelligence Unit, Florida International University, Principles for Responsible Investment, AECOM and global insurance broker Willis.
As part of this initiative PwC will continue to work on disaster risk management with some of the world’s largest corporations, including Walmart and Citibank. In an ongoing effort they will continue to develop disaster risk management strategies and create voluntary industry standards intended to strengthen social demand for disaster risk-sensitive products. The Economist Intelligence Unit will develop risk analysis for economic and business forecasts that include disaster risk.
In addition to global businesses the R!SE Initiative is intended for asset owners, investment managers, insurers and re-insurers.
Risks like disruption from flooding, crucial materials to manufacturing becoming more and more expensive and damage to reputation all need different handling, and risk management approaches haven’t evolved as fast as the changing landscape, PwC says.
See PwC’s February report titled, “How can resilience prepare companies for environmental and social change?”
For more information on the RISE initiative click here.
© 2014, Richard Matthews. All rights reserved.
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