1. Risk Identification
Data collection, risk identification and assessment according to the categories defined by international standards and methodologies for risk analysis and reporting of climate- and environment- related information*.
These include indicatively:
Policy & Legal Frameworks
Market
Technology
Reputation
Physical Risks (Acute & Chronic)
GHG Emissions
Pollution
Energy Consumption
Raw materials and materials management
2. Risk Quantification
Analysis and quantification of risks and/or opportunities in monetary and/or technical terms (e.g. energy consumption, carbon dioxide emissions - scope 1,2,3) according to international standards and methodologies*:
Identification of infrastructure, operations, activities along the value chain that are subject to risks
Assessment of Likelihood and Severity of occurrence of risks
3. Scenario Analysis
Projection of risks/opportunities into the future using data, advanced statistical methods, Artificial Intelligence and Machine Learning techniques:
Assessment and quantification of risks/opportunities according to socio-economic future scenarios (e.g. RCP)
Identification of long-term impacts
Business model viability testing
4. Risk Monitoring & Management
Development of systems for assessing, reporting and monitoring the risks:
Key Performance Indicators (KPIs) and monitoring indicators
Climate- and environment- related Metrics
Online Monitoring and Visualization Dashboards
Risk Management Platform:
online risk registers
prioritization and interactive financial impact control
mitigation actions
comparison charts of results and findings
control of the course of actions
Examples of standards and methodologies that ERM RIBIA is based on:
Task Force on Climate Change Financial Disclosure (TCFD),
Directive 2014/95/EU on Non-Financial Disclosures (NFRD) on climate-related information,
Global Reporting Initiative Standards (GRI)
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