riskthinking.AI Kick Starts 2024 With Climate Digital Twin Launch

riskthinking.AI Kick Starts 2024 With Climate Digital Twin Launch

riskthinking.AI, a climate risk financial data provider and software vendor, has announced a product launch, Climate Earth Digital Twin, enhancing the architecture behind its offering. riskthinking.AI’s digital twin powers VELO, the firm’s climate risk analytics software platform, as well as fuelling the physical risk offering on Bloomberg terminals worldwide. The software provider’s customers can now run its digital twin in a private cloud to enable secure data input –  a particular priority for financial services firms with sensitive data – in new functionality utilized in its work with Bloomberg. riskthinking.AI has partnered with Bloomberg since April 2022, following an equity investment from the business and financial markets information service provider.

With climate disclosure regulations rolling out (often applying exclusively to financial services firms, for example, in Mauritius and Thailand), investor pressure mounting and the increasingly apparent material impacts of climate risks, organizations are looking for physical climate risk data. With the Climate Earth Digital Twin launch, riskthinking.AI has developed the architecture to offer a more scalable solution. Considering the ability to securely enter data, further partnerships utilizing the firm’s digital twin can be anticipated.

Verdantix has previously identified digital twins as a key innovation in the climate risk digital solutions space, where vendors have been using digital twin models to provide detailed insights – often with accessible visualizations. One critical component of this is disclosure of the input data sets and of how machine learning is used for the digital twin, as customers are increasingly looking for transparent climate risk data to understand how outputs are generated and to be able to tweak inputs and assumptions.

For more information on the climate risk software market, look out for our updated market size and forecast report and webinar coming in February and check out our recent report on mapping physical climate risk solutions to corporate needs.