Yorkshire Building Society, the UK’s third largest building society, has agreed a new Climate Change Risk contract with Hometrack, the leading provider of insight and intelligence to the UK mortgage market.
Building on their existing relationship, 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. Furthermore, given increasing regulation from the Bank of England, Hometrack will help the Society to navigate the changing and uncharted climate risk landscape.
Prescient by design, Hometrack’s Risk insights will assess how climate change risk is projected to evolve across Yorkshire Building Society’s portfolio over time, ultimately helping them to gain greater control over managing climate change risk.
Hometrack’s climate change risk intelligence is powered by a blend of expertise from Ambiental, the market leading provider of flood data and analytics, and from Terrafirma, a leading firm of geologists, soil scientists and engineers who are reshaping the future of 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 Yorkshire to evaluate the climate risk exposure across their 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.”
Commenting on the partnership, George Robbins, VP Commercial, Hometrack, said: “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.”