Read our Water Risk Insights here
This interactive report shines a spotlight on the different types of water-related risks, how they may impact key industries and five solutions to better manage these risks.
Valuing Water
Water is the primary medium through which we will feel the effects of climate change but frequently, water issues are not appropriately addressed in climate risk management.
In a 2020 report, the international nonprofit CDP showed that the cost to businesses on inaction on water risks is five times higher than the cost of action. Nonetheless, too few businesses are incorporating water-related issues into their financial planning. CDP found that companies would benefit from understanding and assessing the financial and operational implications of water risks.
At AXA XL we have been working with clients and stakeholders across industry and society to understand the risks posed by too much, too little or poor-quality water. This work falls under our Valuing Water initiative which aims to highlight both the economic and social value of water for our clients and wider communities.
Water Risk Insights
Through the development of these Water Risk Insights, we hope to improve understanding of the water challenges that pose a risk to business continuity across the world. These insights are designed to be used both by the public and AXA XL’s corporate clients who may not be aware of the impact of changes in water security on their operations.
We aim to be a resource that government, regulators, and clients turn to for guidance about mitigating climate risk. These insights shine a spotlight on how to build resilience to water-related risks, a fundamental component of adapting to climate change. Creating a water secure world requires water resources to be protected, properly managed and for all stakeholders that rely on water to understand how changes in global climate will impact their financial security.
It is imperative that water is at the forefront of corporate climate strategies, yet it is currently under-represented in the public discourse on climate change adaptation.
These insights aim to:
1. Provide a resource that improves an organization’s understanding of water-related risks and how these risks are related to their operations.
2. Catalyse action to address water risks and improve water security.
3. Shine a spotlight on the tools that are currently available for businesses to improve their water security status.
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industries featured
food, beverage and agriculture; apparel and textiles; utilities; manufacturing; technology and electronics; healthcare and pharmaceuticals; and transport and logistics
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RISKS IDENTIFIED
Categorised into physical, reputational, and regulatory risks
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key solutions
for organisations to address their water risks
Evaluate your water risks with the WISE tool
AXA XL Risk Consulting has developed the Water Impact and Sustainability Evaluation (WISE) tool, a remote, customizable solution to understand, evaluate and act on water risks. It offers pragmatic support to our clients in deploying an efficient water management program.
The WISE tool assesses risks across the three main water risk components (Physical, Regulatory, and Reputational) and aggregates them into an overall site-operational risk score. The tool also assesses the “Process Efficiency and Business Continuity” of each analyzed site, which may impact transversally all the other water risk components.
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