Banks across Europe know that climate risk is credit risk. Now Nidaros Sparebank is taking concrete action, becoming the first bank to use the Telescope platform for climate risk assessments.
Through Telescope, credit advisors and risk managers gain access to climate risk data at the individual property level, built on the best available data sources for Norwegian conditions, including flood and water-related data from 7Analytics.
Risk manager Torleif Lia puts it this way:
“With Telescope, we get a user-friendly platform that improves our assessments of customers’ climate risk, based on the market’s best data on the most important climate risks from 7Analytics.”
For us at 7Analytics, this is a clear signal that the financial sector is ready to act. The same building sits on the books of an owner, a lender, and an insurer simultaneously, and the climate risk is the same for all three. We are proud to provide the unique data that makes it possible to assess real exposure at the address level, based on actual data rather than general assumptions.
“Seeing banks integrate property-level climate risk data into their processes is exactly what we have been working towards. Precise, location-specific data is what turns climate risk from something you report on into something you can actually act on.” — Jonas Aas Torland, 7Analytics
The agreement also positions Nidaros Sparebank ahead of incoming regulatory requirements, as the EBA’s guidelines on ESG risk management will require banks to integrate climate risk into their credit and risk processes.
Want to know more?
Get in touch:
Jonas Aas Torland
CCO & Co-Founder
