Hometrack’s product brings together expertise from Ambiental, which provides river flow, rainfall, storm surge and climate change predictions, along with Terrafirma, which provides ground risk analysis.
It combines critical risk components in to one tool which enables Yorkshire Building Society to assess its back book, and consequently gauge climate change risk exposure in its current portfolio.
It will also allow the lender to see how climate change risk will impact its portfolio over time and allow it to navigate a changing regulatory landscape as the Bank of England plans to bring out new regulation.
Hometrack launched the product in June, with Leeds Building Society confirming that it was signed up to the product in July.
Yorkshire Building Society’s balance sheet manager director Rob Purdy 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.”
Hometrack’s vice president of commercial George Robbins 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.”
