What is a Climate Risk Software?
A climate risk software is a highly specialized digital solution that assesses and manages risks associated with climate change, such as extreme weather events that may impact operations, endanger workers and stakeholders, and negatively affect overall business performance. This software enables organizations to adapt their ESG strategies efficiently and effectively, minimizing their vulnerabilities and enabling them to capitalize on opportunities.
Benefits
Collecting climate-related information and carefully assessing them is incredibly challenging. Because it is fraught with complexities, utilizing effective climate risk management software is the best way to speed up the process, reduce errors, and acquire accurate results. See what you can gain from leveraging technology:
Enhanced Risk Identification and Assessment – Organizations often struggle to zoom in on specific climate risks that affect their operations, people, and assets. \With real-time monitoring tools and analytics, companies can determine these risks remotely, prioritize areas of vulnerability, improve resilience planning, and allocate the necessary resources for proactive risk mitigation .
Improves Stakeholder Engagement and Communication – With functionalities like automated report generation and communication tools, companies can clearly and transparently convey environmental risk information . The commitment to engage all stakeholders fosters trust, increasing the company’s credibility in the industry and the general public.
Ensured Regulatory Compliance – A dedicated climate risk software facilitates compliance with environmental regulations and stringent reporting requirements, enabling companies to provide accurate and transparent data. Again, this demonstrates their commitment to sustainability and responsible stewardship .
Key Features
Numerous environmental platforms can assist companies in identifying, assessing, and managing risks that could negatively affect their operations. But most of the time, these are too broad and expensive. Utilizing a stand-alone software designed to handle specific climate risks would work just as well when it has the following:
Templates for climate risk workflows
Centralized data hub
Geo-tagging capabilities
Environmental sensors
Risk assessment and prioritization
Robust analytics (scenario modeling, spatial analysis, financial impact evaluation)
Adaptation planning and decision support
Incident management
Reporting and disclosure tools
Regulatory compliance support
Stakeholder engagement
Integration with GIS and other systems
Mobile accessibility with offline capabilities
Choosing the Right Climate Risk Software
All seven climate risk software solutions included in the shortlist can help organizations understand their exposure to climate risks and develop resilient strategies to mitigate their impact. Before making a final decision, take another look at the summary below and see which suits your needs best.
Climate Risk Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
EcoAct | No | Contact for pricing | No |
RSA Archer Suite | No | Contact for pricing | Yes |
Mitratech | No | Contact for pricing | Yes |
Coupa | No | Contact for pricing | Yes |
Manifest Climate | No | Contact for pricing | No |
Adapt Ready | No | Contact for pricing | No |
* billed annually
