Forvis Mazars has entered into a partnership with UK-based flood risk specialists JBA Risk Management to enhance its climate-related physical risk sustainability reporting service.
Both companies highlighted the collaboration, aiming at addressing increasing regulatory requirements linked to climate change and supporting businesses in their sustainability reporting.
Forvis Mazars, the audit, tax, and advisory firm, which had previously relied on open-source flood risk data, will now incorporate JBA’s location-specific data into its climate risk assessments.
This data includes present and future flood risk projections, with multiple time horizons and climate change scenarios based on both Representative Concentration Pathways (RCPs) and Shared Socioeconomic Pathways (SSPs).
Accessed via API, Forvis Mazars says that the data will provide the firm with additional capabilities to support clients in climate scenario analysis and sustainability reporting.
Forvis Mazars follows in the footsteps of management consultancy Horváth, which also announced a collaboration with JBA Risk Management last month to support clients in meeting growing global demands for physical risk sustainability reporting amid climate change.
The collaborations come amid higher pressure on financial institutions to strengthen their climate modelling capabilities using high-quality data.
In Europe, the Corporate Sustainability Reporting Directive (CSRD) requires businesses to submit mandatory sustainability reports starting in January 2025. More organisations will also need to finalise their reporting by the end of the year.
Pierre-Alexandre Germont (pictured above), director and global climate risk lead at Forvis Mazars, noted that JBA’s data and insights will support businesses in planning for and mitigating potential flood impacts.
Mark Goodman, principal analyst at JBA Risk Management, said the partnership will assist organisations in monitoring their risk exposure and complying with climate-related financial disclosure regulations, including CSRD, the UK’s Sustainability Disclosure Requirements (SDR), and the International Sustainability Standards Board (ISSB) framework.
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