Virgin Money has signed a new deal with mortgage insight provider Hometrack to secure greater insights into the potential impact of climate change on its portfolio.
According to Virgin, the extended partnership will see it benefit from an increased understanding of the impact of climate change on its mortgage portfolio thanks to Hometrack’s Climate Change Risk analysis tool. Additionally, Hometrack will assist Virgin as it works to meet ongoing regulation from the Bank of England.
The bank added that the Hometrack’s Risk Insights will assess how risk is forecast to develop across Virgin Money’s portfolio over time. This will provide Virgin Money with what it claims is the ‘best possible foresight on how to navigate the potential impacts from climate change risk in the years to come’.
Virgin Money chief risk officer Mark Thundercliffe said, “The Climate Change Risk analysis along with other valuable insight from Hometrack that we will now receive will mean Virgin Money can better understand the risks and opportunities in the current market while also planning accordingly for the future.”
Hometrack VP for commercial George Robbins added, “Changing regulation around climate change is one of the biggest challenges facing lenders in today’s market. Indeed, it’s an issue that is set to face the industry for the long term – it isn’t going to dissipate any time soon. We welcome Virgin Money’s appetite to address this challenge early on and will support them as they gain control of its risk exposure based on our market leading data and analysis.”
Virgin Money recently introduced a new app focused on providing an assessment of a companies’ ESG impacts by measuring, tracking and offering guidance. Through its partnership with the Future-Fit Foundation, the Sustainable Business Coach will look to help UK companies manage their sustainability goals.
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