Principality Building Society unlocks greater risk insight after signing up to Hometrack’s new Climate Change product

Principality Building Society, the UK’s sixth-largest building society, is set to gain greater insight into the potential impact of climate change on its portfolio after signing up to a new Climate Change Risk contract with Hometrack, the leading provider of insight and intelligence to the UK mortgage market.

Furthering their existing relationship, Principality Building Society will benefit from an increased understanding of the impact of climate change on its mortgage portfolio, thanks to Hometrack’s Climate Change Risk analysis in partnership with Ambiental and Terrafirma. Hometrack will also assist the building society as it strives to meet ongoing regulation from the Bank of England.

As well as assessing the risk of climate change in the near term, Hometrack’s Risk Insights will also assess how such risk is projected to evolve across Principality Building Society’s portfolio over time. This will equip the build society with the best possible foresight on how to navigate the potential impacts from climate change risks in the decades to come.

Vicky Wales, Chief Customer Officer at Principality Building Society said: ‘’Climate change is an ever important issue in our society and it is part and parcel of our responsibility as a member-owned organisation and responsible lender to ensure we are becoming a more sustainable organisation, by supporting our natural environment as well as managing climate change risks across our portfolio. We’re pleased to be building on our strong partnership with Hometrack, who’s expertise and support will allow us to gain an in depth analysis into the evolving risks that climate change poses for us and our members.’’

Commenting on the partnership, George Robbins, VP Commercial at Hometrack, said:  “Climate change is at the forefront of the agenda for lenders, and Principality Building Society is keen to address this early on. The possible impact on lender portfolios is complex and diverse, and requires expert knowledge to quantify and manage; regulation is becoming more complex, and is driving continued investment in the expansion of our suite of climate change risk solutions. Our relationship with Principality is an important one, and we welcome the opportunity to expand this and support them through this changing landscape, as we track and minimise risk exposure both today and for the long term.”