The final stage of the climate change risk assessment process involves regularly monitoring and reviewing the climate change risks an organization faces as well as the effectiveness of their selected risk reduction strategies. The ability of an organization to regularly monitor and review climate change risks will depend on organizational capacity and risk appetite.
In practical terms, an organization should consider identifying metrics related to climate change risks and interventions that can be easily tracked. Such metrics could be incorporated as part of regular corporate reporting structures, where relevant. Once captured through organizational reporting structures, these metrics can be more easily monitored and reviewed. Businesses should consider reviewing their climate change risks on at least an annual basis to ensure changing vulnerabilities are not overlooked.
For example, an organization that has identified flooding as a physical climate change risk to their facility may task their facility management department with tracking the occurrence of extreme precipitation events over a specified threshold (e.g., 20mm per day). The data for this metric could be collected through an on-site rain gauge or by accessing local weather station data online. If this same hypothetical organization has identified flooding to be a significant risk that warranted immediate intervention, such as the installation of several rain gardens or upgraded drainage on their property, they could also monitor response of the intervention to the extreme weather event. Incorporating the collection of climate change risk and impact metrics and data into regular corporate reporting can systematize an organization’s approach to monitoring climate change risks and interventions.
Once you have identified key metrics related to climate change risks, it is important to regularly monitor and review data collected to include in reports. Reviewing results and trends will help a business understand key areas that could pose risks or may be in need of budget and adjustments.
Partners in Project Green’s Building a Climate Resilient Business Resource Kit provides a foundation in the basics of current climate science, the impacts of climate change on businesses, and mitigation and adaptation strategies. Please explore these resources and connect with us to advance your organization’s climate resiliency.