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London, UK, Nov. 12 (Korea Bizwire) — After two years in development, global risk data and forecasting company Verisk Maplecroft has released the world’s only Subnational Human Rights Dataset to enable multinational organizations and financial institutions to undertake risk assessments of their global operations, supply chains and investments in more granular detail than has been possible to date.
The Dataset, which encompasses risk scores for 3,600 states and administrative regions in 198 countries, can be used by companies and asset managers to accurately map their exposure to 10 key human rights issues:
- Arbitrary Arrest and Detention
- Child Labour
- Extrajudicial or Unlawful Killings
- Forced Labour
- Freedom of Assembly
- Kidnappings
- Migrant Workers
- Occupational Health and Safety
- Security Forces and Human Rights
- Torture and Other Ill-treatment
“This data is unique, as there is nothing else in the marketplace that can match its comprehension of a wide degree of human rights issues on such a large scale,” says Matt Moshiri, President of Verisk Maplecroft. “In a time where greater emphasis is being placed on the social element of ESG (environmental, social and governance) risks by investors and consumers alike, it will provide the more refined intelligence companies need to take the assessment of human rights to a new level.”
Dynamic human rights monitoring captures local-level risks for 198 countries
The indices bring together data science with expert derived judgements and existing methodologies from Verisk Maplecroft’s internationally recognised country-level human rights indices.
‘Events gathering’ of reported violations or issues related to a specific human right is a key component. The benefit of this approach is that Verisk Maplecroft is able to more accurately capture the situation as reported ‘on the ground’ as well as being able to swiftly react to any major event, including conflicts, protests, riots or any other severe human rights infringements. Furthermore, using a dynamic event gathering approach means the indices will be updated quarterly to provide up-to-date metrics for each of the 3,600 regions.
With the human rights situation not only varying between countries, but also between the administrative areas, such a view is particularly beneficial for organizations with global footprints, multinational supply chains or diversified investment portfolios.
Fine-tuning human rights risk assessments
The indices provide an important risk assessment tool for a range of functions, including for the sustainable procurement departments of global brands that may be worried about the use of child labour or forced labour in the creation of their company’s products. These organizations may have 10,000 suppliers from 120 countries, but a budget that only allows for an audit of 10% of them. The Subnational Human Rights Dataset will support them with prioritising which suppliers to audit to have the best chance of addressing these issues from their supply chain.
Asset managers seeking to understand their ESG exposure, especially in relation to corporates and real assets, can also use Verisk Maplecroft’s Subnational Human Rights Dataset, alongside its environmental and governance indices, to monitor risk at the portfolio level.
“While our country-level human rights data remains market leading, the more granular geographic view of the new dataset allows for a fine-tuned approach to risk management,” adds Mr Moshiri. “It will also simplify compliance with emerging supply chain legislation and provide greater assurance to ethical consumers and responsible investors that companies are taking the extra steps necessary to minimize their human rights impact.”
About Verisk Maplecroft
With over 15 years standing at the forefront of data modelling, risk analysis and strategic forecasting, Verisk Maplecroft offers an unparalleled perspective on the complexities of the global risk landscape and the challenges it presents to business and investors.
With a unique holistic approach to risk, combining the world’s most extensive portfolio of global risk indices with expert analysis and specialist advisory capabilities, Verisk Maplecroft helps businesses identify, map and manage the exposure of their operations, supply chains and investments to the full spectrum of risks. From emerging ESG trends, political instability and climate change to resource nationalism, labour rights and security issues, its flexible solutions and tailored services give companies the actionable insight they need to make more effective decisions and succeed in an increasingly volatile world.
Verisk Maplecroft is part of the Verisk family of companies (NASDAQ: VRSK). Verisk is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Around the world, Verisk helps customers protect people, property, and financial assets for more information visit www.verisk.com.
Press contact:
Jason McGeown
Head of Media Relations
Verisk Maplecroft
Tel: +44 (0)1225 472846
Email: press@maplecroft.com
Source: Verisk Analytics, Inc. via GLOBE NEWSWIRE
