Day: February 17, 2022

Posted on

Verisk Maplecroft Launches Sovereign ESG Ratings

Reveals human rights and energy transition risks now highly material for bond pricing

Verisk Maplecroft’s Sovereign ESG Ratings – Framework and issues

Verisk Maplecroft’s Sovereign ESG Ratings – Framework and issues

LONDON, Feb. 17, 2022 (GLOBE NEWSWIRE) — Verisk Maplecroft, a global risk analytics business of Verisk (Nasdaq:VRSK), has launched new Sovereign ESG Ratings to provide investors with the most comprehensive picture available of ESG risks and opportunities across the entire current and potential sovereign issuer universe.

The Ratings, which extend Verisk Maplecroft’s growing presence as a geospatial ESG data provider, have been developed to offer a powerful set of signals for tracking the sustainability factors that matter most for sovereign debt markets – from both ethical and material perspectives. Crucially, research into the data’s relationship with bond spreads shows that human rights are, in reality, highly material, and that risks relating to the energy transition have now become a key factor affecting countries’ borrowing costs.

Setting a new global standard for sovereign ESG (Environmental, Social and Governance) analysis, the Ratings will enable more widespread incorporation of ESG in government debt markets, helping investors to price in sustainability factors more effectively and create portfolios that tightly align with their values.

The Sovereign ESG Ratings, which feature six years of quarterly historical data, draw on approximately 350 of Verisk Maplecroft’s 1200+ indicators across 37 separate issues and nine ESG dimensions. Their novel methodology, based on cluster analysis, captures the non-linear complexity of the sovereign ESG world more effectively than traditional weighted averages.

Verisk Maplecroft’s research into the data shows ESG issues are highly material on multiple levels:

  • Contrary to common belief, better human rights and labour rights performance – measured using Verisk Maplecroft’s unique subnational data – is strongly associated with lower borrowing costs for sovereigns, even when controlling for other relevant factors
  • E issues, and particularly transition risk, have become key factors for debt pricing in recent years as investors respond to the climate emergency
  • Statistical analysis shows that when countries cross ESG tipping points (the thresholds encoded in the analytics underpinning the Ratings), it matters for market pricing
  • Sovereign bond markets are still highly inefficient at pricing in ESG issues, sometimes taking up to a year to reflect significant shifts in a country’s risk environment.
  • In this context, changes in E and G factors within Verisk Maplecroft’s Ratings have become leading indicators of movements in market sentiment on sovereign bond issuers.

“With access to Verisk Maplecroft’s Sovereign ESG Ratings, investors of all types will be better positioned to anticipate how changes in a sovereign’s ESG risk profile can impact debt pricing,” says James Lockhart Smith, Head of Markets at Verisk Maplecroft. “Users can track how a country’s sustainability performance is evolving and watch for approaching ESG tipping points to help minimise downside risks and identify emerging investment opportunities​.”

The Sovereign ESG Ratings build upon Verisk’s growing suite of sustainability and resilience exposure analytics, which include extreme event models and global geospatial datasets covering the full spectrum of ESG, political and energy transition risks. For Verisk Maplecroft, their development is a natural progression that expands its reputation as a leading provider of proprietary, factor-level risk data to sovereign and emerging market fund managers. The data within the Ratings is drawn from the company’s vast array of unstructured, geospatial, expert-derived and structured sources that go far beyond the lagging datasets that have historically been used to track ESG issues. This means both the underlying data and the Ratings themselves are current, relevant and fully independent of government influence.

“Governments are, or should be, the guarantors of last resort when it comes to human rights, prosperity and the protection of natural capital and the climate,” adds Verisk Maplecroft Principal Markets Analyst David Wille, who led the development of the Ratings. “The surge in interest in sovereign ESG investing points to how a trusted standard that robustly assesses government bond issuers is needed more than ever – this is where we aim to make the difference.”

For more information on Verisk Maplecroft’s Sovereign ESG Ratings, download the whitepaper.

Media contact:

Jason McGeown
Director – PR
Verisk Maplecroft
E: jason.mcgeown@maplecroft.com
T: +44 (0) 7768 789567

About Verisk Maplecroft

Verisk Maplecroft, a Verisk business (NASDAQ:VRSK), is a leading geospatial risk analytics company specialising in global ESG and political risk intelligence for institutional investors and multinational corporations. The company combines the world’s most comprehensive portfolio of global risk data with expert analysis to deliver an integrated approach to risk, which enables clients to enhance the sustainability and resilience of their investments and operations. Among investment fund managers and asset owners, the company is a trusted, independent source of data, intelligence and advice for incorporating ESG, climate change, natural capital, human rights and political risk factors across multiple asset classes, notably sovereign debt. For more information visit: www.maplecroft.com

About Verisk

Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Attachment


Media contact:

Jason McGeown
Director – PR
Verisk Maplecroft
E: jason.mcgeown@maplecroft.com
T: +44 (0) 7768 789567
Posted on

Amii invites the world to AI Week with $100,000 in travel bursaries

Researchers and applied AI experts are invited to explore Edmonton in May 2022

EDMONTON, Alberta, Feb. 17, 2022 (GLOBE NEWSWIRE) — In anticipation of AI Week, May 24 – 27, 2022, the Alberta Machine Intelligence Institute (Amii) announced the first $100,000 in travel bursaries for emerging researchers and applied artificial intelligence (AI) professionals globally. The Global Talent Bursary program will facilitate upwards of 500 guests to attend AI Week in Edmonton, Alberta, Canada. For more information and to apply, head over to www.ai-week.ca/talent-bursaries.

“As we prepare to celebrate 20 years of AI research excellence, I’m thrilled to have the opportunity to invite the world to AI Week. The Global Talent Bursary program makes it financially viable for more of our peers, alumni and collaborators to come to the conference. It also provides amazing access to our rich community to plan future endeavours. I hope you’ll apply and come to AI Week to find your next role, learn more about a dynamic research domain, and find collaborators for startup ventures,” says Cam Linke, CEO of Amii.

Global Talent Bursary recipients receive exclusive access to events at AI Week including an Academic Symposium featuring content from Amii’s deep well of world-leading researchers, a VIP Career Mixer and more. In addition, Amii is pleased to offer Global Talent Bursaries for individuals from groups who are typically underrepresented in Science, Technology, Engineering and Math (STEM) fields, recent immigrants to Canada and individuals from rural communities. Applications are completed on the basis of self-identification.

Recipients will also enjoy access to a special AI Week lecture from Richard S. Sutton, Chief Scientific Advisor, Fellow and Canada CIFAR AI Chair at Amii. One of the world-leaders in the field of reinforcement learning, Dr. Sutton is a Distinguished Research Scientist at DeepMind and one of the world’s foremost thinkers about AI, the mind and what it means to be intelligent.

“I invite you to join us for four days of workshops, social events, educational events – experts and students, meeting each other and seeing the Edmonton ecosystem. We have travel bursaries available for early-career researchers of all types, and we’re excited to meet people and learn a little bit about AI together,” says Sutton.

The inaugural AI Week presented by Amii is a four-day celebration of Alberta’s 20-year history of excellence in AI and machine learning. The event will run from May 24-27, 2022 in Edmonton with a mix of in-person, hybrid and digital first offerings. With programming for all audiences, the event marks Amii’s 5th anniversary and the 20th anniversary of the founding of the Amii research centre at the University of Alberta. For updates and announcements, join the AI Week Insiders List at www.ai-week.ca.

The celebration will feature a variety of events and programming focused around AI and machine learning. Audiences of all ages will have an opportunity to connect with AI leaders in research and industry, explore the promise and possibilities of the technology and immerse themselves in the science of AI and machine learning. With something for experts and beginners alike, events and activations include:

  • Keynotes, presentations and informal talks for a range of knowledge levels
  • Academic symposium highlighting Alberta’s AI research excellence
  • AI talent mixer connecting job seekers with potential employers
  • K-12 sessions exploring future careers in AI
  • Community events series organized by partner organizations
  • Socials, mixers, networking events, and more

AI Week presented by Amii will take place from May 24 to 27, 2022 at a range of venues across Edmonton. This year will mark the inaugural year of what will become an annual celebration of Alberta’s AI community. Stay up-to-date on announcements and programming by joining the AI Week Insiders List at www.ai-week.ca.

About Amii

One of Canada’s three centres of AI excellence as part of the Pan-Canadian AI Strategy, Amii (the Alberta Machine Intelligence Institute) is an Alberta-based non-profit institute that supports world-leading research in artificial intelligence and machine learning and translates scientific advancement into industry adoption. Amii grows AI capabilities through advancing leading-edge research, delivering exceptional educational offerings and providing business advice – all with the goal of building in-house AI capabilities. For more information, visit amii.ca.

Spencer Murray
Communications & Public Relations
t: 587.415.6100 ext. 109 | c: 780.991.7136
spencer.murray@amii.ca

Posted on

Tesla Faces Another US Investigation: Unexpected Braking

U.S. auto safety regulators have launched another investigation of Tesla, this time tied to complaints that its cars can come to a stop for no apparent reason.

The government says it has 354 complaints from owners during the past nine months about “phantom braking” in Tesla Models 3 and Y. The probe covers an estimated 416,000 vehicles from the 2021 and 2022 model years.

No crashes or injuries were reported.

The vehicles are equipped with partially automated driver-assist features, such as adaptive cruise control and “Autopilot,” which allow them to automatically brake and steer within their lanes.

Documents posted Thursday by the National Highway Traffic Safety Administration say the vehicles can unexpectedly brake at highway speeds.

“Complainants report that the rapid deceleration can occur without warning, and often repeatedly during a single drive cycle,” the agency said.

Many owners in the complaints say they feared a rear-end crash on a freeway.

The probe is another enforcement effort by the agency that include Autopilot and “Full Self-Driving” software. Despite their names, neither feature can legally drive the vehicles without people supervising.

Messages were left Thursday seeking comment from Tesla.

It’s the fourth formal investigation of the Texas automaker in the past three years, and NHTSA is supervising 15 Tesla recalls since January 2021. In addition, the agency has sent investigators to at least 33 crashes involving Teslas using driver-assist systems since 2016 in which 11 people were killed.

In one of the complaints, a Tesla owner from Austin, Texas, reported that a Model Y on Autopilot brakes repeatedly for no reason on two-lane roads and freeways.

“The phantom braking varies from a minor throttle response to decrease speed to full emergency braking that drastically reduces the speed at a rapid pace, resulting in unsafe driving conditions for occupants of my vehicle as well as those who might be following behind me,” the owner wrote in a complaint filed February 2. People who file complaints are not identified in NHTSA’s public database.

Tesla CEO Elon Musk has been fighting with U.S. and California government agencies for years, sparring with NHTSA and the Securities and Exchange Commission.

Last week, NHTSA made Tesla recall nearly 579,000 vehicles in the U.S. because a “Boombox” function can play sounds over an external speaker and obscure audible warnings for pedestrians of an approaching vehicle. Musk, when asked on Twitter why the company agreed to the recall, responded: “The fun police made us do it (sigh).”

Michael Brooks, acting executive director of the nonprofit Center for Auto Safety, said it’s encouraging to see NHTSA’s enforcement actions “after years of turning the other way,” with Tesla. But he said the company keeps releasing software onto U.S. roads that isn’t tested to make sure it’s safe.

“A piecemeal investigative approach to each problem that raises its head does not address the larger issue in Tesla’s safety culture — the company’s continued willingness to beta test its technology on the American public while misrepresenting the capabilities of its vehicles,” Brooks wrote in an email Thursday.

Other recent recalls by Tesla were for “Full Self-Driving” equipped vehicles that were programmed to run stop signs at slow speeds, heating systems that don’t clear windshields quickly enough, seat belt chimes that don’t sound to warn drivers who aren’t buckled up, and to fix a feature that allows movies to play on touch screens while cars are being driven. Those issues were to be fixed with online software updates.

In August, NHTSA announced a probe of Teslas on Autopilot failing to stop for emergency vehicles parked on roadways. That investigation covers a dozen crashes that killed one person and injured 17 others.

Thursday’s investigation comes after Tesla recalled nearly 12,000 vehicles in October for a similar phantom braking problem. The company sent out an online software update to fix a glitch with its more sophisticated “Full Self-Driving” software.

Tesla did a software update in late September that was intended to improve detection of emergency vehicle lights in low-light conditions.

Selected Tesla drivers have been beta testing the “Full Self-Driving” software on public roads. NHTSA also has asked the company for information about the testing, including a Tesla requirement that testers not disclose information.

Source: Voice of America

Posted on

US, Allies Warn Possible Russian Cyberattacks Could Reverberate Globally

The United States and its Western allies are bracing for the possibility that a Russian invasion of Ukraine would have a ripple effect in cyberspace, even if Western entities are not initially the intended target.

“I am absolutely concerned,” U.S. Deputy Attorney General Lisa Monaco told the virtual Munich Cyber Security Conference on Thursday when asked about the chances of catastrophic spillover from a cyberattack on Ukraine.

“It’s not hypothetical,” Monaco said, pointing to the June 2017 “NotPetya” virus, engineered by Russia’s military intelligence service, the GRU.

The virus initially targeted a Ukrainian accounting website but went on to hobble companies around the world, including Danish shipping giant Maersk and U.S.-based FedEx.

“Companies of any size and of all sizes would be foolish not to be preparing right now,” Monaco said. “They need to be shields-up and really be on the most heightened level of alert.”

Monaco is not the first high-ranking U.S. official to warn that potential Russian actions in cyberspace might reverberate in unexpected ways.

“We’ve seen this play before,” U.S. National Cyber Director Chris Inglis warned a virtual audience earlier this month. Like Monaco, he alluded to the NotPetya attack: “It got out of its reservoir, so to speak, and it then eviscerated broad swaths of infrastructure across Europe and across the United States.”

U.S. Homeland Security Department officials said that for the moment, there were no specific or credible threats indicating an attack like NotPetya is about to be unleashed against the United States. But they said they were not taking any chances and were closely collaborating with Ukraine and other allies, just in case.

Russia’s record

“We are all hands on deck,” Homeland Security Undersecretary Robert Silvers told the Munich Cyber Security Conference on Thursday.

“It’s no secret that Russia has proven itself willing to use cyber means to achieve its broader geopolitical objectives,” Silvers added, pointing to Russia’s attack on Ukraine’s energy grid in 2015.

Some officials remained concerned that Russian President Vladimir Putin would give the order to target countries beyond Ukraine as part of any military action against Ukraine.

“I don’t think Ukraine is his goal,” said Jaak Tarien, the director of NATO’s Cooperative Cyber Defense Center of Excellence in Estonia.

“Putin said in 2007 at the Munich Security Conference that he is sick and tired of the existing security architecture and he wants to change that, and he’s still at it,” Tarien told Thursday’s cybersecurity conference. His goal is “to get U.S. allies to fight amongst each other and disrupt our unity. So cyber is a really, really good way to do that.”

U.S. agencies are likewise worried that as tensions escalate, Russia may be tempted to ramp up cyber operations.

On Wednesday, the U.S. Cybersecurity and Infrastructure Security Agency, the FBI and the National Security Agency issued a joint advisory warning that Kremlin-linked actors might use a variety of techniques to target U.S. defense contractors.

Not all cyber experts are convinced Russia will resort to cyberattacks to hurt the West, even if the U.S. and its allies make good on promises to hit Moscow with severe economic sanctions.

“I don’t think that cyber [attacks] from state actors is going to be the first or the preferred mechanism for response,” Dmitri Alperovitch, the co-founder of the cybersecurity firm CrowdStrike, told the Munich Cyber Security Conference.

“Russia has enormous leverage in the economic sphere, even outside of cyber, to respond through export control measures, for example, on critical materials like aluminum and uranium and titanium and palladium and many other things that will do a lot to hurt the U.S. economy and the global economy,” he said.

Alperovitch also cautioned that Russia might be willing to let cybercriminals do the work instead, perhaps releasing a number of ransomware actors it has arrested in recent weeks.

“That would send an unmistakable, even unspoken message to the Russian cybercrime ecosystem that it’s open season on Western organizations,” he said.

Source: Voice of America