At Victor, our professional liability underwriters and risk managers are often asked how risk and professional liability changes for design firms using advanced digital technologies (such as generative design, DfMA (Design for Manufacturing & Assembly), VR/AR, BIM, Digital Twins, etc.). The simplest answer is that humans manage all technologies and the liability question and associated... Continue Reading →
ESG factors in investment decision-making has become a “hot potato” topic because it’s largely misunderstood, broadly defined, and the guardrails for companies to report on metrics have not yet been standardized. That said, it’s not too early for design firms to engage meaningfully, given their role in all things climate and many things social. To... Continue Reading →
The relationship between business and climate change involves both risks and opportunities. Three risks, in particular, deserve close consideration as each of them highlights business opportunities for the future. Transition Risks What are they? These are the business risks design and construction firms face related to changes in the policy and regulatory landscape; in other... Continue Reading →
The net outcome of the 3-1 vote by the SEC on March 21, 2022 for proposed rule changes would make climate risk assessments and disclosures a routine part of public financial disclosure rules in the US. The proposed rule aims to standardize climate considerations into financial disclosures to help investors gain a better picture of... Continue Reading →
The opportunity created by the federal stimulus packages passed since 2020 is undeniable, but the capacity to optimize this truly historic moment remains unclear. An infusion of trillions of dollars to keep businesses and governments from feeling too much of the pandemic pain was of primary concern early in the pandemic. In 2021, what transpired... Continue Reading →
Climate change risks may seem too colossal and global for most businesses to be relatable, especially for non-publicly traded companies. Soon enough, however, all businesses will need to take stock and internalize business model impacts of climate change—the transition risks and opportunities— and climate change impacts on business—the physical risks of rising temperatures and related... Continue Reading →
Now that we have a global agreement in place on climate change, which more definitively sets greenhouse gas emissions reduction targets and timelines, all eyes are set on the question as to how each country, including the US, will achieve its commitments. For the US, legislation and executive agency action are two important pieces to... Continue Reading →
The COP26 (Conference of the Parties) climate talks took place in Glasgow over the first two weeks of November. These meetings between heads of state around the world may seem far removed from your daily business concerns, but in reality, the actions taken and resulting agreements may have far-reaching consequences for your business model, including... Continue Reading →
In May, the Biden Administration issued its Executive Order on Climate-Related Financial Risk to establish a policy framework for maintaining the integrity of the US financial system as it relates to climate change. The Order was aimed at prioritizing climate change from an economic standpoint and raising the flag for the continued risks of physical... Continue Reading →
Having read through the American Jobs Plan, it’s clear that federal funding and capacity-building proposals for infrastructure and climate are transformational, once-in-a-lifetime, and good for business. However, if the design and construction industry views the proposed policy framework through the lens of just the project flow opportunities, it could miss a massive opportunity to address... Continue Reading →
