The Water Risk Filter – a practical tool for companies

WWF

Water is a fundamental and non-substitutable input to practically all areas of economic development, a reality that is only starting to be acknowledged and which can no longer be ignored in an increasingly resource constrained world.

© WWF-Canon / Steve Morgan

No company, sector, or region is entirely immune to potential costs of water related risks.  Even in Canada, a country typically perceived as being water secure, various factors can give rise to water related risk, and in the absence of effective mitigation and watershed governance these in turn can lead to financial impacts.  Often though, it is only when water of adequate quantity and quality is not available that businesses come to appreciate its full value.  Despite the fact that water is such an integral component to most companies’ direct operations and supply chains, the majority of them do not understand water issues very well, and few have assessed their exposure to water risk.  Generating awareness around water risks is an important first step for companies in becoming better water stewards, but it’s also part of the broader objectives around the protection and management of our freshwater ecosystems – both for people, and nature.  This is at the heart of WWF’s mission.
To help the private sector manage water related risk, WWF partnered with DEG – a German development bank – to develop a free online tool designed to provide investors and companies the information they need to better understand where and in what ways they are exposed to water risks.  The Water Risk Filter, which is based on 22 river basin- and 26 company-related risk indicators, covers all areas that influence water risk levels. To complement the risk evaluation, the Water Risk Filter includes a toolbox with over 200 mitigation actions intended to guide companies by providing them with tailored measures aimed at reducing their unique set of risks.
The Water Risk Filter applies WWF’s science-based approach conservation to water stewardship in the private sector. It has a number of unique features:

  • –It is easy to use. Geared specifically for non-experts, it guides users through a simple questionnaire and a pre-assessment survey that uses industry and geographic information to evaluate in less than 5 minutes if additional evaluation is necessary.
  • –It is global and draws on data for 235 countries and territories, providing interactive maps and case studies.
  • –The tool uses the best available data as well as company specific information to analyse all relevant indicators of water risk.
  • –The tool goes beyond an assessment to provide users with solutions via the risk mitigation toolbox.

 
Today is the official launch of the Water Risk Filter. To learn more about the tool visit https://waterriskfilter.panda.org/.