Integrating longer term, place based climate considerations into asset management processes is essential for holders of assets to effectively adapt.

This paper considers, from the perspective of the asset owners and managers, how various exposures to climate risks, including extreme weather events such as flooding, heatwaves, bushfires, hail damage, strong winds and cyclonic damage can be understood, assessed and managed.

Using high level climate risk screening across complete asset portfolios, including consideration of disaster risk and emergency management, relative risk exposures can be determined and the implications for the business considered, particularly relating to key financial, insurance, risk and portfolio management functions.

Implications can be significant for example to divestment/investment decisions, risk management framework and processes, insurance, centre safety, Capex and development and centre operations. Reputational risk is also a factor particularly when the asset plays a formal or informal role in local emergency management responses.

By building resilience measures into business processes likely costs of damage can be reduced.

Ensuring adaptation is focussed at the both the business system and process level, as well as at the individual asset level, assists implications of climate risk screening to be considered holistically and more effectively managed.