2022 Communication on Progress

Verisk Analytics, Inc.

Published date

June 22, 2022

No. of questions

67

CEO Statement

Signed

  • Governance

    Policies and Responsibilities

    1. Does the Board / highest governance body or most senior executive of the company:

    Optional comment
    In lieu of issuing annual statements highlighting a zero tolerance for corruption, we include our Anti-Bribery and Corruption Policy among the core Verisk commitments published on our main website, Verisk.com. We also include anti-bribery and corruption training among the mandatory series of training courses completed annually by all Verisk employees and contractors. As part of the training, participants are required to acknowledge the policy; they are also provided an opportunity to report concerns. See Verisk’s 2021 Corporate Social Responsibility Report, p. 57.

    2. Does the company have a publicly stated commitment regarding the following sustainability topics?

    No, this is not a current priority

    No, but we plan to have a commitment within 2 years

    Yes, and the commitment is focused on our own operations

    Yes, and the commitment includes our own operations and the value chain

    Yes, and the commitment includes our own operations and the value chain along with communities and society

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    Human Rights -- o Our commitment to Human Rights is described in Verisk’s Human Rights Policy (see paragraph 2, sentence 2), and in Verisk’s Supplier Code of Conduct (see section entitled “Protection of Human Rights”), both of which are publicly disclosed with our Governance Documents. o Our Verisk Maplecroft business unit annually publishes a human rights outlook calling attention to the trajectory of the global human rights landscape. See Verisk’s 2021 Corporate Social Responsibility Report, p. 14. Labor Rights/Decent Work -- o Our commitment to Labor Rights/Decent Work is described in Verisk’s Human Rights Policy (see section entitled “Commitments”), and in Verisk’s Supplier Code of Conduct (see section entitled “Protection of Human Rights”), both of which are publicly disclosed with our Governance Documents. Environment -- o Our commitment to the environment is described in Verisk’s Statement on Climate Change (paragraphs 2 and 3), which is publicly disclosed among the core Verisk commitments published on our main website, Verisk.com. o Please see examples of our climate-, weather-, and environmental-related research and initiatives published in our 2020 Corporate Social Responsibility Report, pp. 14-17, and 2021 Corporate Social Responsibility Report, pp. 15-17. Anti-Corruption -- o Our commitment on Anti-Corruption is described in Verisk’s Anti-Bribery and Corruption Policy, which is publicly disclosed among the core Verisk commitments published on our main website, Verisk.com. The commitment is also described in Verisk’s Supplier Code of Conduct (see section entitled “Anti-Bribery and Corruption”), which is publicly disclosed with our Governance Documents.

    3. Does the company have in place a code of conduct regarding each of the following sustainability topics?

    No, this is not a current priority

    No, but we plan to have a code of conduct within two years

    Yes, focused on employee conduct

    Yes, focused on employees and suppliers

    Yes, focused on employees, suppliers, and other business relationships

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    Human Rights -- Reference: Verisk’s Human Rights Policy (see “Scope”) and Verisk’s Supplier Code of Conduct (see “Scope”). Labor Rights/Decent Work -- Reference: Verisk’s Human Rights Policy (see “Scope”) and Verisk’s Supplier Code of Conduct (see “Scope”). Anti-Corruption – Reference: Verisk’s Anti-Bribery and Corruption Policy (see “Scope,” section 7.1, and “Definitions,” section 5.1, Associated Person).

    4. Has the company appointed an individual or group responsible for each of the following sustainability topics?

    No one is specifically responsible for this topic

    Yes, with limited influence on outcomes (e.g., limited access to internal information, limited decision-making authority)

    Yes, with moderate influence on outcomes (e.g., has access to relevant information, reports to senior manager)

    Yes, with direct influence of some outcomes (e.g., has access to relevant information, includes one or more senior manager with decision making rights

    Yes, with direct influence at the highest levels of the organization (e.g., has access to relevant information, includes most senior members of organization)

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    Human Rights -- o Verisk’s Human Rights Policy (see section entitled “Honoring Our Commitment”), describes the appointment of a Human Rights Committee comprised of the chief executive officer and the senior leaders representing the following corporate functions: Compliance, Enterprise Risk, Human Resources, Law, Procurement, and Sustainability Labor Rights/Decent Work -- o Verisk’s commitments regarding child labor, compensation and benefits, employment status, employment/labor practices, freedom of association, working conditions and a safe workplace, as well as other related commitments, are addressed within the Human Rights Policy and, therefore, within the province of Verisk’s Human Rights Committee described above Environment -- o Verisk’s governance framework for oversight of environmental stewardship and climate-related matters is detailed in the 2021 Corporate Social Responsibility Report, p. 22. Anti-Corruption -- o Verisk’s Anti-Bribery and Corruption Policy (see section 2, paragraph 4) confirms that the company’s Executive Vice President, General Counsel and Corporate Secretary is the officer responsible for the Policy.

    5. Does the company have a formal structure(s) (such as a cross-functional committee) to address each of the following sustainability topics?

    No formal structure

    Yes, and with limited influence on outcomes (e.g., limited access to internal information necessary to understand risks, poor representation from relevant departments or functions)

    Yes, with moderate influence on outcomes (e.g., it includes representatives of some functions, departments, or business units most relevant for addressing the risks concerned, has access to relevant information, reports to senior manager)

    Yes, with direct influence on some outcomes (e.g., it includes representatives of functions, departments, or business units most relevant for addressing the risks concerned, has access to relevant information, it involves one or more members of senior management)

    Yes, and with direct influence at the highest level of the organization (e.g., full access to relevant information, it involves members at highest level of organization)

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    Human Rights -- o Verisk’s Human Rights Policy (see section entitled “Honoring Our Commitment”), describes the appointment of a Human Rights Committee comprised of the chief executive officer and the senior leaders representing the following corporate functions: Compliance, Enterprise Risk, Human Resources, Law, Procurement, and Sustainability Labor Rights/Decent Work -- o Verisk’s commitments regarding child labor, compensation and benefits, employment status, employment/labor practices, freedom of association, working conditions and a safe workplace, as well as other related commitments, are addressed within the Human Rights Policy and, therefore, within the province of the Human Rights Committee described above Environment -- o Verisk’s governance framework for oversight of environmental stewardship and climate-related matters is detailed in the 2021 Corporate Social Responsibility Report, p. 22. Responsibilities are issue-specific. For example, the Governance, Corporate Sustainability and Nominating Committee assists the Board by providing oversight of the company’s ESG public disclosures, while the Audit Committee of the Board reviews the results of Verisk’s annual greenhouse gas emissions inventory, including progress against emissions reduction targets. Anti-Corruption -- o The Executive Vice President, General Counsel, and Corporate Secretary is the Verisk Anti-Bribery and Corruption Policy Officer, and is responsible for monitoring, updating, and maintaining the Policy and related procedures.

    Prevention

    6. Does the company have a process or processes to assess risk?

    No, this is not a current priority

    No, but we are planning to develop one in the next two years

    Yes, related to our own operations

    Yes, related to our own operations and entire value chain and other business relationships

    Human rights risks

    Labour rights risks

    Environmental risks

    Corruption risks

    Optional comment
    • Human rights risks – We conduct due diligence to ensure that child labor is not employed in our operations. We require all employees and contract workers to complete mandatory training on human rights risk. We encourage employees to report potential violations and make a confidential whistleblower platform available to do so. As part of a third-party credentialing process, we contract with a leading risk and compliance organization to determine whether our Tier 1 suppliers are subject to sanctions; they also scan content daily from news sources in approximately 200 countries to identify instances where such suppliers may have been implicated in unlawful activity, including human rights abuses. We require suppliers to complete an annual attestation acknowledging compliance with the provisions our Supplier Code of Conduct and we reserve the right to conduct announced and unannounced on-site audits of a supplier’s facilities, operations, books, and records as well as conduct confidential worker interviews in connection with such audits. • Labor rights risks -- Verisk is a knowledge-based business, with many members of our highly-credentialed team holding advanced degrees and professional certifications. We are continually seeking to strengthen employee relations and our workplace culture. Although it doesn't constitute a risk assessment in the formal sense, we use our annual employee engagement survey as the centerpiece of a continuous loop of engagement, feedback, action, and change. Over the years, this collaboration has resulted in important compensation and benefit improvements, expanded learning and development opportunities, more flexible working arrangements, and additional paid holidays. The company has been recognized as a Great Place to Work in the United States for six consecutive years and in India, Spain, and the UK for two consecutive years. • Environmental risks – During 2020, Verisk’s Sustainability Council assessed the potential impacts of climate-related risks in the following areas: economic/market, financial, human resources, litigation/regulation, operational, physical, reputation, supply chain, and technology. The results were summarized in Verisk’s 2020 Corporate Social Responsibility Report. During 2022, Verisk will undertake a “Value at Risk” exercise in which participants will explicitly rate climate change, as well as other risks facing their respective businesses. The process will be facilitated by an independent risk management firm working in conjunction with Verisk’s Enterprise Risk Management department. • Corruption risks – The process associated with corruption risks is based on the following factors: 1) We conduct an annual Anti-Bribery and Corruption (ABC) Risk Assessment across Verisk to review factors, including the geographic location of offices and business activities, and to ensure adherence with the ABC policy; and 2) Based on this information, we may conduct additional ABC training (beyond the standard training already required for all Verisk employees and contractors). We also have an Associated Persons Program (APR) that risk assesses all potentially high risk associated persons, such as agents, consultants, or intermediaries, wherein we conduct extensive due diligence on the associated person and may adjust contract language to reflect the level of assessed risk and/or conduct additional training. The ABC Risk Assessment and APR Program due diligence include questions related to Modern Slavery/Human Trafficking as well.

    7. Does the company have a due diligence process through which it identifies, prevents, mitigates, and accounts for actual and potential negative impacts on sustainability topics?

    No, this is not a current priority

    No, but we are planning to develop one in the next two years

    Yes, related to our own operations

    Yes, related to our own operations and entire value chain and other business relationships

    Human rights risks

    Labour rights risks

    Environmental risks

    Corruption risks

    Optional comment
    As part of a third-party credentialing process, we contract with a leading risk and compliance organization to determine whether our Tier 1 suppliers are subject to sanctions; they also scan content daily from news sources in approximately 200 countries to identify instances where such suppliers may have been implicated in unlawful activity, including human rights abuses and corruption. Any potential negative issues are fully vetted and addressed. As noted in question G6. with respect to corruption risks, the ABC Risk Assessment and Associated Persons Program include risk assessments that may result in additional due diligence, training, and operational or contractual changes, as warranted.

    Concerns and grievance mechanisms

    8. Are there any processes through which members of the company’s workforce can raise concerns about the company’s conduct related to human rights, labour rights, environment, or anti-corruption?

    Optional comment
    Verisk maintains a 24/7/365 Hotline Reporting system, operated by an independent third party. Reports can be made via the web or by telephone. All reports can be made in the native language of the country from which it is being reported. Reports can be made anonymously as permitted by the law of the country from which the report is being made. All reports are reviewed by the General Counsel's office, Internal Audit, Human Resources and Global Compliance & Privacy Services. Investigations are conducted where appropriate and corrective action taken if indicated. A description of this process is included as part of the annual workforce training program for both employees and contractors. The link to make reports is included in Verisk’s Employee Handbook, Code of Business Conduct and Ethics, Anti-Bribery and Corruption Policy, Supplier Code of Conduct, and Whistleblower Policy, and is available to the public via the Verisk.com website.

    8.1. Please provide additional detail regarding the process(es) the company has through which members of the company’s workforce can raise concerns about the company’s conduct.

    No

    Yes

    Is the process communicated to all employees/workers in local languages?

    Is the process available to non-employees (e.g., contractors, vendors, suppliers)?

    Is the process confidential (e.g., whistleblowing process)?

    Are there processes in place to avoid retaliation?

    Can concerns be raised about suppliers or other business relationships (e.g., clients, partners, etc.)

    Other (Please provide additional information)

    9. Does the company provide or enable access to effective remedy to right holders / stakeholders where it has caused or contributed to the adverse impact?

    No process to enable remedy to stakeholders

    Remedy available to some stakeholders (i.e., some geographies, employees only)

    Remedy is available to all affected stakeholders

    Remedy is available to all stakeholders, and suppliers are expected to have similar policies

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    If an issue is identified or report, we conduct a full investigation and take remedial or corrective action as warranted, regardless of whether the stakeholder is internal or external.

    Lessons

    10. How does the company capture lessons regarding each of the following sustainability topics?

    No lessons are regularly captured

    Conducts root cause analyses/investigation of major incidents

    Conducts root cause analyses/investigation and changes organizational policies, processes, and practices accordingly

    Systematically conducts root cause analyses/investigation and leverages learnings to influence both internal and external affairs

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    For all matters identified or reported in conjunction with the Anti-Bribery and Corruption (ABC) Policy, a full investigation is conducted involving Verisk’s Law Department and, when necessary, outside counsel. Following the investigation, corrective actions are implemented to address the issue(s) at hand and broadened to include any business units/processes that may be similarly impacted. “Lessons learned” are discussed with Verisk’s Compliance Council to determine if any further steps should be considered. For example, Verisk’s Associated Persons Program and its administrative tool were implemented as a result of lessons learned from a prior issue. With respect to Human Rights, Labor Rights/Decent Work, and Environment -- no major incidents have occurred; however, we would expect to follow the same policies and procedures as noted above for ABC and apply the lessons learned both internally and externally.

    Executive Pay

    11. Is executive pay linked to performance on one or more of the following sustainability topics?

    No, and we have no intention to change

    No, but we plan to within two years

    Yes

    Human Rights

    Labour Rights / Decent Work

    Environment

    Anti-Corruption

    Optional comment
    Verisk’s philosophy on executive compensation is described in our 2022 Proxy Statement, beginning on page 26.

    Board Composition

    12. Percentage of individuals within the company’s Board / highest governance body by:

    Number/Percentage

    Not applicable (Please provide additional information)

    Total number of board members (#)

    13

    Male (%)

    61.5

    Female (%)

    38.5

    Non-binary (%)

    0

    Under 30 years old (%)

    0

    30-50 years old (%)

    0

    Above 50 years old (%)

    100

    From minority or vulnerable groups (%)

    7.7

    Executive (%)

    7.7

    Independent (%)

    92.3

    13. Do you produce sustainability reporting according to:

    Optional comment
    In addition to reporting according to the SASB template for professional and commercial services companies, Verisk considers the guidelines issued by the Task Force on Climate-related Financial Disclosures in determining the contents of the Environmental section of the company’s annual corporate social responsibility report.

    Data Assurance

    14. Is the information disclosed in this questionnaire assured by a third-party?

    Verisk has engaged independent accounting firm PricewaterhouseCoopers LLP to externally assure emissions data collected during inventories for years 2015-2020. Their reviews have been conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

  • Human Rights

    Materiality / Saliency

    1. Which of the following has the company identified as material human rights issues connected with its operations and/or value chain, whether based on their salience (i.e., the most severe potential negative impacts on people) or another basis?

    During 2021, Verisk invited a broad range of internal and external stakeholders to help identify and prioritize relevant existing and emerging issues of mutual importance. None of the aforementioned human rights issues fell within the top 20 issues identified in this assessment. The results are discussed on pages 8-11 of Verisk’s 2021 Corporate Social Responsibility Report. However, Verisk’s Human Rights Policy (https://www.verisk.com/siteassets/media/corporate-social-responsibility/downloads/verisk-human-rights-policy-2022.pdf) adopted February 2022, addresses the following issues: Child labour, Forced labour, Non-discrimination in respect of employment and occupation, Working conditions, and Digital security/privacy. The policy was informed by various principles expressed in international human rights standards, such as the Universal Declaration of Human Rights. It is publicly available, adopted by Verisk’s Board of Directors, and applies to both the company’s own operations and its suppliers. Training modules covering human rights, discrimination, and data security and privacy are included in Verisk’s annual Commitments Week training program, which all employees, contractors and contingent workers are required to complete.

    Commitment

    2. Does the company have a policy commitment in relation to the following human rights issues?

    No, and we have no plans to develop a policy

    No, but we plan to in the next two years

    Yes, included within a broader policy

    Yes, articulated as a stand-alone policy

    Rights of women and/or girls

    Freedom of expression

    Rights of refugees and migrants

    Digital security / privacy

    2022

    Rights of indigenous peoples

    Access to culture

    Free, prior and informed consent

    Access to water and sanitation

    Optional comment
    Verisk’s Human Rights Policy provides that “We are committed to safeguarding the integrity, confidentiality, and responsible use of data.” Similar commitments are described in multiple corporate policies, such as the Privacy Shield Privacy Policies (https://www.verisk.com/privacy-trademarks-use/privacy-shield-privacy-policies/) and Verisk’s Approach to Cybersecurity.

    2.1. For each human rights policy, is it:

    Aligned with international human rights standards?

    Publicly available?

    Approved at most senior level of the company?

    Applied to the company’s own operations?

    Applied to the company’s supply chain and/or other business relationships?

    Developed involving human rights expertise from inside and outside the company?

    Other (Please provide additional information)

    Freedom of expression

    Digital security / privacy

    Rights of women and/or girls

    Access to culture

    Rights of indigenous peoples

    Free, prior and informed consent

    Rights of refugees and migrants

    Access to water and sanitation

    Optional comment
    Verisk’s Human Rights Policy was informed by various principles expressed in international human rights standards, such as the Universal Declaration of Human Rights. Regarding applicability to Verisk’s supply chain, see the section entitled “Privacy and Confidentiality” in Verisk’s Supplier Code of Conduct.

    Prevention

    3. In the course of the reporting period, has the company engaged with affected stakeholders or their legitimate representatives in relation to the following human rights issues?

    No engagement on this topic

    To better understand the risks/ impacts in question

    To discuss potential ways to prevent or mitigate the risks/ impacts in question

    To agree on a way to prevent/ mitigate the risks/ impacts in question

    To assess progress in preventing /mitigating the risks/impacts in question

    To collaborate in the prevention/ mitigation of the risks/ impacts in question

    Rights of women and/or girls

    Freedom of expression

    Rights of refugees and migrants

    Digital security / privacy

    Rights of indigenous peoples

    Access to culture

    Free, prior and informed consent

    Access to water and sanitation

    4. What type of action has the company taken in the reporting period with the aim of preventing/mitigating the risks/impacts associated with this human rights issue?

    Provided internal training/ capacity building for the direct workforce

    Building capacity among relevant business relationships (e.g., partners, suppliers, clients, etc.)

    Conducting an audit process and/or corrective action plan

    Collective Action with peers or other stakeholders to address the issue

    Collaboration with governmental or regulatory bodies

    Other (Please provide additional information)

    No action within reporting period

    Rights of women and/or girls

    Freedom of expression

    Rights of refugees and migrants

    Digital security / privacy

    Rights of indigenous peoples

    Access to culture

    Free, prior and informed consent

    Access to water and sanitation

    Optional comment
    All Verisk employees, contractors and contingent workers are required to complete mandatory interactive training on data security and privacy issues.

    5. Who receives training for the following human rights issues?

    No training provided

    Select employees

    All employees

    Contractors

    Direct suppliers of the organization

    Indirect suppliers of the organization

    Other – such as partners, clients, etc.

    Rights of women and/or girls

    Freedom of expression

    Rights of refugees and migrants

    Digital security / privacy

    Rights of indigenous peoples

    Access to culture

    Free, prior and informed consent

    Access to water and sanitation

    6. How does the company assess progress in preventing/mitigating the risks/impacts associated with the following human rights issues?

    No monitoring of progress

    Review issues on ad-hoc basis

    Set annual targets/ goals, track progress over time (internal programs only)

    Set annual targets/ goals, track progress over time (internal and external programs)

    Other (Please provide additional information)

    Rights of women and/or girls

    Freedom of expression

    Rights of refugees and migrants

    Digital security / privacy

    Rights of indigenous peoples

    Access to culture

    Free, prior and informed consent

    Access to water and sanitation

    Response

    7. During the reporting period, has the company been involved in providing or enabling remedy where it has caused or contributed to adverse impact associated with the following human rights issue(s)?

    Yes

    No

    Choose to not disclose

    Not applicable (Please provide additional information)

    Rights of women and/or girls

    Freedom of expression

    Rights of refugees and migrants

    Digital security / privacy

    Rights of indigenous peoples

    Access to culture

    Free, prior and informed consent

    Access to water and sanitation

    Optional comment
    In accordance with Securities and Exchange Commission (SEC) requirements, Verisk discloses all material legal proceedings in its annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC.

    8. Briefly describe practical actions the company has taken during the reporting period and/or plans to take to implement the human rights principles, including any challenges faced and actions taken towards prevention and/or remediation.

    During 2022, Verisk’s Board of Directors adopted the company’s Human Rights Policy, and a mandatory training module was included in Verisk’s Commitments Week training program for completion by all employees, contractors, and contingent workers. We also require certification from all employees and contractors that they have read and agree to comply with the Human Rights Policy. As part of the certification process, they are encouraged to report any concerns or potential violations.

  • Labour

    Commitment

    1. Does the company have a policy commitment in relation to the following labour rights principles?

    No, and we have no plans to develop a policy

    No, but we plan to in the next two years

    Yes, included within a broader policy

    Yes, articulated as a stand-alone policy

    Not applicable (Please provide additional information)

    Freedom of association and the effective recognition of the right to collective bargaining

    2022

    Forced labour

    2022

    Child labour

    2022

    Non-discrimination in respect of employment and occupation

    2022

    Occupational safety and health

    2022

    Working conditions (wages, working hours)

    2022
    Optional comment
    Verisk’s Human Rights Policy addresses the following principles: Antidiscrimination and Fair Treatment, Child Labor, Compensation and Benefits, Employment/Labor Practices (voluntary employment), Freedom of Association, Working Conditions and a Safe Workplace, and Zero Tolerance for Harassment. Verisk’s Code of Business Conduct and Ethics sets forth the company’s commitment to “Equal Opportunity, Nondiscrimination, and Fair Employment.”

    1.1. For each labour rights policy, is it:

    Aligned with international labour standards?

    Publicly available?

    Approved at most senior level of the company?

    Applied to the company’s own operations?

    Applied to the company’s supply chain and/or other business relationships?

    Developed involving labour rights expertise from inside and outside the company?

    Other (Please provide additional information)

    Freedom of association and the effective recognition of the right to collective bargaining

    Forced labour

    Child labour

    Non-discrimination in respect of employment and occupation

    Occupational safety and health

    Working conditions (wages, working hours)

    Optional comment
    Verisk’s Human Rights Policy, which addresses these commitments, was informed by various principles expressed in international human rights standards, such as the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work. The company’s Human Rights Policy has been further supplemented by our Statement on Racial Equity and Diversity, adopted by the Board in 2021, and Verisk’s Supplier Code of Conduct.

    Prevention

    2. In the course of the reporting period, has the company engaged with affected stakeholders or their legitimate representatives in relation to the following labour rights issues?

    No engagement on this topic

    To better understand the risks/ impacts in question

    To discuss potential ways to prevent or mitigate the risks/ impacts in question

    To agree on a way to prevent/ mitigate the risks/ impacts in question

    To assess progress in preventing/ mitigating the risks /impacts in question

    To collaborate in the prevention/ mitigation of the risks/ impacts in question

    Other (Please provide additional information)

    Freedom of association and the effective recognition of the right to collective bargaining

    Forced labour

    Child labour

    Non-discrimination in respect of employment and occupation

    Occupational safety and health

    Working conditions (wages, working hours)

    Optional comment
    Although there has been no direct engagement on these specific issues during the reporting period, Verisk conducts an annual employee engagement survey, which is the centerpiece of a continuous loop of engagement, feedback, action, and change. Over the years, this collaboration has resulted in important compensation and benefit improvements, expanded learning and development opportunities, more flexible working arrangements, and additional paid holidays. The company has also been recognized by the Great Place to Work®, receiving Great Place to Work certification in the United States for six consecutive years, and in the UK, Spain, and India for the second consecutive year.

    3. What type of action has the company taken in the reporting period with the aim of preventing/mitigating the risks/impacts associated with this labour rights issue?

    Provided internal training/ capacity building for the direct workforce

    Building capacity among relevant business relationships (e.g., partners, suppliers, clients, etc.)

    Conducting an audit process and/or corrective action plan

    Collective Action with peers or other stakeholders, in particular workers' organizations, to address the issue

    Collaboration with governmental or regulatory bodies

    Other (Please provide additional information)

    No action within reporting period

    Freedom of association and the effective recognition of the right to collective bargaining

    Forced labour

    Child labour

    Non-discrimination in respect of employment and occupation

    Occupational safety and health

    Working conditions (wages, working hours)

    Optional comment
    Training modules covering anti-harassment, unconscious bias, and modern slavery, among others, are included in Verisk’s annual Commitments Week training program, which all employees, contractors and contingent workers are required to complete.

    4. Who receives training for the following labour rights issues?

    No training provided

    Select employees

    All employees

    Contractors

    Direct suppliers of the organization

    Indirect suppliers of the organization

    Other – such as partners, clients, etc.

    Freedom of association and the effective recognition of the right to collective bargaining

    Forced labour

    Child labour

    Non-discrimination in respect of employment and occupation

    Occupational safety and health

    Working conditions (wages, working hours)

    Optional comment
    Each of the aforementioned topics is included in one or more mandatory training modules, covering such topics as human rights, modern slavery, anti-harassment, and unconscious bias.

    5. How does the company assess progress in preventing/mitigating the risks/impacts associated with the following labour rights issues?

    No monitoring of progress

    Review issues on ad-hoc basis

    Set annual targets/ goals, track progress over time (internal programs only)

    Set annual targets/ goals, track progress over time (internal and external programs)

    Other (Please provide additional information)

    Freedom of association and the effective recognition of the right to collective bargaining

    Forced labour

    Child labour

    Non-discrimination in respect of employment and occupation

    Occupational safety and health

    Working conditions (wages, working hours)

    Optional comment
    Progress on “working conditions” is measured through a combination of metrics including employee engagement scores and retention rates.

    Performance

    6. What is the percentage of employees covered under collective bargaining agreements?

    Percent of employees (%)

    Unknown

    Employees covered under collective bargaining (%)

    0
    Optional comment
    Verisk is a knowledge-based business, providing professional and commercial services. Most of our highly credentialed team holds advanced degrees and professional certifications specializing in actuarial science, chemistry and physics, finance, commodity analytics, data science and artificial intelligence, economics, engineering, GIS mapping, meteorology, natural resources, predictive analytics, supply chain, and other fields. We consider our relationship with our employees to be good and have not experienced interruptions of operations due to labor disagreements.

    7. What is the percentage of employees in a trade union or other workers' organization?

    Percent of employees (%)

    Unknown

    Not applicable (Please provide additional information)

    Employees in a trade union or on a worker committee (%)

    0
    Optional comment
    None of our employees are represented by unions, other than a small number of employees in Germany who are represented by a works council. As noted above, we consider our relationship with our employees to be good and have not experienced interruptions of operations due to labor disagreements.

    8. In the course of the reporting period, what was the percentage of women in:

    Percent of women (%)

    Unknown

    Senior leadership level position

    38.8

    Non-executive board

    41.6
    Optional comment
    The aforementioned percentage for “senior leadership” is derived in accordance with the SASB definition for “executive management,” and is publicly reported in conjunction with Verisk’s 2021 Disclosure (p. 3) following guidance from the Sustainability Accounting Standards Board Industry Standard: Professional and Commercial Services. The percentage for “non-executive board” was determined by dividing the number of non-executive women Board members by the total number of non-executive Board members (5/12).

    9. What was the average ratio of the basic salary and remuneration of women to men (comparing jobs of equal value) during the reporting period?

    Salary ratio (%)

    Unknown

    Choose to not disclose

    Women / Men (%)

    Verisk’s 2021 Corporate Social Responsibility Report (pages 34-43) provides information associated with our strong talent management practices. The same report (page 60) also discloses workforce gender and race/ethnicity metrics following standards promulgated by the Sustainability Accounting Standards Board. Wage information for Verisk’s workforce is confidential and disclosed publicly only where required by law.

    10. In the course of the reporting period, how frequently were workers injured (injuries per hour worked)?

    Frequency of injury

    Unknown

    Choose to not disclose

    Frequency of injury

    Optional comment
    Verisk complies with a wide variety of national and individual state injury/worker compensation frameworks, which vary in scope, definition, and the associated reporting obligations imposed by government and private insurance carriers. As such, we do not maintain a single system for which the requested information is consistently measured or easily retrievable.

    11. In the course of the reporting period, what was the company’s incident rate?

    Incident rate

    Unknown

    Choose to not disclose

    Incident rate

    Optional comment
    As noted in our response to question L10., Verisk complies with a wide variety of national and individual state injury/worker compensation frameworks, which vary in scope, definition, and the associated reporting obligations imposed by government and private insurance carriers. As such, we do not maintain a single system for which the requested information is consistently measured or easily retrievable.

    Response and Reporting

    12. In the course of the reporting period, has the company been involved in providing or enabling remedy where it has caused or contributed to the adverse impact associated with the following labour rights issues?

    Yes

    No

    Choose to not disclose

    Not applicable (Please provide additional information)

    Freedom of association and the effective recognition of the right to collective bargaining

    Forced labour

    Child labour

    Non-discrimination in respect of employment and occupation

    Occupational safety and health

    Working conditions (wages, working hours)

    13. Briefly describe practical actions the company has taken during the reporting period and/or plans to take to implement the labour rights principles, including any challenges faced and actions taken towards prevention and/or remediation.

    During the reporting period, Verisk’s Board of Directors adopted the company’s Human Rights Policy, which evidences the company’s commitments associated with various labor-related principles, including anti-discrimination and fair treatment, child labor, freedom of association, working conditions and a safe workplace, and more. A training module for the new policy was incorporated in the annual training program required of all employees, contractors, and contingent workers. In conjunction with our ongoing third-party risk mitigation program, 10,808 active suppliers were subject to continuous screening to determine whether they were subject to sanctions or may have been implicated in possible violations of laws or regulations across the human rights, labor, environmental or anti-corruption landscapes. Verisk introduced a new Whistleblower Platform, making it easier to report potential violations or concerns regarding ethics, compliance, employee relations, privacy, data security, or safety matters. The company completed its annual employee engagement survey, achieving a score of 76% for 2021.

  • Environment

    Commitment

    1. Does the company have a formal policy on the following environmental topics?

    No, and we have no plans to develop a policy

    No, but we plan to in the next two years

    Yes, included within a broader policy

    Yes, articulated as a stand-alone policy

    Not applicable (Please provide additional information)

    Climate Action

    2022

    Water

    Oceans

    Forests / Biodiversity / Land Use

    Air Pollution

    Waste (e.g., chemical spills, solid waste, hazardous, plastic, etc.)

    Energy & Resource Use

    2022
    Optional comment
    Climate Action and Energy & Resource Use are addressed in Verisk’s Statement on Climate Change.

    1.1. For each environmental policy, is it:

    Aligned with international environmental standards?

    Publicly available?

    Approved at most senior level of the company?

    Applied to the company’s own operations?

    Applied to the company’s supply chain and/or other business relationships?

    Developed involving environmental expertise from inside and outside the company?

    Other (Please provide additional information)

    Climate Action

    Water

    Oceans

    Forests / Biodiversity / Land Use

    Air Pollution

    Waste (e.g., chemical spills, solid waste, hazardous, plastic, etc.)

    Energy & Resource Use

    Optional comment
    Verisk’s “Statement on Climate Change” acknowledges the need to meet targets aligned with a 1.5°C future, is available on the company’s main website, and has been adopted by the Verisk’s Board of Directors. In terms of “Climate Action,” the Statement provides examples of how Verisk is working to help our clients and others understand and manage climate-related risk, promote resilience, contribute to the energy transition, find innovative solutions to environmental challenges, and publish thoughtful research and commentary on climate-related issues.

    Prevention

    2. In the course of the reporting period, has the company engaged with affected stakeholders or their legitimate representatives in relation to the following environmental issues?

    No engagement on this topic

    To better understand the risks/ impacts in question

    To discuss potential ways to prevent or mitigate the risks/ impacts in question

    To agree on a way to prevent/ mitigate the risks/ impacts in question

    To assess progress in preventing/ mitigating the risks/ impacts in question

    To collaborate in the prevention/ mitigation of the risks/ impacts in question

    Other (Please provide additional information)

    Climate Action

    Water

    Oceans

    Forests / Biodiversity / Land Use

    Air Pollution

    Waste (e.g., chemical spills, solid waste, hazardous, plastic, etc.)

    Energy & Resource Use

    Optional comment
    Please see the following examples noted in Verisk’s 2021 Corporate Social Responsibility Report: Climate action – “Climate Change Could Cut U.S. Corn Belt Crop Yields up to 40% According to Mid-Century Simulation (p. 16); Biodiversity – Verisk Indices Help Customers Identify Biodiversity Risk (p. 33); Air Pollution – “Verisk Collaborates with Scepter, Inc. to Develop a Constellation of Small Satellites to Monitor Methane Leaks” (p. 17); and Energy and Resource Use – “Digital Innovations Promote Efficiencies, Help Save Energy” (p. 19).

    3. What type of action has the company taken in the reporting period with the aim of preventing/mitigating the risks/impacts associated with these environmental topics?

    Provided internal training/ capacity building for the direct workforce

    Building capacity among relevant business relationships (e.g., partners, suppliers, clients, etc.)

    Conducting an audit process and/or corrective action plan

    Collective Action with peers or other stakeholders to address the issue

    Collaboration with governmental or regulatory bodies

    Other (Please provide additional information)

    No action within reporting period

    Climate Action

    Water

    Oceans

    Forests / Biodiversity / Land Use

    Air Pollution

    Waste (e.g., chemical spills, solid waste, hazardous, plastic, etc.)

    Energy & Resource Use

    Optional comment
    In addition to the examples presented in item E2, please note the example presented on page 13 of the 2021 Corporate Social Responsibility Report, “Verisk’s Hazard Mitigation Activities Continue to Help Customers and Communities Manage Risk.” To see the full range of Verisk’s climate/weather services and energy transition services already being used by customers across the globe, please see pages 24-27 of the 2021 Corporate Social Responsibility Report.

    4. How does the company assess progress in preventing/mitigating the risks/impacts associated with the following environmental topics?

    No monitoring of progress

    Review issues on ad-hoc basis

    Set annual targets/ goals, track progress over time (internal programs only)

    Set annual targets/ goals, track progress over time (internal and external programs)

    Other (Please provide additional information)

    Climate Action

    Water

    Oceans

    Forests / Biodiversity / Land Use

    Air Pollution

    Waste (e.g., chemical spills, solid waste, hazardous, plastic, etc.)

    Energy & Resource Use

    Optional comment
    Verisk’s emissions metrics and targets are discussed on pages 29-31 of the 2021 Corporate Social Responsibility Report.

    5. In the course of the reporting period, has the company been involved in providing or enabling remedy for any actual impacts associated with the following environmental issue(s)?

    Yes

    No

    Choose to not disclose

    Not applicable (Please provide additional information)

    Climate Action

    Water

    Oceans

    Forests / Biodiversity / Land Use

    Air Pollution

    Waste (e.g., chemical spills, solid waste, hazardous, plastic, etc.)

    Energy & Resource Use

    Optional comment
    Verisk’s range of tools and services help customers track catastrophic weather and climate-related events in real time, inform their response and recovery efforts, and empower them to resolve insurance claims quickly and accurately. The combination of these offerings accelerates the rebuilding process for thousands of claimants following losses due to weather-related and other natural catastrophes. To learn more, please see pages 24-27 of Verisk’s 2021 Corporate Social Responsibility Report. Verisk also supports the work of Team Rubicon by providing access to its Xactimate® tool, which helps inform the life cycle of services they provide around natural disasters. During 2021, Team Rubicon launched more than 215 operations, with a focus on equity in disaster relief. See page 46 of Verisk’s 2021 Corporate Social Responsibility Report.

    Climate Action

    6. What were the company’s gross global greenhouse gas emissions for the reporting period?

    Scope 1 Emissions

    Emissions (tCO2e)

    Scope 2 Emissions

    Emissions (tCO2e)

    Scope 3 Emissions

    Emissions (tCO2e)

    Optional comment
    Due to the glitch in the system, here are our 2020 emission numbers for Scope 1, 2, and 3: * Scope 1: 2,607.5 MT CO₂e. * Scope 2 location-based: 9,539.2 MT CO₂e. Scope 2 market-based: 431.5 MT CO₂e. * Scope 3 (business air travel): 1,927.6 MT CO₂e. Verisk’s emissions history (2015-2020) can be found on page 29 of the 2021 Corporate Social Responsibility Report.

    6.1. Which Scope 3 categories are included in the organization’s scope 3 emissions calculation?

    Optional comment
    Please note that the calculation for “business travel” includes only business air travel.

    7. What percentage of the company's revenue was invested in R&D of low-carbon products/services during this reporting period?

    Percent of revenue (%)

    8. Has the organization acted to support climate change adaptation and resilience?

    Optional comment
    Verisk serves multiple markets with tools ranging from extreme event models for natural catastrophes to post-event claims management platforms and global risk indices to location-specific underwriting analytics. Verisk has also positioned itself to support the renewable energy transition, acquiring and integrating market-leading companies with unique knowledge of supply chains and investment trends in areas ranging from solar and wind power to smart grids, energy storage, and battery raw materials. To learn more about the company’s range of climate- and transition-related capabilities and investments, please see pages 24-27 of Verisk’s 2021 Corporate Social Responsibility Report.

    Energy / Resource Use

    9. Please report the company's renewable energy consumption as a percentage of total energy consumption in the reporting period.

    % of total energy consumption

    95
    Optional comment
    On a market-basis, Verisk’s 2020 Scope 2 emissions were approximately 5% of the total calculated on a location-basis. The difference was attributable to Verisk’s investments in renewable energy certificates (RECs, also known as “energy attribute certificates”) – tradeable, nontangible energy commodities that represent the benefit of generating 1 megawatt-hour (MWh) of renewable energy. For the 2020 emissions year, the company purchased RECs representing more than 28,000 MWh of electricity. These investments are the most practical option for a company of Verisk’s size and circumstances – a company with a relatively small and decentralized footprint, that doesn’t own its office space, and is therefore unable to produce or purchase renewable energy directly.

    Technology

    10. What percent of the company's revenue came from environmentally friendly products / services during this reporting period?

    Percent of total revenue (%)

    Sector-specific Questions

    11. Which sector(s) does the company operate in? If diversified, choose top 3 by revenue.

    Sector-specific: Water

    12. Please provide details regarding the company's water withdrawal and consumption (own operations) during the reporting period.

    Water withdrawal (volume of water in megaliters):

    Mega-liters

    Unknown

    Not applicable (Please provide additional information)

    Total

    Groundwater:

    Surface water:

    Rainwater:

    Wastewater:

    Percentage of water withdrawn in regions with high or extremely high water stress (%)

    Water consumption (volume of water in megaliters):

    Mega-liters

    Unknown

    Not applicable (Please provide additional information)

    Total

    Groundwater:

    Surface water:

    Rainwater:

    Wastewater:

    Percentage of water consumed in regions with high or extremely high water stress (%)

    Optional comment
    Verisk is a professional and commercial services company that provides data-driven analytic insights and solutions. The company does not own its offices or data centers, engage in manufacturing or extractive operations, or deliver tangible goods. Amounts of water that may be consumed are considered to be immaterial, and generally fall into two categories: (1) water used by landlords or building managers for cooling purposes at some offices and data centers where Verisk leases space; and (2) water for personal consumption and sanitation associated with Verisk’s 9,000+ employees. In both cases, reliable water consumption metrics associated with Verisk are often unavailable from landlords or building managers and, thus, cannot be reported.

    13. Please provide details about the company’s water intensity of products in regions with high or extremely high water stress.

    Water intensity of products (cubic meter/$):

    Verisk is a professional and commercial services company that provides data-driven analytic insights and solutions. Since Verisk does not produce tangible goods, we do not believe “the company’s water intensity of products” is applicable to our operations.

    Sector-specific: Air pollution

    17. Where applicable, please report the company's emissions of the following pollutants during the reporting period.

    Emissions (tCO2e)

    Unknown

    Not applicable (Please provide additional information)

    NOx

    SOx

    Volatile Organic Compounds (VOC)

    Hazardous air pollutants (HAP)

    Particulate matter (PM10)

    Persistent organic pollutants (POP)

    Other (please specify in text box)

    Optional comment
    In completing CDPs’ 2021 Climate Change Questionnaire, Verisk reported emissions by gas as follows: • For location-based reporting, metric tons of greenhouse gases by gas were approximately 13,771.95 (CO2), 0.84 (CH4), and 0.2 (N2O). On a market basis, the same gases were approximately 4,794.04, 0.106, and 0.0879, respectively. • Metric tons of greenhouse gases associated with refrigerant emissions were 0.000227 (HCFC-123a), 0.0213 (HFC-134a), 0.00014 (HFC-32), 0.0149 (R407C), 0.0244 (R410a), and 0.0278 (R22).

    Sector-specific: Waste

    18. Please report the company's total weight of waste generated in metric tonnes during the reporting period.

    Waste Generated (t)

    Optional comment
    Verisk is a professional and commercial services company that provides data-driven analytic insights and solutions. The company does not own its offices or data centers, engage in manufacturing or extractive operations, or deliver tangible goods. Any waste that’s generated is likely to be immaterial, and generally associated with personal consumption of food and beverages by Verisk’s 9,000+ employees. Reliable metrics are often unavailable from landlords or building managers and, thus, cannot be reported. All offices follow local and building regulations regarding recycling of kitchen and office waste. Multiple Verisk offices also have various arrangements in place to recycle obsolete personal computing devices and their components, shred and recycle office documents, and recycle toner cartridges, batteries, coffee pods, and other items.

    19. Please report the percentage of the company's waste that was hazardous waste (i.e., hazardous waste ratio) during the reporting period.

    Hazardous Waste Ratio (%)

    Optional comment
    As noted above, Verisk is a professional and commercial services company that provides data-driven analytic insights and solutions. The company does not own its offices or data centers, engage in manufacturing or extractive operations, or deliver tangible goods. Any waste that’s generated is likely to be immaterial, and generally associated with personal consumption of food and beverages by Verisk’s 9,000+ employees. Reliable metrics are often unavailable from landlords or building managers and, thus, cannot be reported. All offices follow local and building regulations regarding recycling of kitchen and office waste. Multiple Verisk offices have various arrangements in place to recycle obsolete personal computing devices and their components, shred and recycle office documents, and recycle toner cartridges, batteries, coffee pods, and other items.

    20. Please report the company's estimated metric tonnes of single-use plastic consumed wherever material along the value chain during the reporting period.

    Single-use plastics (tonnes)

    Optional comment
    Due to the nature of our business, we do not believe that usage of single-use plastic is material to Verisk’s operations or value chain.

    Overall Environment

    21. Briefly describe practical actions the company has taken during the reporting period and/or plans to take to implement the environment principles, including any challenges faced and actions taken towards prevention and/or remediation.

    Verisk’s emissions reduction plan is described on p.32 of the company’s 2021 Corporate Social Responsibility Report. The strategy includes (1) situating leased offices in buildings that have been accredited in accordance with LEED or other internationally recognized building standards; (2) closing or consolidating offices where possible; (3) optimizing the company’s IT infrastructure to support more flexible telecommuting and remote work options; (4) transitioning IT processing activities to more efficient cloud-based services; (5) purchasing more resource-efficient equipment for offices, office kitchens, and lavatories, and reducing the number of printers and copiers; (6) improving the fuel efficiency of the company’s automobile fleet; and (7) taking steps to reduce business air travel. During 2021, major office consolidations were completed in Boston and London, transitioning to new energy-, water-, and waste-efficient business centers, featuring innovative designs, sustainable materials, LED lighting, and commuter-friendly options.

  • Anti-corruption

    Commitment

    1. Does the company have an anti-corruption compliance programme?

    2021
    Optional comment
    Verisk’s program includes an Anti-Bribery and Corruption Policy, sanctions screening program, export control program, mandatory companywide training for all employees and contractors, additional training tailored to office locations and business in high-risk countries, and an Associated Persons Program that combines due diligence, oversight, and monitoring on certain types on high-risk third parties. Verisk also conducts an annual risk assessment, requires annual certification of compliance with its Anti-Bribery and Corruption Policy from all employees and contractors, and operates a 24/7/365 hotline for reporting potential violations of the Policy or laws. All reported issues are investigated, and corrective action is undertaken as warranted. Our commitment and expectations are further reflected in Verisk’s Supplier Code of Conduct. Relevant policies and reporting options (i.e., Hotline) are publicly disclosed on the Verisk.com website.

    2. Does your company have policies and recommendations for employees on how to act in case of doubt and/or in situations that may represent a conflict of interest, e.g. with regard to gifts and hospitality, donations, sponsorship, or interactions with public officials?

    Optional comment
    Conflicts of interest are addressed in Verisk’s Code of Business Conduct and Ethics on p.2. In addition, as part of Verisk’s mandatory annual training program, employees are required to acknowledge a series of covenants, including one addressing conflicts of interest. Any reported conflicts or concerns are fully investigated by Verisk’s Law Department.

    Prevention

    3. Who receives training on anti-corruption and integrity?

    Optional comment
    “Other” includes (1) Verisk offices located or doing business in high-risk locations, which receive enhanced training in addition to the general training required for all employees, and (2) certain individuals subject to Verisk’s Associated Persons Program. In addition to their training, all employees, contractors, and contingent workers are also required to certify that they have read and understand Verisk’s Anti-Bribery and Corruption Policy.

    3.1. How often is such training provided?

    One time only

    Every year

    Every two or more years

    We do not collect this data

    All employees

    Select employees

    Contractors

    Direct suppliers of the organization

    Other – such as partners, clients, etc.

    Indirect suppliers of the organization

    Optional comment
    All Verisk employees, contractors, and contingent workers are required to complete annual online, interactive training that includes a module on anti-bribery and corruption. Future employees, contractors, and contingent workers are expected to complete the training as part of their onboarding process. “Other” – such as those subject to Verisk’s Associated Persons Program – participate in training only at the start of a contract and upon its renewal.

    4. Does the company monitor its anti-corruption compliance programme?

    We run various automated queries against financial data to identify and investigate anomalies. Verisk’s Global Compliance and Privacy Services Department reviews ongoing compliance with the Anti-Bribery and Corruption Policy across all business units; each business unit head is responsible for monitoring and reviewing the business unit’s compliance with the Policy and associated procedures. We evaluate compliance with the Anti-Bribery and Corruption Policy as part of an annual ABC risk assessment. We also maintain and review monthly a Gifts and Hospitality Register where certain business units BU are required to seek approval for and log all gifts and hospitality given or received. In addition, We all monitor compliance among Associated Persons, who are required to provide a monthly report on their activities, the parties involved in those activities and any gifts or hospitality provided on behalf of Verisk. Results of these reviews are provided to/reviewed with applicable business leadership.

    Response and Reporting

    5. Please report the company's total number and nature of incidents of corruption during the reporting year.

    Number of incident(s)

    Unknown

    Choose to not disclose

    Confirmed during the current year, but related to previous years

    0
    Not applicable

    Confirmed during the current year, and related to this year

    0
    Not applicable

    6. Within the reporting period, what measures has the company taken to address suspected incidents of corruption independently or in response to a dispute or investigation by a government regulator?

    Optional comment
    Had there been incidents during the reporting period, the following measures would have been undertaken: Initial case assessment, Internal investigation, Review by risk/ethics committee, Review by Board of Directors, and External audit/review.

    7. Does your company engage in Collective Action against corruption?

    8. Briefly describe practical actions the company has taken during the reporting period and/or plans to take to implement the anti-corruption principle, including any challenges faced and actions taken towards prevention and/or remediation.

    As part of our ongoing third-party risk mitigation program, we contract with a leading risk and compliance organization to determine whether our Tier 1 suppliers are subject to sanctions. The organization also scans content daily from news sources in approximately 200 countries to identify instances where such suppliers may have been implicated in possible violations of laws or regulations, including those associated with bribery and corruption. During 2021, 10,808 active suppliers were subject to continuous screening. Approximately 300 risk alerts were triggered; all were researched before being cleared.