Santander has teamed up with Groundsure to help assess climate risk in its commercial lending.

The bank has worked with Groundsure to create a new report called Siteguard Climate, which details a four-tier risk assessment summary covering environmental liability, loan security risks, and the potential impact on property values these may have on each site the Santander valuation network is concerned with.

Additionally, each report includes recommendations for each project.

Groundsure says it is the first report that covers flooding risk today and over the medium term future.

In the past, the risk assessment firm has worked with the commercial lending arms of both Barclays and the Natwest/RBS group.

Groundsure chief executive officer Dan Montagnani says: “Siteguard Climate is an attractive proposition for banks to manage their current and forward exposure to environmental risks, especially in the context of greater compliance and due diligence requirements.

“With the Bank of England having set out its expectations on banks embedding their approaches to climate related financial risk, we are helping Santander to meet their compliance obligations and to ensure they are well positioned to manage this at scale for their commercial portfolio.”