Ambac is committed to maintaining an environmentally conscious workplace. Because Ambac's subsidiaries are not currently writing new business, the primary
environmentally-related focus at the Company is on the assessment and management of environmental risks in the portfolio of insured credits.
The Company's policies and procedures relating to risk assessment and risk management are overseen by its Board of Directors. The Board takes an enterprise-wide approach to risk management oversight that is designed to support
the Company's business plans at a level of risk considered by the Board to be reasonable.
Environmentally Conscious Workplace
- During the fourth quarter of 2019, Ambac reduced its corporate footprint by consolidating its New York headquarters from approximately 103,000 square feet to 47,000 square feet and moved into a LEEDs Certified, energy-efficient building at One World Trade Center.
- One World Trade Center has been awarded a Leadership in Energy and Environmental Design (LEED) gold certification. LEED is a green building certification program developed by the non-profit U.S. Green Building Council and is a designation recognized worldwide. LEED certified buildings are designed and constructed to: save energy, use less water, reduce emissions and provide healthier indoor environmental quality.
- In conjunction with our move to One World Trade Center, we have adopted the following sustainability practices which contribute to the circular economy:
- Green Cleaning Policy: promotes the use of green cleaning products, equipment, and strategies
- Electronic Waste Recycling
- Office furniture reuse program for unwanted and discarded furniture and fixtures
- Organic Collection Program: designed to reduce the amount of greenhouse gas emissions associated with conventional organic waste disposal
Portfolio Risk Management Surveillance
Many events, including extreme weather patterns caused by climate change, can have an impact on Ambac’s existing insured exposures. Our Risk Management Group focuses on the early identification of potential stress or deterioration in connection with credit exposures in the insured portfolio and the related credit analysis associated with these and other insured portfolio exposures. Additionally, the surveillance group will evaluate the impact of changes in economic, regulatory, political environment and extreme weather on the insured portfolio. Upon the occurrence of a credit related event, our surveillance team undertakes a further detailed review of how the event potentially impacts credits in order to assess the ability of issuers in affected regions to meet debt service obligations and adjusts internal rating downgrades as necessary and/or takes appropriate risk remediation actions.