The war in Ukraine marks a sea change in the geopolitical landscape. The humanitarian and socio-economic repercussions of the conflict are immense and far reaching. In multiple ways the war also requires a re-evaluation of risk from an ESG perspective. To meaningfully incorporate the impacts of the conflict on companies’ ESG risks, we have created an addendum to our ESG Risk Ratings methodology by introducing the concept of so-called Systemic Event Indicators. With two new indicators added to capture the current situation, 66 companies received a High or Severe event category assessment.