There are currently many methods that can be used for seismic risk assessment (e.g. PML reports). These methods are based on judgment and some earthquake experience data, and most methods were created more than two decades ago.
But, the methods are created for classes of buildings and the assessment often does not consider all the specific features of an individual building.
SP3 was created to address these concerns. SP3 provides a standardized and comprehensive method for seismic risk assessment, so the results are both credible and repeatable. The FEMA P-58 method underlying SP3 leverages the past 30 years of research, is state-of-the-art, and is fully transparent. SP3 has streamlined the P-58 method into an efficient software tool that can be used at the rapid pace required in the due-diligence world.
Lenders and investors can now specify SP3 as the preferred method for their seismic due-diligence reports, in order to have a consistent assessment based on the best available technology.