A new ESG solution called Synesgy, launched by CRIF, a prominent digital transformation solutions provider in Europe's financial services sector, will enable UK businesses, lenders, and insurers to confidently assess the sustainability of their supply chains.
Synesgy simplifies supplier audits, allowing businesses to collect and access ESG reports and view the sustainability ratings of their partners. This capability has become increasingly crucial due to the growing emphasis on scope 3 emissions and research revealing that major UK banks and investors' investments contribute to emissions nearly double the UK's domestic emissions, totaling 805 million tonnes of carbon annually.
While financial services firms have been expanding and accelerating their sustainable finance efforts, investors, analysts, regulators, and the media are looking for more detailed and reliable ESG data and disclosures. Coupled with growing public demand, businesses are expected to provide more detailed and comprehensive ESG disclosures.
To support this, CRIF developed Synesgy to collect and process relevant data for customers in banking and finance, insurance and enterprise. With Synesgy, companies can:
Evaluate how sustainable their supply chain is and benchmark it against sector performance.
Utilise the service to inform decision-making in the procurement process.
Prevent operational and reputational risks while identifying areas for future improvement.
Use ESG data and results to demonstrate a healthier financial status and lower risk
Boost transparency with ESG ratings displayed on websites, emails and other channels.
CRIF has found that UK consumers are increasingly likely to prefer companies that prioritise ESG considerations. It found that half (49%) of people in the UK would choose a bank or lender that is focused on protecting the environment, while two-thirds (66%) want their bank to be transparent with them about how it is run.
As the European Commission officially adopts the European Sustainability Reporting Standards, any business outside the bloc will need to adhere to these standards if it wants do business within the EU. CRIF’s solution incorporates these latest standards and help ensure all UK businesses that want to conduct business within the EU are fully compliant.
Synesgy is based on rigorous references of global ESG market regulations. The reporting data obtained from the questionnaires is checked by an alert system on the platform. If inaccuracies are detected the system reports the problem for evaluation where additional information can be requested, ensuring all data is correct and reflects an accurate picture of the companies.
The launch in the UK expands Synesgy’s availability around the world, where over 250,000 companies, including 350 banks and insurers, already utilise the service in more than 60 countries, as it helps to set an international standard in corporate sustainability.
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