Financial services can prosper while committing to ESG
Endless fires, catastrophic flooding, and unprecedented heatwaves continue to wreak havoc across the globe, while inequities across the workforce, society, and justice systems are the frequent subject of shocking headlines. These issues are more than societal. They are business-critical and go far beyond short-term profitability.
Financial services institutions that choose to ignore these issues are destined to become obsolete. They must commit to environmental, social, and governance (ESG) as a part of their very organizational fabric. Simply offering products and services that contribute to sustainability, focus on equality, and ultimately work toward the greater good is table stakes in today’s world. Fortunately, organizations that choose to evolve and take these challenges head-on are not alone in the fight.
It starts with a vision and the right data
It takes time, focus, and commitment to deliver meaningful ESG results. Many leading financial services firms are just starting out on their journey. At first, it can seem like a daunting task. The volume of ESG data available in disparate systems is staggering. A lack of concrete standards and reporting metrics prevents many companies from even getting started. Knowing where to start, what strategies to employ, and how to execute are critical to the successful delivery of ESG solutions.
The journey starts with a long-term vision and a detailed strategy across commit, act, and monitor. What ESG issues are at the heart of your organization? If you focused on these issues, what difference do you want to make? Successful organizations start small with a manageable initial scope and then gradually scale up. Don’t be afraid to innovate. If a specific strategy or tactic doesn’t work out, quickly learn from what went right and what went wrong. It’s important that you don’t lose momentum.
With a solid strategy in place, data becomes key with ESG. Quickly establishing a standardized data ecosystem that will support future demand and help manage risk is critical to success. It becomes the very foundation upon which your ESG measurement and future customer-focused solutions are built. This brings needed transparency and intelligence to your organization ensuring your new ESG products and services are responsible, impactful, and help your customers achieve their own sustainability goals.
Align ESG vision with actions
Want to learn more? Check out the following resources for a deeper dive into our current ESG offerings. Or contact us at email@example.com to begin your own ESG journey.