- Synesgy will allow UK businesses to easily assess the ESG credentials of their entire supply chain, benchmark their performance against their specific sector, and ensure compliance with the latest international standards
- CRIF research finds UK consumers want companies to reflect their values, with half saying they’d choose a bank based on its commitment to protecting the environment
- The UK launch builds on Synesgy’s global presence, with a quarter of a million businesses in more 60 countries already utilising the service to help them reach their sustainability goals
UK businesses, lenders and insurers will be able to assess the sustainability of their entire supply chain with greater confidence through the launch a new environmental, social, and governance (ESG) solution.
Synesgy from CRIF, Europe’s leading provider of digital transformation solutions for the financial services industry, will allow business to easily audit suppliers, enabling them to collect and view ESG reports, and view the sustainability ratings of the other businesses that they work with.
Understanding the environmental impacts of entire supply chains has become more critical, as more focus is put on scope 3 emissions (a company’s indirect emissions across its value chain), and research showing investments held by the UK’s biggest banks and investors emit 805 million tonnes of carbon per year, almost double the UK’s domestic emissions**.
While financial services firms have been expanding and accelerating their sustainable finance efforts, investors, analysts, regulators and the media are now looking for more detailed and reliable ESG data and disclosures*. Coupled with growing public demand, businesses are now expected to provide more detailed and comprehensive ESG disclosures.
To support this, CRIF developed Synesgy to collect and process relevant data for customers in 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.
Recent research from CRIF** 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.