Data-Based Platform Helps to Quantify ESG

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26 October 2021 | Updated 09 February 2022

ESG risk management provider Alcumus has launched a first of its kind, standards-based ESG product solution for businesses.

This comes as the UK Chancellor sets new standards for environmental reporting to prevent greenwashing and support a transition to a greener financial system.

This new product helps companies to aggregate their ESG data into one management and analytics platform, previously captured in isolation by multiple providers, spreadsheets or manual forms.

The platform tracks 11 key ESG aspects including modern slavery, carbon, waste, anti-vribery and social value.

According to Alcumus’ SVP of Sustainability David Picton, current methods of data collection and storage are not uniform, resulting in challenges to reporting ESG performance accurately. As such, this new platform will help equip businesses to take more measurable and sound business decisions to build more sustainable supply chains.

“Successful ESG strategies rely on diverse data streams measured accurately and consistently across business units. Current methods of data collection and storage are not uniform, resulting in challenges to reporting ESG performance accurately."

–David Picton

SVP of Sustainability, Alcumus

 

Reducing Greenwashing

By aggregating ESG data into one management and analytics platform, previously captured in isolation by multiple providers, spreadsheets or manual forms, organisations can easily manage compliance to regulatory requirements, quantify the financial benefit of ESG strategies and demonstrate responsible practices to stakeholders.

The launch is a strategic step that builds on Alcumus’ proven risk management solutions, which currently supports over 45,000 customers globally, including 46% of firms in the FTSE 100.

The launch coincides with the new Sustainability Disclosure Requirements (SDR), which will ensure businesses start disclosing their environmental impact, so businesses and consumers will have a better understanding of whether their investments are aligned with net-zero.

David Picton, SVP of Sustainability at Alcumus, says: “A company’s reputation is increasingly – and correctly – linked to its ESG approach, irrespective of sector and size. Businesses need to prove they’re managing their operations without compromising on safety, sustainability or ethics, for their performance, their people and their supply chains.

“Successful ESG strategies rely on diverse data streams measured accurately and consistently across business units. Current methods of data collection and storage are not uniform, resulting in challenges to reporting ESG performance accurately. Making actions and impacts measurable is the foundation of sound business decisions, setting a challenging balance that changes behaviours for commercial benefit.”

 Alyn Franklin, CEO Alcumus concludes: “ESG priorities are now a core investment criteria, so data integrity and visibility have never been more important. At Alcumus, we connect sustainably-minded companies with verified, responsible suppliers and ESG is the ‘golden thread’ which unites these partnerships. This solution shines a new light on risk categories that were previously in the shadows, delivering evidence of the commercial returns and progress toward strategic goals to all stakeholders.

“We’re proud to launch this solution, the first of its kind, building on our heritage and laying the foundation for future ESG services and solutions.”

Picture: a photograph of three people in an office environment, two are sitting with one working on a laptop and one reading an open book, the third person is standing. Image Credit: www.ukblacktech.com. License here.

Article written by Ella Tansley | Published 26 October 2021

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