ESG data is notoriously complex and constantly evolving because of the lack of consistent taxonomy and standards. All institutions, including banks, need good data to measure progress and understand their environment, from supply chain to customers. Having the right data at the right place at the right time in the hands of the right people is critical.
In this video, HSBC explains how Accenture has partnered with them to drive HSBC’s sustainability strategy using ESG data as an enabler. Part of this is taking a proactive approach to managing these data challenges by having a centre to coordinate all ESG data requirements for the entire bank. This means they can coordinate, source, and demystify some of the data in a central place so that everyone speaks the same language.