ESG (Environmental, Social, and Governance) data management and reporting are increasingly front-of-mind in all sectors, including financial services.
Evolving regulations, investment requirements, and consumer priorities mean shaping future-proof ESG strategy in banking, insurance, and so on is essential. And to achieve this, your organization needs quality ESG data management.
Just as with data management in general, careful input creates useful output when it comes to ESG data and analytics. Below, we share four key steps to pave your organization’s way toward effective ESG reporting.
Step 1: Define applicable ESG standards
Applicable standards should define your ESG reporting frameworks. Logically, these largely depend on your organization’s global location(s). Shaping your ESG data and analytics from them will help ensure your gathered data generates meaning and isn’t just collected for the sake of it.
With ServiceNow’s automated disclosure, for example, it’s easy to stay informed on standards and regulations such as SASB, TCFD, and CSRD.
Step 2: Define your ESG reporting needs
ESG may be just three letters, but they represent a whole world of information that your organization will need to make manageable, digestible, and structured.
Ultimately, the goal of your ESG data and analytics is to be able to publish thorough, conscientious reports for your business stakeholders and regulators. In order to for your ESG data and analytics to generate these, three factors are key in designing your ESG reporting frameworks:
- Be discerning in data source selection: Gather input data strategically, not with a catch-all approach.
- Consider cadence: What timelines and project schedules will your data collection operate on? How can you make this both consistent and manageable?
- Standardize metrics: Across data inputs and global locations.
Step 3: Consider ESG data provision and automation
Having an always-available internal company portal is key. Accessible anytime, it will provide your business units with an ESG data and analytics snapshot: kilowatts used for cooling data centers, and so on.
With ServiceNow’s executive dashboard, you’re able to view the status of ESG indicators (including key topics, targets, and announcements) in one place.
Step 4: Make your ESG data and analytics digestible
Gathering ESG data is one thing; connecting the data to its meaning and purpose is another. To show progress, and define where and how to accelerate it, traceability and granularity are essential.
A number doesn’t tell a story, but a number in context can. This level of ESG data and analytics enables evaluation over time, giving direction to your financial services organization’s future-proof ESG strategy.
ESG data management with ServiceNow
At DXC ServiceNow Business Group, we help you implement, integrate, and automate your ESG data management in ServiceNow. It’s a great solution for simplifying and providing insight into data collection, management, and reporting.
For an introductory call on ESG management with ServiceNow, contact us here.