ESG data management solution launched by Alveo and Cognizant

Rick Steves

Alveo’s ESG solution was developed exclusively for the financial services industry and includes mappings between data sources and regulatory requirements.

Cognizant has partnered with Alveo in a move toward a comprehensive Environmental, Social and Governance (ESG) data management solution for the financial services industry.

The service allows institutions to operationalize ESG data, integrate it into business processes for better portfolio options and address the rapidly evolving regulatory environment.

Mark Hepsworth, Chief Executive Officer at Alveo, said: “ESG is one of the biggest trends impacting financial institutions, and it requires a significant investment in data and data management technology.

“We are delighted to work with Cognizant on this initiative and believe they have the experience and expertise to drive transformative ESG capabilities, elevating the way financial firms provide investment products and advice that meets the needs of investors looking for societal and capital returns.”

Craig Stanley, SVP and Business Unit Head for Cognizant Banking and Financial Services, commented: “This agreement brings to market a unique and necessary solution for financial institutions to evaluate the societal impact of investment decisions and modernise their business practices to better align with their social responsibility goals.

“Alveo’s data mastering and data distribution solutions, which support financial institutions around the world, together with Cognizant’s digital implementation capabilities will help our clients meet new ESG regulations and the expectations of today’s socially conscious consumer.”

Cognizant will provide data operations and technology services to support the implementation and management of Alveo’s ESG Data-as-a-Service (DaaS) solution.

Alveo’s ESG solution was developed exclusively for the financial services industry and includes mappings between data sources and regulatory requirements.

It provides an overview of data operations as well as the ability to query and investigate ESG data, including complete lineage. Cognizant manages the integration into clients’ application landscapes, business workflows, and reporting requirements.

ESG has become a buzzword within the trading industry as green finance moves towards becoming the only finance available in a dramatic period for societies across the globe in the countdown to the 2050 carbon emission targets.

Financial institutions are being pressured by investor demand for transparency and regulation, such as the EU’s Sustainable Finance Disclosure Regulation (SFDR), to act accordingly.

deVere Group’s CEO Nigel Green has recently commented on the current energy crisis and said the only way forward is with sustainable investing.

“It will bring into sharp focus that rather than staying with fossil fuels, the longer-term answer to this and future energy crunches is ESG (environmental, social and governance) investing.”

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