- by E on 22/11/2022
Being a sustainable business now brings many advantages both environmentally and commercially.
As more companies opt to be greener for reputational reasons, a new EU Directive (CSRD) passed this week means that companies with over 250 employees now also need to monitor the sustainability of the companies they do business with from Jan, 2023.
This directive is likely to be extended to SME's in Jan, 2026, but already many smaller companies are signalling to their customers that they have started their sustainability journey. This trend is likely to mushroom in the months ahead, as awareness of the climate crisis continues to grow.
The above is in addition to European Central Bank and EBA guidelines for financial institutions regarding sustainable loan origination and monitoring (LOM). This means that banks all across Europe will now have to begin to change their credit risk appetite and risk management policies and procedures in order to comply with this proposed EU Law on sustainability.
Collecting, analysing and reporting on the sustainability of your company and the companies they do business with is a time consuming and costly task.
To help, CRIF have invested in and created Synesgy. A new solution that lets companies monitor, assess and report on companies and their supplier's sustainability activities in a standardised way.
Synesgy provides the head of the supply chain with a questionnaire, which has been created based on the 17 SDG's (Sustainable Development Goals) as well as the 5 macro sections governing the factors of ESG- making it fully compliant with this new EU Directive which will be implemented early next year.
Once the questionnaire is completed by both the company and its suppliers, a certificate will be provided to the company with an ESG score along with a QR code which can be downloaded and uploaded to the company's website to signal to customers that your company is environmentally aware.
Synesgy will allow you to view, screen and analyse your suppliers in seconds via the Synesgy Dashboard, as well as benchmark their ESG rating to allow you to monitor their sustainability journey.
In addition to this, Synesgy's alert system detects inconsistencies in the data provided by your suppliers in the questionnaire. If an inconsistency is detected, the supply will be asked to provide supporting documentation to confirm the accuracy of their answers. Sustainability analysts will verify this documentation, and if necessary, contact the supplier directly.
Our first commitment to sustainability is that we are making Synesgy free for all to benefit from. Our mission is to help every company begin their sustainability journey with ease.
Let's work together, join us on Synesgy today
If you would like to learn more, contact us on 01 903 2660 or email us at Helpdesk.vision-net@crif.com
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Companies across Europe are now beginning to change their behaviour in order to comply with a new directive issued by the European Commission (CSRD). Prior to this, companies opted to become more sustainable for reputational reasons.
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Assessing sole traders and new small businesses is an age old issue.For years, this has resulted in companies having to write-off bad debts, from not having an easy way to assess and monitor a sole trader's ability to repay.
