How is AI transforming ESG reporting – Jim Pelletier of Wolters Kluwer TeamMate, Mark Segal
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- Categories Banking & Finance, Business, Continuous Learning, Management, Sales & Marketing
- Date February 16, 2024
- “How is AI transforming ESG reporting” –
– Jim Pelletier of Wolters Kluwer TeamMate, Mark Segal
The emergence of ESG (Environmental Social, Governance) initiatives as a core factor in modern organizational policy over the past two decades has led the way to what is now possibly a critical necessity – the incorporation of AI.
The automation of ESG reporting becomes a cornerstone for enhancing efficiency and precision, simplifying processes, and minimizing the likelihood of errors. Executives are beginning to depend on AI to automate the collection and validation of data, ensuring the thoroughness and quality of ESG reports. The use of AI to guide data quality and validation contributes to reinforcing the credibility of a company’s sustainability performance.
The utilization of AI-driven tools expedites the benchmarking of ESG performance against industry standards, transforming it into a quicker, more dynamic, and data-centric process. Companies can derive value by adopting best practices and learning from industry leaders through these AI-powered tools. Furthermore, the predictive analytics capabilities of AI provide insights into prospective ESG trends, enabling organizations to stay ahead of emerging developments.
With expectations around ESG on the rise among investors, regulators, customers, and employees, organizations need to perceive ESG as an opportunity rather than merely a compliance obligation. AI can serve as a valuable support for leaders navigating this intricate landscape. By embracing the transformative potential of AI, leaders position their organizations as pioneers in sustainable practices. Through the effective use of AI, companies not only meet existing ESG expectations but also future-proof their operations in the face of a rapidly evolving business and regulatory environment.
In that vein, a paper published by the Centre for International Governance Innovation, urges the consideration of AI-related risks to global ESG goals as well, using the International Sustainability Standards Board’s (ISSB) draft guidance and SASB standards as a foundation. It proposes contemplating both general and industry-specific disclosure needs, and crafting an Organizational AI Statement of Context.
References :
1. Segal, M. and Pelletier, Jim. (2024) Guest post: How AI is transforming ESG reporting, ESG Today. Available at: https://www.esgtoday.com/guest-post-how-ai-is-transforming-esg-reporting/.
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- Witzel, M., & Bhargava, N. (2023). Integrating Material AI-Related Risks into ESG. In AI-Related Risk: The Merits of an ESG-Based Approach to Oversight (pp. 16–17). Centre for International Governance Innovation. http://www.jstor.org/stable/resrep52982.12
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