Insurance Industry : ESG risks & opportunities and the way...
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Implementing ESG framework requires active engagement of different stakeholders starting from Board to Senior Management, executives and staff. All business processes need to be reviewed from ESG perspectives and re-orient them with ESG enabled business strategies of the organization.
SAM Corporate has joined the Global Reporting Initiative (GRI) Community, marking our significant stride towards creating awareness of sustainability and ESG reporting.
ESG and Sustainability are buzzwords in today’s business world. Sustainability refers to the ability to meet needs of present without sacrificing the ability of our future generations. From business perspective, it implies conducting business operations ethically, responsibly and transparently while leaving less negative impacts on the society and environment. ESG, Environmental, Social and Governance is a framework through which a business can embrace Sustainability in a measured way.
ESG has been on top of the agenda for the corporate boardrooms in recent times due to wide spread awareness of green economy, changing consumer preferences, and investors inclination towards responsible/ impact investing coupled with the regulatory initiatives on climate-related disclosures by businesses.
The changing dynamics of the market have made it necessary for the businesses to adopt ESG and sustainability principles as an integral part of their operations. This would enable the businesses to remain transparent to its stakeholders and capable of better managing its risks while optimizing on the new business opportunities arising from the current changing market dynamics. Businesses look at Sustainability as a holistic approach to create long term value for their stakeholders and society at large, while pursuing their business objective of maximizing shareholders’ wealth.
Some of the benefits the ESG enabled organization would receive in the long run to mention a few are:
Enhanced Brand Image and Reputation of the organization.
Attract prospective investors
Competitive edge on others in the market
Strong Strategic Alliances and partnerships with key stakeholder of the business.
Setting a Benchmark for peers
Improved efficiency and cost reduction
Implementing ESG framework requires active engagement of different stakeholders starting from Board to Senior Management, executives and staff. All business processes need to be reviewed from ESG perspectives and re-orient them with ESG enabled business strategies of the organization. Identify and set targets for ESG related KPIs. Track how the organization makes progress on its ESG transformation journey and make disclosures to its stakeholders. To achieve all of these, organizations should commit resources and build internal capability to implement ESG framework embedded with sophisticated IT systems so that the organization can better manage the risks and the opportunities arising from this market-wide ESG transformation.
SAM Corporate, as one of the leading FinTechs in the region has helped many our clients in the financial and non-financial sectors for successfully implementing solutions and systems in line with the regulatory requirements and industry best practices. What makes us distinguished from others in the market:
300+ years of collective domain experience
Deep understanding of the market trend
Hands on at the senior level
Long term client relationship hips with key stakeholder of the business.
Association with the industry think tank / standard setters
Value creation to our clients’ business
SAM is strategically well placed to assist and support our clients on their ESG transformation journey on end-to-end basis and our services include the followings:
