Sustainability data and technology services

In Financial Services

A comprehensive data strategy is critical to driving and implementing successful sustainability transformations. As your financial services firm navigates the sustainability agenda, the right data and technology services can help you identify and manage sustainability risks, report on progress to stakeholders, and create innovative sustainability-led products and services.

What EY can do for you

As financial services organizations embark on sustainability transformations, data and technology should sit firmly at the forefront. Two areas in particular are critical to success:

  1.  The organization’s own data and technology footprint
  2.  How the organization finances sustainable finance products and services

Data forms an essential part of three key areas of a firm’s sustainability agenda:

  •  How should you reframe your strategy? Data is needed to identify areas where increasing sustainability creates a competitive advantage and long-term value.
  •  How can you govern and operate a more sustainable business? Data helps you manage sustainability-related regulatory requirements.
  •  Where can you accelerate your transition and build trust? Data supports key sustainability initiatives, such as decarbonization, and helps you communicate progress to your stakeholders.

With the right data strategy and frameworks in place, your financial services organization is better positioned to support the projects and innovations that will drive sustainability and tell a compelling and credible story about the measurable difference they’re making.

Key areas of support

EY teams can support your journey with a structured approach to assessing and addressing key sustainability data challenges, that can flex and scale to meet your organization’s current maturity stage.

  • Sustainability data strategy

    Everything begins with defining a data strategy that will support every area where sustainability data can make a difference, from decarbonization to reporting and risk management. Many firms are not ready to create a corporate-wide sustainability data strategy, so EY teams will work with you to outline the vision and the components, helping you build a sustainability data strategy that evolves and grows with your ambition.

    EY teams will review your current data strategy, perform gap analysis and gather your data requirements, including granular corporate counterparty data that will support your sustainability reporting.

  • Financial transparency requirements

    There are a growing number of sustainability reporting frameworks and requirements, such as the EU Sustainable Finance Disclosure Regulation (SFDR), the Taskforce on Climate-related Financial Disclosures (TCFD), the Corporate Sustainability Reporting Directive (CSRD) and the Global Reporting Initiative (GRI).

    EY teams will analyze your current infrastructure to determine which data attributes already exist, and which need to be newly sourced or created to comply with the appropriate reporting frameworks. EY teams will then work with you to codify your sustainability data requirements into a single data model.

  • Risk quantification, modeling scenarios and transition

    Many central banks and supervisors are undertaking market-wide climate stress tests. Organizations also need to be able to model different transition pathways against different temperate pathways. Different countries and jurisdictions will have different requirements, and therefore banks will need to source specific data for exposures to sectors, markets and countries.

    Through the work on physical risk and transition modeling methodology development, EY teams have identified the types of data you will need and sources of this data and also identified what governance and controls are needed to meet specific risk use cases.

  • Sustainability vendors

    There are a large (and growing) number of third-party sustainability providers and solutions. Choosing the right vendors and products can be a complex and time-consuming task.

    EY teams review and maintain a data landscape of more than 50 sustainability data providers with over 100 unique offerings and harness this information to assess how third-party data solutions align with your required use cases and recommend the most appropriate offering.

    “Data is essential to support decarbonization pathways and enable disclosures. The EY sustainability data vendor toolkit is regularly updated to provide the latest view of providers to support sustainability initiatives.” Mike Booth, APAC sustainability data and technology leader.

  • Access to data

    It’s important that there is consistent access to sustainability data across the different functions of the organization.

    EY teams can work with you to develop a sustainability data ecosystem that integrates your sustainability requirements and priorities into a common set of data and functions.

  • Integrating sustainability data

    Sustainability data is of limited use if it is siloed. To leverage the full power of this data, it needs to become a fundamental part of your business and sustainability strategy.

    EY teams can help you integrate sustainability data and technology into your overall technology infrastructure so that all areas of the organization can use it to inform business decisions.

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