Over 72% of Financial Institutions plan to invest heavily in ESG Tech
BCT Digital, a global digital transformation company delivering FinTech, RegTech and SustainTech solutions, in collaboration with Chartis Research, has published the findings of their extensive ESG and Climate Risk Survey. Titled ‘Chartis Market View: ESG and Climate Risk Survey’, it analyzes how global financial institutions are integrating ESG and climate risk factors into their risk management and investment decision-making processes.
The survey captured insights from 77 ESG and climate risk practitioners representing financial institutions with AUM ranging from $1 bn to $500 bn based in the APAC, North America, Europe and the MENA region. It is found that over 72% of financial institutions plan to spend upto $500,000 or more on ESG technology.
Most firms review their ESG strategies quarterly, spending an average of $250,000 to $500,000 annually, with North American and European institutions likely to exceed $500,000.
When it comes to ESG, 52% of the respondents indicated regulatory compliance as the primary challenge followed by risk assessment (48%). For climate risk, the challenges are meeting regulatory stress testing expectations (67%), accurate Greenhouse Gas Accounting (56%) and integrating climate risk operationally into product lines (50%).
Read Full News @ https://ai-techpark.com/over-72-of-financial-institutions-plan-to-invest-heavily-in-esg-tech/
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