In an industry characterized by shrinking margins and increasing compliance overheads, our client stands as a paragon of stability and success, as indicated by key performance indicators like net interest margin, loan-to-assets margin, return-on-assets, loan-loss ratio, and customer retention.
However, our client envisions a future where it not only excels in financial metrics but also leads as a responsible corporate citizen committed to combating human-made climate change. To achieve this, the client has set its sights on embedding Environmental, Social, and Governance (ESG) principles into all its processes, including procurement in financial services.
ESG as a Compass for the Future
Our client's sustainability compass emphasizes critical points, including reducing carbon footprint, combating human rights violations, mitigating workplace injuries and illnesses, addressing workforce inequities, eradicating corrupt practices, and fostering transparency in decision-making processes.
The client's ambition is to ensure that its procurement activities, encompassing the acquisition of goods, services, and consultancies, have a positive impact on the environment. However, the journey from noble intentions to tangible results is often a complex one, especially for large financial institutions with a global network of vendors, some of whom may have lax ESG compliance.
SpendEdge's Partnership and ESG Roadmap
In early spring 2023, our client initiated a partnership with SpendEdge to navigate the intricacies of procurement in the financial services industry, with a dedicated focus on ESG adoption. Our teams swiftly devised a comprehensive roadmap to evaluate suppliers' ESG credentials with precision.
The roadmap includes detailed assessments of vendor certifications (ISO 9001, ISO 14001, ISO 45001, OSHAS 18001), CSR policies, fair wage plans, health and safety management, environmental policies, water management practices, diversity scores, and more. Furthermore, we developed a tailored solution to empower the client to stay informed about upstream supply chain dynamics, continually monitor vendors' ESG performance, and recommend timely improvements.
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About SpendEdge
SpendEdge is a global leader in procurement market intelligence and advisory services, dedicated to driving procurement excellence.
Our partnership has enabled the client to embrace a data-driven approach to ESG transformation in procurement, fostering sustainability and innovation while maintaining its position of strength in the BFSI landscape.
SOURCE SpendEdge
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