Cognizant and Alveo join forces on an ESG data management offer
Cognizant today announced an agreement with Alveo to jointly offer a comprehensive environmental, social and governance (ESG) data management solution to the financial services industry.
The collaboration will provide companies with the ability to operationalize ESG data, integrate it into business processes for better portfolio options and cope with the rapidly changing regulatory environment.
Using its digital expertise and knowledge of customer business, Cognizant will provide data operations and technology services to support the implementation and management of Alveo’s ESG Data-as-a-Service (DaaS) solution. Alveo’s technology has built-in capabilities unique to the financial services industry, including mappings between data sources and regulatory requirements. Its platform provides clients with insight into data operations as well as the ability to query and study ESG data, including the full lineage. With the help of Cognizant, these capabilities will be uniquely integrated into application landscapes, business workflows and customer reporting requirements.
The importance for financial institutions to better understand the sustainability profile of funds has grown rapidly around the world. This is mainly driven by investor demand for transparency, as well as new regulations, such as the EU’s Public Financial Disclosure Regulation (SFDR).
âESG is one of the most important trends impacting financial institutions, and it requires a significant investment in data and data management technology,â said Mark Hepsworth, CEO of Alveo. “We are excited to be working with Cognizant on this initiative and believe they have the experience and expertise to develop transformative ESG capabilities, elevating the way financial firms deliver products and investment advice that meet to the needs of investors seeking societal returns and capital. “
“This agreement brings to market a unique and necessary solution for financial institutions to assess the societal impact of investment decisions and modernize their business practices to better align with their social responsibility goals,” said Craig Stanley, SVP and Head of Business Unit at Cognizant Banking and Financial. Services. âAlveo’s data control and distribution solutions, which support financial institutions around the world, along with Cognizant’s digital implementation capabilities, will help our customers meet new ESG regulations and meet consumer expectations. ‘socially aware today. ”