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Implementing NextGen Technologies to Solve for ESG Data Challenges

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2 January 2024
Ashley Longabaugh

Abstract

Data is the differentiator for investment managers with regard to their ESG capabilities and proposition. To achieve future growth, wealth and asset managers must overcome data challenges by utilizing new technology solutions that have emerged in the data value chain. ESG strategies are more than a competitive differentiator for investors: they are becoming a regulatory imperative.

  • Environmental, Social, and Governance (ESG) are three non-financial pillars that measure corporate activities. ESG goes beyond financial metrics and measures an organization’s long-term impact on the planet, community, and stakeholders.
  • The widespread adoption of ESG investing continues to take place on a global level. However, the industry faces significant challenges across multiple fronts, including an ever-changing and complex ESG data regulatory environment, as well as achieving data objectivity.
  • Firms struggle to manage ESG data gaps and requirements, particularly as many data collection processes are siloed, manual, and spreadsheet-driven. The modernization of ESG data management practices towards more automated and integrated solutions is critical.
    • An ESG data model is a structured framework for organizing and managing ESG data. These models typically include a set of standard definitions, categories, and metrics for ESG data. This allows organization to collect, analyze, and report on ESG data in a consistent and comparable way.
  • Technology-driven solutions – especially those that incorporate emerging and cognitive technologies – can help improve data gathering, objectivity, and contextualization. This is particularly important given the changing regulatory landscape and growing requirement for ESG strategies.
  • Firms would be wise to assess their ESG workflow integration capabilities and tools (e.g., regulatory disclosure, reporting, and analysis) in anticipation of a dynamic regulatory framework that emphasizes globality and transparency.

This report concludes Celent’s 3-report series on ESG in the wealth management industry:

“ESG Initiatives in Motion: A Catalyst for Change”

Over the course of writing the series, Celent published supplemental research* on ESG:

*non-exhaustive list

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