Role of Tech Companies in Managing Corporate Social Responsibility
August 23 2021
One of the positive roles Tech companies can play in enhancing Corporate Social Responsibility is through providing different tech solutions to help businesses, companies and multinationals measure CSR related metrices. Tech companies developed software to help manage both, internal and external, Environmental, Social and Governance reporting.
Environmental, Social and Governance (ESG) is a metric used by companies to measure their corporate social responsibility. Through ESG, an organisation aims to measure the accountability built through CSR. Using different frameworks like the Sustainability Accounting Standards Board (SASB), Taskforce on Climate-Related Financial Disclosure (TCFD) and the Climate Disclosure Project among others, companies needed solutions to help manage the different ESG frameworks. This is where Tech companies played a positive role.
Companies like INTELEX, Greenstone, Accuvio and Navex, among others, came up with solutions to collect and manage data from the organisation on sustainability and to help in managing multiple ESG reporting frameworks, reduce ESG risk, track and report operational best practices, measure the environmental impact the organisation has and to track the organisation’s overall sustainability footprint.
With rating agencies like Fitch and S&P Global evaluating ESG performance of companies, these tech solutions are playing a crucial role for organisation’s particularly since companies now are being rated based on their ESG performance.