Synectics part of Digital Sandbox set to help transform 'Green Finance'

As announced at COP26, Synectics Solutions is one of only 12 organisations chosen to form a ‘Digital Sandbox’ team which aims to transform the way environmental, social, and governance (ESG) data is presented, understood and used in the UK.

The Digital Sandbox – a collaboration between the Financial Conduct Authority (FCA) and The City of London Corporation – provides a unique testing and development environment for companies to collaboratively innovate technology-driven solutions.

In this specific project, the Sustainability Cohort selected will explore ways In which technology can be used to solve some of the key challenges associated with establishing a greener financial sector.

The Cohort will explore three main areas: understanding ESG Data, validating ESG Data, and considering how greater transparency can be achieved in the way ESG data is disclosed and reported. It is this final theme that will be the primary focus of Synectics Solutions’ participation.

Chris Lewis, Head of Solutions at Synectics Solutions, said: “ESG data is essential in helping businesses understand the sustainability credentials of the organisations they are dealing with – from the carbon footprint of their supply-chains to the activities of associated partners. But how do you know exactly which data to look at, and that the information you receive is valid?

“Using siloed, proprietary reporting makes answering these questions difficult. But what if a standardised data model existed that made ESG-driven decision making, especially for those businesses providing financial services, both simpler and more robust? A model that both enabled and leveraged collaborative data sharing. Our aim as part of this exciting cohort is to make ‘what if’, happen.”

With a track record for driving change through collaboration, including winning the Queen’s award for innovation in 2019, and for helping organisations harness the benefits of syndicated data as a force for good, Synectics Solutions is ideally suited to this mission.

The organisation, which operates National SIRA - the UK’s largest syndicated database of cross-sector customer risk intelligence - also played an important role in last year’s pilot Digital Sandbox initiative which focussed on tackling some of the challenges caused by the coronavirus (Covid-19) pandemic including fraud detection and prevention.