Environmental, Social and Governance (ESG) has become a business imperative for all industries and is more important than ever for businesses of all sizes. The chemical industry, for instance, has an important role to play in climate change, environmental protection, and sustainable development.
From plastics to disinfectants, chemicals are essential for our daily life, however, they are also responsible for a significant amount of waste and pollution, which are threatening human health, the environment and the whole ecosystem. As ESG is rising to the top of the agenda for businesses, investors, and governments around the world, chemical companies are pushed to integrate ESG into their business strategies.
Understanding ESG regulations and guidelines is the first step toward the sustainability journey. As the volume and complexity of ESG regulations have surged over recent years, companies including chemicals manufacturers are facing challenges to be aware of all existing and new regulations and stay compliant.
Recognizing the challenges corporates are facing, RegASK has developed an ESG regulatory intelligence solution to help organizations monitor regulatory changes and risks within the ESG space. Read this article to learn how RegASK assists corporates in general and chemical companies in particular to track regulatory changes and navigate the regulatory environments related to ESG.
Objective
The client, one of the largest chemical companies in the world, was looking for an ESG intelligence partner to provide the company with timely information on:
- ESG regulations in general and specific to the chemical industry
- ESG indices and disclosure requirements by international organizations
- Regulatory changes and news related to ESG topics such as labor, environment, safety, customs, and supply chain
The geographic scope includes 15 countries and territories, covering Asia, Europe and the Americas.
The objective was to attain full visibility of the ESG dynamics across all industry sectors, drilling down to the chemical sector.
Solution
RegASK used its automated artificial intelligence platform RegAlert to set up monitoring alerts for the agreed ESG topics. Services provided by the regulatory intelligence platform include:
- Analyzing, classifying, and aggregating data and intelligence according to the agreed topics
- Search function to find relevant alerts on monitored topics
- Ability to request for follow-on reports or deep dives from RegASK experts
The RegAlert platform leverages source monitoring automation, semantic processing, and natural language processing (NLP) technology to automate the monitoring process whenever possible. This technology enables ongoing monitoring and analysis of regulatory information and data to track changes in the regulatory environment.
As part of its advanced capabilities, RegASK engaged local regulatory affairs teams and a network of experts to provide in-depth ESG intelligence when needed.
Results
The client gained clear visibility of ESG regulations and metrics from the regulatory updates and monitoring alerts provided by RegAlert, allowing them to react quickly to emerging ESG risks and opportunities, which ultimately empowers them to transform ESG risks into competitive advantages.
If you would like to learn more about RegASK and how we can help you improve your ESG compliance, contact us today to speak with our experts.
References:
[1] Climate change – International Telecommunication Union (ITU)
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