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 telecommunication sector, for instance, has an important role to play in climate change, environmental protection, and sustainable development.
Due to the rapid growth in the number of consumer devices, data flows, data centers, and ICT infrastructures, the telecommunication industry is responsible for a significant amount of energy consumption, carbon emissions, and e-wastes, and its environmental impacts are expected to accelerate amid the global pandemic. Hence, telco companies are under pressure to improve their ESG performance whereas ESG is rising to the top of the agenda for businesses, investors, and governments around the world.
As the volume and complexity of ESG regulations have surged over recent years, companies including telco operators and ICT consulting firms are facing challenges to stay informed of the regulatory changes and be compliant. Nevertheless, understanding ESG regulations and guidelines is the first step toward the sustainability journey.
In this way, 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 telecommunication companies in particular to track regulatory changes and navigate the regulatory environments related to ESG.
The client, a services supplier for devices manufacturers, was looking for an ESG intelligence partner to provide the company with timely information on:
- How ESG practices are developed in the telecommunication industry
- How ESG is benchmarked among telecommunication industry players
- What ESG indices and disclosure are
- How to improve ESG indices and scores
The objectives were to attain full visibility of the ESG dynamics across all sectors, drilling down to the telecommunication sector in the United States. The client wished to build ESG capability to offer ESG services to its own clients in the future with the initial focus on improving ESG score, especially in waste management and recycling.
The client requested RegASK for using its proprietary technologies, namely RegALERT and RegInsight platforms, to stay up-to-date on regulatory development and address medium and long-term changes to the broader ESG and regulatory environment, including ESG disclosure.
Working hand-in-hand with the client, RegASK proposes a systematic plan to achieve the client’s objectives, including:
- Driving productivity by providing technology solutions to search, analyze, classify, and aggregate data and intelligence according to the agreed topics
- Widening organization perspectives of the topic to establish a collective understanding of the vision, and actions across the organization
- Availability of follow-on reports or deep dives from RegASK experts
- Ongoing enhancement and support to improve current intelligence platform
In the first step, RegASK discusses with the client to define the scope of topics to be monitored that matter to their business. Some of the monitored topics include, but are not limited to:
- ESG disclosure and reporting regulations
- ESG rating criteria, ESG scoring for large MNCs, and ESG metrics for the telecommunication industry
- Environmental impacts in general and specific to the telecommunication industry
- Governance elements such as technology compliance, supplier and vendor ban, etc
Secondly, RegASK proposes to use its proprietary monitoring technology – RegALERT and RegInsight artificial intelligence platforms – to set up monitoring alerts based on the above-agreed topics. In this step, RegASK leverages source monitoring automation, semantic processing, and natural language processing (NLP) technology to automate the monitoring process whenever possible. This technology enables constant monitoring and analysis of regulatory information and data to track changes in the regulatory environment.
As part of its advanced capabilities, RegASK engages local regulatory affairs teams and a network of experts to provide in-depth ESG intelligence when needed.
Companies of all industries are under increasing pressure to meet ESG regulatory and reporting requirements. RegASK’s ESG intelligence solution enables companies to track regulatory trends and changes in the ESG space, 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, book a demo today to speak with our experts.
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