BYO (Bring Your Own) is not just a party invitation detail anymore. The popular term has now entered the field of SaaS and data solutions through a product by RS Metrics and is making it possible for banks of any size to input their coordinates and add their own specific assets and supply chain. The product, ESGSignals®, is focused on helping businesses quantify environmental, climate, and physical (ECP) risk through more than 100 different metrics.
Most large ESG/ECP data providers provide company-level or sector-level data based on company-reported data, but that often fails to cover smaller competitors or new assets that companies may acquire or construct. Constant enhancement of databases usually supplies the missing assets’ details but the timing of those updates is usually up to the companies.
This is key both for companies better understanding the performance of all of their assets but also for benchmarking against competitors. This is a useful functionality for financial institutions, and banks in particular, who have to make informed decisions regarding which companies to prioritize if they are engaged in thematic investments.
That is why, RS Metrics added what they are calling a Bring Your Own Assets (BYOA) functionality to its analytics platform looking to provide asset-level, objective, verifiable and comparable environmental and climate physical risk data platform.
BYOA allows users to add their assets and locations in the pre-defined format (Latitude and Longitude information about the asset at a minimum) and extract an insightful dataset for any public or private company that is not under the current coverage of ESGSignals®.
The solution is available through GCP Marketplace with different subscription tiers to ensure companies of any size can take advantage of the data to improve their sustainability performance and take more environmentally-friendly decisions.
In addition, the company recently released an eBook focused on the current challenges in data quality for the industry and how the company has worked to address them through its technology.
The banking industry continues to focus on managing and understanding climate risk.