Alveo and Cognizant have collaborated to offer an Environmental, Social and Governance (ESG) data management solution for financial services firms. The solution comprises data operations and technology services from Cognizant that will support the implementation and management of an ESG Data-as-a-Service solution from Alveo. The aim is to allow firms to operationalise ESG data, integrate it into business processes for better portfolio management, and address the evolving regulatory environment.
“ESG is one of the biggest trends impacting financial institutions, and it requires a significant investment in data and data management technology,” says Mark Hepsworth, CEO at Alveo. “Cognizant has the experience and expertise to drive transformative ESG capabilities, improving the way financial firms provide investment products and advice that meet the needs of investors looking for societal and capital returns.”
Alveo’s technology has built-in capabilities including mappings between data sources and regulatory requirements. Its platform includes complete data lineage and provides clients with an overview of data operations as well as the ability to query and investigate ESG data. Cognizant, a business consulting, information technology and outsourcing services provider with a focus on helping clients modernise technology and transform the user experience, will integrate Alveo’s capabilities into client application landscapes, business workflows and reporting requirements.
Craig Stanley, senior vice president and business unit head of Cognizant Banking and Financial Services, says: “This agreement with Alveo brings to market a solution for financial institutions to evaluate the societal impact of investment decisions and modernise their business practices to better align with their social responsibility goals. Alveo’s data mastering and data distribution solutions, together with Cognizant’s digital implementation capabilities, will help clients meet ESG regulations and the expectations of today’s socially conscious consumer.”
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