Neotas Wins “The Fast Solution” Award at GFIN Greenwashing TechSprint Event
Revolutionising the Battle Against Greenwashing in Financial Services.
London, 29th September 2023
Neotas emerged as the winner of “The Fast Solution,” award at the Financial Conduct Authority’s (FCA) inaugural Global Financial Innovation Network (GFIN) Greenwashing TechSprint. [Reference: FCA reveals GFIN Greenwashing TechSprint winners]
The winning criteria was about the most practical and fastest solution to develop and implement for the purposes of identifying ESG-related issues. Neotas was supported by PwC UK’s Forensic Services team and was tasked to address a problem statement that focused on utilising technology to systematically track, compile, and pinpoint instances of greenwashing across financial firms’ digital platforms, including websites, social media, and documents, with cross-border sharing capabilities and bringing in PwC’s knowledge to help interpret the outputs and build out subsequent actions to include remediations and escalations.
Neotas harnesses the power of open-source intelligence and advanced natural language processing techniques. Neotas ESG Due Diligence identifies instances of greenwashing perpetrated by both public and private companies, setting a new standard for detecting and eradicating greenwashing from the digital footprint of financial services firms. Neotas addresses a critical problem for sustainable investing – the need to monitor and identify greenwashing practices. By scrutinising information from financial firms’ websites, social media platforms, and other global public sources, Neotas’ cutting-edge technology ensures transparency and accuracy in sustainability claims.
About the GFIN Greenwashing TechSprint
The GFIN’s Greenwashing TechSprint event saw participation from a diverse range of international regulators and organisations, all united in the common goal of combatting greenwashing.
The event brought together a select group of forward-thinking firms and international regulatory bodies, united in their pursuit of combatting misrepresentation in environmental, social, and governance (ESG) products.
The FCA, as Chair of the GFIN, facilitated this collaborative effort within its Digital Sandbox framework, underscoring ESG integrity as a core focus. This initiative aligns seamlessly with the FCA’s broader mission to enhance trust and transparency in the ESG market, providing consumers with reliable sustainability information. This TechSprint marks a significant stride towards bolstering confidence and empowering consumers to make informed decisions in the market.
Jessica Rusu, Chief Data, Information, and Intelligence Officer at the FCA, commended on Neotas’ achievement, emphasising the importance of such innovative solutions in ensuring investors have access to genuinely sustainable financial products that align with their needs and preferences.
About the Financial Conduct Authority (FCA)
The FCA is the regulatory body responsible for overseeing financial services in the United Kingdom. Through initiatives like the GFIN Greenwashing TechSprint, the FCA is at the forefront of fostering trust and transparency in the financial sector.
About the Global Financial Innovation Network (GFIN)
GFIN is a global network of financial authorities and organisations committed to fostering innovation in financial services. By bringing together diverse expertise, GFIN aims to address emerging challenges in the industry.
Continued Collaboration and Development: Neotas’ Enhanced Commitment to ESG Due Diligence
In an era where Environmental, Social, and Governance (ESG) considerations have become central to responsible business practices, Neotas remains steadfast in its commitment to driving positive change. Building on our success in the GFIN Greenwashing TechSprint, we are intensifying our efforts to bolster ESG initiatives.
At Neotas, we recognise that ESG factors are pivotal in evaluating a company’s sustainability and ethical performance. We are expanding our research capabilities to delve even deeper into ESG-related data evaluation and solutioning. Our team of experts is harnessing advanced technology, including Artificial Intelligence and Natural Language Processing, to scrutinise company disclosures, reports, and online presence. This enables us to unearth nuanced insights that empower investors, regulators, and businesses to make more informed decisions.
Additionally, we are actively engaging with regulatory bodies, industry experts, and other stakeholders to shape ESG standards and frameworks. Through collaborative initiatives, we aim to contribute to the development of robust reporting mechanisms that uphold transparency and accountability.
Our commitment extends beyond technology-driven solutions. We are exploring strategic partnerships with ESG-focused organisations to leverage collective expertise and promote responsible business practices. By pooling resources and knowledge, we can create a more sustainable and equitable future.
Furthermore, We at Neotas are investing in our team’s ESG expertise, ensuring that our analysts possess the knowledge and skills required to navigate this complex landscape effectively. This empowers us to provide comprehensive and reliable assessments of companies’ ESG performance.
As we embark on this enhanced ESG journey, Neotas remains dedicated to the principles of integrity, transparency, and positive societal impact. We believe that through continued collaboration and development, we can drive meaningful change in the world of ESG, contributing to a more sustainable and responsible global economy.
Neotas was formed to help reduce financial and reputational risk in a variety of situations, from fraud to a poor hire, by identifying clear risks using advanced technology. The Neotas Platform is a world first.
With a focus on innovative solutions, we aim to revolutionise the way environmental, social, and governance (ESG) information is verified and communicated.