INTERVIEW

Theodoros Polydoros, Executive Director at ICAP CRIF România & ICAP CRIF Bulgaria and Member of ICAP CRIF Executive Board

 

What are the key components of your organization’s sustainability strategy, and how do they align with your overall business goals? Is there any challenge specific to your industry?

ICAP CRIF, part of the CRIF Group, has a comprehensive sustainability strategy that aligns with international standards and focuses on integrating Environmental, Social, and Governance (ESG) factors into their operations. The first key component of the ICAP CRIF’s sustainability strategy is the actual integration of ESG factors. Within the entire CRIF group, we are incorporating ESG factors into our risk management models and processes, ensuring that sustainability is a core part of our business development. Our Corporate Social Responsibility (CSR) reports are prepared according to GRI guidelines, demonstrating transparency and commitment to sustainability and we have established a committee of 30 Sustainability Ambassadors throughout the group to promote and spread the culture of sustainability within the organization.

 

Also, we are actively involved in creating and developing sustainability projects aimed at continuous improvement – one of these is Synesgy, and its methodology is built on international sustainability standards, including the GRI, United Nations Global Compact, and Carbon Disclosure Project. By integrating the ESG factors, ICAP CRIF enhances its risk management capabilities, aligning sustainability with business resilience and long-term success, while the use of GRI guidelines and regular CSR reporting ensures that ICAP CRIF remains transparent and accountable to its stakeholders, who are engaged regularly so as to integrate their feedback into the company’s sustainability practices. As for the industry-specific challenges, yes, there are some. In the business information industry, ensuring the accuracy and reliability of data, especially related to ESG factors, is our day-to-day challenge (and we are facing it very well, according to our clients).

 

We are also facing the challenge of keeping up with evolving regulations and standards in different countries, which can be complex and resource intensive. At the same time, balancing the diverse expectations of stakeholders, including clients, regulators, and the public, requires continuous effort and adaptation. In brief, our commitment to sustainability and our proactive approach to integrating ESG factors into our operations demonstrate our alignment with global sustainability principles.

 Can you describe the specific steps your organization is taking to transition from traditional business/ business as usual practices to more sustainable ones?

At ICAP CRIF, we are deeply committed to transitioning from traditional business practices to more sustainable ones. Our approach is multifaceted and involves several key steps. For example, we conduct regular ESG assessments to evaluate our environmental, social, and governance performance. These assessments are integrated into our risk management models and business processes.

 

We use the Synesgy platform, which is built on international sustainability standards such as the Global Reporting Initiative (GRI), United Nations Global Compact, and Carbon Disclosure Project. This platform helps us assess our ESG performance and that of our suppliers. Nonetheless, our Corporate Social Responsibility (CSR) reports are prepared in accordance with the Global Reporting Initiative (GRI) guidelines, demonstrating our commitment to transparency and accountability in our sustainability efforts. By leveraging these tools and methodologies, we ensure that our sustainability initiatives are effective, this comprehensive approach allowing us to continuously improve our sustainability performance and to make a positive impact on the environment and society.

 

By taking these steps, we are not only enhancing our sustainability performance but also ensuring that our business remains resilient and future-ready.

How do you measure and track the progress of your sustainability initiatives, and what metrics or benchmarks do you use?

At ICAP CRIF, we measure and track the progress of our sustainability initiatives through a structured approach that includes various metrics and benchmarks. Besides using the Synesgy Platform to assess our own ESG performance and that of our suppliers, our Credit Rating Agency assigns ESG Risk Ratings & Scores at the company, industry, and country levels. These ratings assess the likelihood of failure of ESG criteria based on relative economic materiality over a one-year horizon.

 

We have also established specific KPIs to measure our environmental and social impact. These KPIs include metrics such as carbon footprint reduction, energy consumption, waste management, employee diversity, and community engagement. We are paying special attention to our social involvement, and we measure not only the employee diversity, but also the employee satisfaction and engagement scores from regular surveys, the number of community projects and volunteer hours contributed by employees and the hours of training provided per employee and participation rates in development programs. In terms of financial KPIs, we measure the percentage of revenue generated from products and services that contribute to sustainability, the total investment in sustainability projects and initiatives, as well as the financial savings achieved through energy efficiency, waste reduction, and other sustainability measures.

What challenges have you encountered in the transition to a sustainable business model, and how have you addressed them?

Achieving our sustainability goals at ICAP CRIF has certainly come with its share of challenges. For example, in order to ensure the accuracy and reliability of ESG data, especially when dealing with multiple sources and varying standards, we had to invest in advanced data management systems and in the Synesgy platform to standardize and verify our data. Regular audits and third-party assessments also help us maintain data integrity. Allocating sufficient resources, both financial and human, to sustainability projects proved to be challenging, especially in a competitive business environment like ours. But we addressed this by prioritizing sustainability in our strategic planning and ensuring that it is integrated into our overall business goals.

 

This helps us secure the necessary resources and commitment from all levels of the organization. Another challenge when shifting from traditional business practices to a sustainability-focused approach is the significant cultural change needed within the organization. And for this we have implemented comprehensive training programs and internal communication strategies to promote a culture of sustainability. Our Sustainability Ambassadors play a crucial role in driving this change. Despite these challenges, our commitment to sustainability remains unwavering. We believe that overcoming these obstacles not only strengthens our organization but also contributes to a more sustainable future.

 How do you engage and motivate your employees, customers, suppliers and other relevant stakeholders, to support and participate in your sustainability efforts?

Let’s start with the employees, whom we encourage to participate in sustainability initiatives through that committee of 30 Sustainability Ambassadors who lead by example and who promote and spread the culture of sustainability within the organization. We also provide comprehensive training programs on sustainability topics to ensure that all employees understand the importance of sustainability and how they can contribute, and we reward employees who actively participate in sustainability projects and initiatives with awards, public recognition, and other incentives.

 

In our relationship with the customers, we maintain transparency by publishing our Corporate Social Responsibility (CSR) reports according to Global Reporting Initiative (GRI) guidelines. We also offer products and services that help our customers achieve their own sustainability goals and we actively seek feedback from our customers on our sustainability initiatives and use this feedback to improve our practices. We use the Synesgy platform to assess the ESG performance of our suppliers, ensuring that our supply chain aligns with our sustainability standards and we partner with industry organizations, NGOs, and other stakeholders to advance sustainability initiatives and share knowledge.

What do you consider will be the most pressing challenges that the company will need to address in the next 5 years in order to maintain economic performance while also achieving sustainability goals? (For example, economic/geopolitical instability, energy prices, climate change, limited natural resources, talent acquisition and retention, supply chain issues, global conflicts, etc.)

The regulatory compliance with the standards related to sustainability and ESG criteria will be a complex and pressing issue, that is why our dedicated compliance team will continue to monitor regulatory changes and ensure that our practices are up to date. Continuous training for our staff on new regulations will also be a key part of our strategy and will be doubled by attracting and retaining top talent, especially those with expertise in sustainability. Creating a supportive and inclusive work environment and providing opportunities for professional development for talent who share our values has been on our agenda from the beginning and will continue to be a key focus.