EY has published the findings of its study into financial services firms’ sustainability reporting practices.
Out of 25 firms surveyed, 70% said they expect artificial intelligence to form part of their disclosure processes in the future.
In addition, 60% respondents have implemented a hybrid reporting model, with centralised governance alongside autonomous local units within their organisations. Half of the firms said they expect to increase the sizes of their sustainability reporting teams, while 60% said their current data governance structures are not effective.
EY identified five drivers of reporting process change:
- Shifting global sustainability priorities
- Regulatory flux
- Budget pressures driving efficiency
- Levels of ambition and market expectation
- The move to greater commercialisation