Dermot Corrigan, CEO smartKYC, spoke with Stephen Hall from Procurement Leaders in the first event of their Innovation:In series – “Positive Growth”.
Dermot discusses how to monitor ESG risk (investment and supplier) with a focus on AI and its capabilities.
Through the use of technology, corporates can be aware of ESG transgressions as they occur. This enables supplier / investor onboarding and management to be monitored proactively vs reactively.
What does this mean to corporates? It allows companies to be in control of adverse events rather than having adverse events control their reputation, valuation and activity.
With 400 million companies in the world – it is impossible to manually rate or monitor them all. Technology gives you that alternative view and symbiotically sits alongside traditional ratings agencies.
Key takeaway: Corporates should use AI to be alerted to precise, risk-relevant intelligence regarding their third parties at the point it happens, rather than wait and have events potentially develop a momentum of their own.