Banking, financial, and other stakeholders have announced the launch of a dependable tool to assess companies' compliance with ESG (Environmental, Social, Governance) criteria, essential for sustainable development. Artemis Credit Bureau, the Cyprus Credit Bureau, in collaboration with the Association of Cyprus Banks, its member banks, and ICAP CRIF S.A. (part of the international CRIF S.p.A. Group), have worked closely over the past year to establish a significant infrastructure project in ESG: the Interbank Businesses Evaluation based on ESG criteria Project in the Cypriot market, utilizing the global digital platform Synesgy.

This project introduces an international, reliable tool for assessing businesses' adherence to ESG criteria, which are crucial for their sustainable development in the Cypriot economy. "Synesgy," the innovative global digital platform by CRIF S.p.A., serves as the primary tool for this Interbank Project. It allows companies of all sizes and industries to evaluate their sustainability levels and receive a certificate indicating their compliance with ESG criteria, valid for one year.

The ESG certificate can be displayed on the company's website, bolstering its relationships with customers and partners. Following the assessment, the company will receive a customized Action Plan with recommendations for enhancing its ESG performance.

Companies access the Synesgy platform to complete a questionnaire evaluating their actions across the ESG pillars. This questionnaire is tailored to the company's size, industry, and country-specific regulatory requirements. The evaluation methodology aligns with current international and European regulations and standards, continually adapting to their changes. The Synesgy questionnaire is certified by the CRIF Rating Agency, recognized at a European level.

The platform ensures straightforward and direct access for businesses. The company's authorized representative answers questions about the company's practices and supports these answers with documents uploaded to the platform, which are also shared with the bank.

Completing this questionnaire demands thoroughness and responsibility, given the importance of answer accuracy. Although user-friendly, the ICAP CRIF Synesgy Customer Service is available for any needed clarifications or assistance.

Upon completion, the company immediately receives its evaluation results, which are also communicated to its partner banking institution through Artemis Credit Bureau, for the purpose of assessment using ESG criteria.

As this is an interbank project, companies that are clients of multiple banks will complete a single questionnaire for all banks. Correspondingly, the participating banking institutions will receive uniform information about the company, which will be identical to that received by the company, ensuring transparency.