Corporate Social Responsibility has become a key part of financial reporting for many companies, requiring businesses to assess their social and environmental impacts instead of just focusing on economic profits.
Sylvain Guyoton, director of evaluations and methods at sustainability ratings group EcoVadis, said there is now a “regulatory wave” in this field. American company Worldly said it has been using artificial intelligence to authenticate corporate claims, particularly in the apparel and textile industries.
He said more and more companies are looking to leverage technology to help validate corporate claims.The Australian firm Givvable launched into the niche field two years ago, targeting companies that use a lot of sub-contractors and complex supply chains. But he warns that “when we don’t know what is happening, there is a risk that it will not be a good thing.”“We look for inconsistences, raise alerts and tell our clients when they must check this point in this place with their subcontractors,” Hug said.