Creditinfo launches ESG Data Platform
Reykjavík / London, 20th October 2022 – Creditinfo Group, the leading global service provider for credit information and risk management solutions, has today announced the launch of VERA, a new environmental, social and corporate governance (ESG) data platform. The pioneering platform will provide financial services with a standardised overview of their ESG performance, helping them comply with ESG regulation, and will also create a way for other organisations to easily provide sustainability data to the financial sector.
VERA is a centralised platform that congregates information from a range of sources, including data directly reported by companies as well as external sources such as media coverage, judicial information, and supply chain operations. The information is then automatically standardised to allow organisations across financial services to obtain a holistic overview of ESG factors and performance, and easily establish how best to comply with regulation.
Initially being rolled out in Iceland, with other regions to follow globally, the platform can also be used by non-financial corporations when conducting supplier assessments to determine the ESG performance of their supply chains, and to provide sustainability data in a standardised way to the financial sector, helping to attract investment.
Reynir Smári Atlason, Director of sustainability at Creditinfo said: “Providing ESG information to financial services strengthens the presence and engagement of financial institutions – especially in markets where sustainability data is generally limited. It’s not only an ethical decision but a practical one – various markets don’t have the regulations in place to hold companies to account, yet ESG data is needed if they’re going to attract investment through sustainable financing. We’re really proud of how this platform levels the playing field and makes this information accessible and digestible.”
The VERA platform comes on the heels of Creditinfo’s own sustainability policy as the next step in its overall ESG strategy. Creditinfo’s aim to facilitate better decision making in financial services and enable greater access to finance for underserved SMEs, companies and individuals without credit ratings means it plays a vital role in social sustainability globally, and transparency in its environmental and social dealings across its regions must be a fundamental part of this.The next step will see the company publish its inaugural sustainability report evaluating performance areas against its sustainability policy in 2023.
Paul Randall, CEO at Creditinfo said: “Our ESG data platform and sustainability policy are just the first steps in understanding and addressing our wider external impact and helping others to do the same. Not only do we need to make sure we comply with regulation in this area, but the responsibility also lies with individual companies to be proactive when it comes to innovating in a sustainable and responsible way. We’re ready to lead by example here and I’m very excited by our ESG data platform and sustainability policy to ensure Creditinfo and other financial services are on track and compliant with regulation.”
Creditinfo’s sustainability policy can be found in full here.
ENDS
About Creditinfo
Established in 1997 and headquartered in London, UK, Creditinfo is a provider of credit information and risk management solutions worldwide. As one of the fastest-growing companies in its field, Creditinfo facilitates access to finance, through intelligent information, software and decision analytics solutions. With more than 30 credit bureaus running today, Creditinfo has the most considerable global presence in this field of credit risk management, with a significantly greater footprint than competitors. For decades it has provided business information, risk management and credit bureau solutions to some of the largest, lenders, governments and central banks globally to increase financial inclusion and generate economic growth by allowing credit access for SMEs and individuals. For more information, please visit www.creditinfo.com
Hrefna Ösp appointed new CEO of Creditinfo Iceland
Press Release
LONDON, UK, 23rd September, 2021
Hrefna Ösp Sigfinnsdóttir has been appointed as the new CEO of Creditinfo Iceland. She previously held the position of Managing Director of Asset Management and Brokerage at Landsbankinn. She has over 27 years of experience in the finance industry and will bring her wealth of knowledge and expertise to Creditinfo Iceland and the company at large.
‘We warmly welcome Hrefna Ösp to work and we are very happy to have her join us. Hrefna has extensive experience and a clear vision of the functioning of financial markets, which will be a major driver in moving Creditinfo’s journey forward. Hrefna joins a team of highly motivated staff who are also excited to have her on board’ says Paul Randall, CEO of Creditinfo Group.
“I am especially excited to join Creditinfo. I have followed the company since its establishment and have been a loyal customer. I know that Creditinfo has a very strong team that provides excellent service with powerful solutions. It is exciting to become part of an international ecosystem such as Creditinfo Group which is widespread throughout four continents, I foresee many growth opportunities for me as a professional and Creditinfo Iceland as a team. I am especially keen to further develop and provide solutions the market needs, such as open banking and increased demand for knowledge of customers and the origin of capital” says Hrefna Ösp.
Hrefna holds a Degree in Business Administration from the University of Iceland and a certification exam in securities trading.
She resigned from Landsbankinn this autumn after having been there since 2010. Before that, she worked as a fund manager at Arev Securities Company from 2007. She also worked as the Director of the Listing Division and as an expert on the same at the Iceland Stock Exchange from 1998-2006. Hrefna previously worked as the Director of Personal Services at Fjárvangur and was also an employee of the Central Bank of Iceland’s Monetary Policy Department.
Hrefna has also served on the boards of several companies both in Iceland and abroad and is also one of the founding members of IcelandSIF, an independent forum for discussion and education on responsible and sustainable investments.
The Creditinfo Team welcomes Hrefna and is looking forward to start collaborating with her.
PR contacts:
Caterina Ponsicchi,
Marketing Director,
Better information for customer due diligence in Iceland
According to the International Standards on Combating Money Laundering and the Financing of Terrorism and Profileration, Financial institutions are required to conduct due diligence on their customers. They have a special obligation to verify customer information. Financial institutions need to examine in detail the relationship between individuals and companies and whether the individuals in question are politically exposed.
The process of obtaining this information can be complex and time consuming, but with the help of Creditinfo it is possible to significantly ease the process so that employees can focus on more demanding tasks. Creditinfo in Iceland have a number of solutions available that can assist financial institutions with due diligence:
Company registration information
According to the guidelines from the Icelandic government against money laundering and terrorist financing, it must be verified that the individuals acting on behalf of a company are specifically authorized to act on its behalf. Using Creditinfo, it is possible to get a detailed overview of the managers of the company, its purpose, registered capital and information about board members.
Beneficial Owners
When conducting due diligence, financial institutions need to investigate the beneficial ownership of their customers. It is common for individuals to own companies through other companies. Such relationships can be complex and it can be difficult to find out exactly who the individual owners are and their individual stake at the company in question. Creditinfo can assist in obtaining detailed information about the individuals who actually own companies and how large their share is. The beneficial ownership report also contains information from the register of limited companies. Now there is also information about the beneficial owners according to the Icelandic Revenue and Customs office in the Beneficial owners report.
Monitoring
It is not sufficient to examine customer information only at the start of a business relationship. It is equally important to maintain regular monitoring of customers and their relationships. With the help of Creditinfo it is possible to monitor changes that take place in information about specific companies, e.g. submission of new annual reports, changes in the company’s board of directors or changes in ownership. Such information is necessary to keep a close eye on your customers. Now it is possible to monitor changes in beneficial owners who own more than 25% of the company in question.
Politically Exposed Persons (PEP) – Coming Soon!
Creditinfo has begun preparing a database that will include information on Politically Exposed Persons (PEPs) to assist companies in meeting anti-money laundering requirements. In processing the information, Creditinfo consults with the Data Protection Authority in accordance with the provisions of the Data Protection Act. Individuals who will be registered in the database will have good access to the information and will be notified of its processing.
Find out about the subscription options available at Creditinfo Iceland. Visit www.creditinfo.is for more information about our solutions and services.
This article was originally posted in Icelandic on the Creditinfo Iceland blog.
Icelandic Media in 2020 – Creditinfo Iceland
2020 was, to say the least, an eventful year. The highlight of the year was the COVID-19 epidemic, which revolutionized the entire world this year and continues to affect 2021. The first case of COVID-19 was diagnosed in Wuhan, China at the end of December 2019 and the first confirmed death related to the virus was confirmed on January 11th 2020. News of the virus began to increase in Iceland as the number of infections outside China increased.
Specific mentions of the word COVID-19 was not not mentioned until the end of February last year. When the first infection was diagnosed in Iceland on 28 February, Icelandic media coverage of the virus increased significantly and reached a certain peak in mid-March, shortly after the World Health Organization declared that the spread of COVID-19 was classified as a pandemic. After that, the number of news items began to increase significantly, but at its peak, 372 news items were broadcast about COVID-19 on March 20, 2020. A total of 41,492 news items containing the word COVID were broadcast this year.
Institutions and companies in the news in 2020
As in previous years, political parties in Iceland were the institutions that received the most mentions in the Icelandic media in 2020. A total of more than 14,000 news items were broadcast about the Independence Party (Sjálfstæðisflokkurinn) in the past year and about 12,000 news items were broadcast about the Left Greens (Vinstri-Grænir). The effect of COVID-19 can be seen when looking at the high-jumpers on the list of the institutions that were most frequently mentioned in the Icelandic media in 2020. The Directorate of Health was in third place this year among the institutions that were most in the news in 2020 but were in 37th place in 2019. The National Police Commissioners Office was in fourth place in 2020 but was in 45th place in 2019 with a total of over 11,000 news items.
When the list is narrowed down to companies it is clear that one company was particularly popular among the press. A total of 6,000 news items were broadcast about Icelandair this year, followed by Decode Genetics with about 3,100 news items. After them, it was the three commercial banks Íslandsbanki, Landsbankinn and Arion Bank that were most covered in the Icelandic media in 2020.
Would you like further information about media monitoring solutions from Creditinfo Iceland? Please contact us.
This article was originally posted in Icelandic on the Creditinfo Iceland blog.
The key to success (my humble opinion): Any lessons from credit-vibrant Iceland to small population countries?
By Reynir Finndal Grétarsson – Founder, Creditinfo Group
In 2010 I decided to go back to University and learn Anthropology. This is the discipline that deals with human behavior in wide and holistic manner. Why do humans behave as they do? After graduating in 2014 with a bachelor’s degree, my understanding of the complex organism that is the modern human being increased just a little bit. The most important thing I learnt was that different behavior of different groups of people could be explained by what we call culture.
Creditinfo Group awarded the Knowledge Prize 2019
The Association of Business and Economics has chosen Creditinfo as the Knowledge company of the year 2019. Creditinfo Group was chosen as the Knowledge Company of the Year by the Association of Business and Economics. During the selection process, companies that have excelled in their international markets in the recent years were considered. Other companies that also came at the top include CCP, Marel and Nox Medical.
“Smartphone information can be sufficient to make a credit decision”
ARTICLE – IQ MAGAZINE INTERVIEW IN LITHUANIA WITH STEFANO STOPPANI
ECONOMICS | DATA ECONOMICS
“Smartphone information can be sufficient to make a credit decision”
Millennials will eventually stop from carelessly distributing information about themselves, but accessible data have a bright side too, thinks Stefano M. Stoppani, the CEO of “Creditinfo Group”, uniting 33 credit bureaus around the world. A discussion held by IQ reporter, Vilius Petkauskas.
Recently, “The Economist” compared data to oil and affirmed that the importance of the former in the XXI century will overpower the black gold. Would you agree with such a statement?
New insurance claims database launched in Iceland
As of January 15 2019, the four Icelandic general (non-life) insurance companies will start using a new claims database for the Icelandic Financial Services Association (SFF) run by Creditinfo. The database will be used to counter organized insurance fraud, as it has been on the increase in relation to organized crime. According to a statement by the Icelandic Police, these groups seem to have found a loop hole in insurance fraud cases in Iceland.
Epic storms in Iceland
Epic storms in Iceland last night were the worst since 1991! There have been reports from all over the country of roof slates blowing off, windows breaking, trees being ripped from their roots and many events that were scheduled yesterday, including the lighting of the Christmas tree in Reykjavík, were canceled because of the storm. The worst of the storm hit the Keflavík area, with dangerous gusts of wind up to and over 40 m/s. Continue reading »
Brynja on the run in Berlin
Congratulations to Brynja Baldursdottir, Head of Sales and Product Development, Creditinfo Iceland.
Brynja recently ran the Berlin Marathon finishing in just 4 hours and 3 minutes. She was so fast that the winner got scared and set a new world record in a marathon. At a course know for producing fast times, Kenyan runner Dennis Kimetto ran 26.2 miles a full 26 seconds faster than ever before with a time of 2 hours, 2 minutes and 37 seconds. Way to go, Brynja!
