The position that the ESG strategy is a necessary priority for today and tomorrow was expressed by the Director General of the Association of Cyprus Banks, Michael Kammas, speaking in the context of the 2nd Credit Risk Management Conference, organised by ICAP CRIF in collaboration with Artemis Credit Bureau Ltd.
Referring to the Association of Cyprus Banks' cooperation with the Synesgy platform, Kammas, who is also a Member of the Executive Committee of the European Banking Federation and Vice Chair of the BCESA of EBF, emphasised that over 1,000 businesses have already been certified through the system, while more than 1,000 have expressed interest in participating.
"The fact that 90% of those who were interested or registered ultimately proceeded with their evaluation is extremely positive," he said, adding that the goal is to have even more companies join by 2026.
"Collaboration, mutual information and the continuous exchange of knowledge will allow us to achieve our goals," Kammas emphasised.
Earlier, Kammas commented that the issue of credit risk is inextricably linked to sustainable development and the overall management of the risks faced by banks. Referring to the fire in Limassol last July as an example, he described it as a "case study" that highlighted the connection and interaction of the three dimensions of ESG - environment, society and governance.
"The message from this disaster is clear: the three parametres of every crisis interact and give us the framework for how we can more effectively manage similar situations in the future," he noted.
(Source: InBusinessNews)
