Yiannis Tomasides, the General Manager of Artemis Credit Bureau, has highlighted the importance of credit risk management, sustainability and technological innovation in strengthening Cyprus’s financial system and economic resilience.
Speaking at the 3rd Credit Risk and Sustainability Conference, Tomasides said Cyprus’s positive economic growth, declining public debt and strong banking sector provided a solid foundation for stability. However, geopolitical tensions, inflationary pressures, regional conflicts and climate change continued to pose significant challenges.
“In an economic and business environment characterised by uncertainty, increasing challenges, stricter regulatory requirements and continuous technological transformation, credit risk management has become more critical than ever,” he said.
Tomasides stressed that environmental, social and governance (ESG) considerations had become a strategic priority for businesses. “ESG is now a reality, a necessity and a strategic objective for every organisation, regardless of the nature or size of its activities, and not simply a regulatory obligation,” he noted.
He highlighted Artemis Credit Bureau’s role in supporting responsible lending through reliable credit information, helping lenders assess risk while enabling borrowers to demonstrate their creditworthiness. He also emphasised the importance of protecting personal data and promoting financial literacy among consumers.
Tomasides described the introduction of credit scoring by Artemis Credit Bureau in July as a milestone under Cyprus’s Recovery and Resilience Plan. Based on objective data about borrowers’ credit behaviour, the system provides lenders with an additional assessment tool without replacing their final judgement.
“The result is a more transparent, efficient and resilient financial system, and a stronger, healthier economy,” he said.
Looking ahead, Tomasides said Artemis Credit Bureau was planning new services and initiatives across financial and other economic sectors to strengthen credit risk management and protect consumers.
The conference also recognised 15 pioneering organisations for incorporating value-chain assessments into their sustainability strategies.
