We’re looking for the most forward-thinking teams in finance to show how innovation can be harnessed to advance ESG goals. Are you up for the challenge?
Our mission is to empower the financial community to create a more inclusive digital economy. And we know that when the entire industry works together, positive change can be amplified many times over.
That’s why this year’s Swift Hackathon is bringing the financial community together to drive responsible innovation that builds a more sustainable future. We’re calling on you to develop solutions that help the financial industry raise the bar on achieving environmental, social and governance (ESG) goals.
Meeting the ESG challenge
Organisations globally are increasingly focused on creating a positive impact that centres around ESG. And they want to be able to assess the impact of these efforts, and to ensure there are mitigating actions in areas with negative ESG consequences. But assessing impact and measuring ESG goals is not easy. In most institutions, the data needed to report on ESG measures is disparate and fragmented across different systems and sources.
And the pressure is mounting on firms to get this right.
With regulatory bodies around the world starting to require firms to disclose detailed information about their handling of ESG issues – such as on climate change and sustainable investments – firms need an accurate and reliable way to measure ESG-related values.
But the challenge doesn’t stop there. Bodies like the United Nations, European Union, US Securities & Exchange Commission, UK Financial Conduct Authority – amongst others – are all introducing mandates. This landscape is ever evolving, and varies drastically across regions, creating difficulties for firms to not only ensure they meet, but also report, on their ESG-compliance.
For global companies, ensuring compliance and providing accurate data across various jurisdictions is becoming ever more complex and it requires innovative solutions.
Establishing a trusted mechanism
One important element when it comes to ESG metrics and reporting is the critical need for responsible innovation.
Creating a trusted mechanism for data analysis, measurement and reporting is no easy challenge. There are many important principles to take into account – including transparency, accuracy, explainability, auditability, security and privacy – and fostering these methodologies could help create a clearer understanding of how ESG reporting is formulated and enhance confidence in the data.
And the 2023 Hackathon challenges are…
The Swift Hackathon is this year asking talented developers, data scientists and ESG experts to find solutions to today’s ESG data challenges.
In particular, teams will be challenged to create trusted mechanisms for ESG data – by improving the transparency, accuracy, analysis, and efficiency of measuring and reporting. Participants will be encouraged to explore solutions that harness the power of responsible innovation, leveraging emerging technologies in order to help the industry in its move to a sustainable future, supporting regulatory compliance, and promoting more informed decision-making towards sustainable practices.
Teams will design and develop solutions to the following two challenges:
Challenge 1: Measuring ESG impact
How can we help institutions ease the process of assessing and mitigating a strategic initiative's ESG impact within a business?
In this challenge, teams will focus on developing solutions that allow businesses to have a comprehensive approach to measuring the ESG impact of a strategic initiative, as well as providing recommendations on mitigation actions to improve the ESG credentials of a project, where necessary. By doing this, banks and other financial institutions will be able to demonstrate a measurable, clear, and trusted commitment to ESG values, such as sustainable finance, while also creating long-term value for their stakeholders.
Challenge 2: Transforming ESG compliance
How can we help institutions improve the accuracy, efficiency, and transparency of ESG reporting to meet evolving regulatory and compliance requirements?
Teams will need to find solutions that can help banks and other financial institutions make the process of reporting ESG compliance more accurate and comprehensive. Leveraging AI to develop a solution that aggregates and analyses data from a range of sources, teams will need to support the end goal of increasing the accuracy and efficiency of ESG compliance reporting.
In both challenges, participants should also strongly consider the impacts their solutions might have from a responsible AI perspective and an ESG standpoint. Find out more about the challenges on the registration page.
How does the Hackathon work?
Teams are made up of a range of experts from within a single company, with a maximum of 10 participants per team. Each company can register a team to compete in one or both challenges. Only one solution per team can be submitted for each challenge.
Participants will be given access to the Swift Hackathon sandbox environment where they’ll find a range of APIs and datasets. Teams are also welcome to use other public data sets where applicable/available.
Registration is now open!
So if you like out-of-the-box thinking, solving difficult problems, and more than a bit of disruption – all while innovating with a positive purpose – we invite you to assemble your crew and join like-minded experts at this year’s Swift Hackathon.
Registrations close on 28 July.
Oh yeah… and the winners and runners up will get the unique opportunity to present their solutions on the Innotribe stage at Sibos in September.
We hope to see you there!