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How to Create a Proprietary ESG Investment Process
It’s easier than you think, whether you’re an asset allocator or manager.
完全将完整和准确的ESG数据完全纳入投资过程，是资产分配者的难以捉摸但必要的目标，以及他们选择作为合作伙伴的资产管理人员。该解决方案可以是使用高度可配置的研究管理系统（RMS）来创建专有的ESG评估过程。在缺乏标准和不一致的数据困扰的景观中，使用RMS的这种过程可以代表必须满足或超过可持续投资战略和值得信赖的报告的利益相关者预期的最佳情况。亚博赞助欧冠当II最近与Bipsync的创始人和首席执行官坐下时，这是对话的话题。Donado是前对冲基金研究分析师，该公司的软件是为投资行业为目的
What are the primary challenges in automating the ESG research process?
Danny Donado:挑战取决于企业在ESG方面的整体成熟程度，这可以分为两维度 - ESG技术支持和过程成熟。技术启用基本上是数字脚手架 - 具有技术堆栈，可以聚合，正常化和存储数据;用于过程和工作流程建模的系统，实现过程控制;和允许用户共享，上下文化和最终在系统中的活动，工作和数据上共享，上下文化和最终报告的系统。
And what do you mean by process maturity?
唐纳多：在非常基本级别，已经确定了您的组织正在努力实现的 - 您的目标是什么，以及满足他们的策略是什么？您是否对影响投资或更多的筛选机制？您是否使用了外部或内部输入 - 换句话说，您摄取和用于得分的评级，或者您是您自己的制定？它是定义流程和建立可交付成果标准化的运动。问题没有正确或错误的答案，但必须以某种方式回答公司，以便成功地将ESG纳入其投资过程。
ESG investments are not excluded from an ever-shifting regulatory landscape that is also inconsistent from region to region. How much of a challenge is it to keep up with ESG-related regulatory demands and anticipated changes, and how much time can it consume?
唐纳多：In short, it can eat up a lot of time. There’s no universal regulatory body, nor agreed upon standards or prescriptive measures on how to incorporate ESG into your investment process. That’s up to each firm. What most regulations focus on is greater disclosure and reporting, which means that no matter which process a firm incorporates they must be able to provide significant detail. That sounds simple, but in practice it is not at all straight-forward. Other areas of regulation target standardization of taxonomy. For example, a company can receive a low score in one rating system and a high score in another. From an asset management perspective, it becomes a question of how to protect investors and help them make sense of the lack of consistency across the ESG landscape. In addition to staying current on requirements, there also must be a way to systematically implement them and ultimately enable asset managers to provide disclosures and reports around ESG-based investment strategies – the output, if you will. That is ultimately how oversight works.
As you mentioned, there are not agreed upon ESG standards – so how can investors determine which merit their attention and which don’t?
唐纳多：我认为你不依赖一套指导方针。您正在寻找的是来自认可的机构或行业团体的框架，提供标准和最佳实践 - 例如，影响管理项目和私募股权公司的联合国可持续发展。然后有所有的ESG基准，从MSCI到全球ESG基准的实际资产。他们一起携带，他们提供了一种机制，您可以尝试留在事物之上，并且通过使用多个来源，管理员可以创建一定程度的封面。一旦您提到的所有信息，我所提到的数字脚手架允许您聚合和存储标准化数据，以便人们可以作为数字工作流的一部分共享和协作。
It’s early days in the ESG journey for the buy side. What role does the RMS [research management software] play in ESG research for the buy side? And, ideally, how customizable should it be?
唐纳多：合并ESG adds an extra layer to the research management and investment processes. It involves establishing a formal framework, scoring mechanisms, approval processes, and handoffs to different parties in the firm, all while tracking the work in its various stages. When you increase the complexity and formality in your research process it requires a more formal system of record, process management tools, and everything else needed to help coordinate and execute the investment process across the organization. For each nuance added and person involved the complexity increases. It’s very difficult to manage everything I’m describing without a modern RMS.
关于RMS的定制和灵活性如何包含ESG的定制和灵活性，类似于乐高集合的东西更适合于现成的交钥匙解决方案。您希望构建积木，而不是可以从技术角度上容纳不同的方式。Two of the biggest things are configurability in the user interface – because everyone’s workflow and dashboard looks different – and flexible data architecture, aka APIs [application programming interfaces] that allow the user to connect with other systems when incorporating external data into the RMS or sending data out.
What does the information flow look like on the Bipsync RMS? How is information injected into the investment decision-making process?
唐纳多：From a topline view, our RMS adds structure to your investment process, but how it does so is unique to each firm based on the Lego-type capability to integrate qualitative and quantitative research in one place. Essentially, the RMS centralizes everything about your investments and the contributing factors to the convictions and decisions behind them.
As an example, you can incorporate ESG data into issuer dashboards, i.e. whatever company you’re ultimately doing an ESG assessment on. The profile of a company incorporates piped-in external data the manager might subscribe to from a multitude of sources such as MSCI or CDP. The point is that you’re centralizing that data and our RMS can feed it into the system. Regardless of where you are in the asset management firm you now have at least some element of ESG in your dashboard for that company. You can also incorporate external information and research beyond what you subscribe to into a company’s profile – trusted stories that are published on the web, for example.
It’s also possible to take qualitative research that would typically live in someone’s handwritten notebook and add structure to it through ESG note types and configurable fields. If you use a digital tool and RMS you can capture the information in digital form and report all of that metadata so other people involved in the investment process can access it. For example, if you want to mandate quarterly corporate management access calls as part of your ESG process you can establish a template to indicate who was on each call. From there you can start to do ratings and add values. Users can add as much structure and as many fields that take whatever form they choose.
It sounds as if an asset manager can create a proprietary ESG grading or ranking system of their own using the Bipsync RMS.
唐纳多：公司可以建立自己的ESG评估流程，并为任何公司的任何公司创建一个记分卡，包括不同部分的环境，社会和治理。某些分数可能是手动输入，而其他分数可能会从外部数据源中提取。定制进程可以包括清单和要求，并要求填写记分卡，以便为公司的ESG评估被视为完整。如果有方案，其中只有企业内的某个组子集应该有权访问数据 - 例如，例如，如果只有合规性应该能够在特定时间段内与数据交互 - 可以轻松地放置正确的控制。
Investment pipelines are critical to asset managers. How can the RMS help streamline pipeline staging as it relates to the ESG research process?
唐纳多：Let’s say you want to create an assessment pipeline by which you scrutinize a particular company on ESG dimensions as defined by your firm. With our RMS you can create a four-stage pipeline consisting of backlog, initial diligence, full diligence, and completed assessment. Everything starts in the backlog stage, and that could be populated by a universe of names that’s powered by your securities master record, for example. In turn, those names have ESG ratings and external data associated with them that are being pulled in, and you can perhaps use those as an early screening mechanism. If a company reaches a certain threshold it advances to initial diligence.
初始阶段需要捕捉勤奋of qualitative information from meeting and phones calls, along with additional external data. When this reaches a certain threshold after being added into the RMS, you move onto full diligence which makes use of process control requirements. For example, every assessment requires that a scorecard be completely filled out, or perhaps written approval by an oversight committee. When all the criteria are met, the name can advance to the completed assessment stage, in which you can notify colleagues that there’s a new assessment ready. At this point, reporting becomes a powerful tool because you have a completed data set. Some of our clients are adding automated time-bound rules where, for example, an assessmnt is valid for a certain period of time, after which it reverts to the backlog stage because it’s stale.
Shifting from the technology aspect of ESG, it’s no secret the U.S. lags Europe in terms of corporate commitment to it and adoption of related investment strategies. Are you optimistic that we might see some change in that regard?
唐纳多：The new administration strikes me as very ESG conscious and there’s ample evidence to back that up – re-entering the Paris Agreement, the pledge to achieve net zero greenhouse gases by 2050, the reopening of the $40 billion loan program for clean energy projects, the SEC announcing an enforcement task force that’s focused on climate and ESG issues. I think investors will continue to press companies on social issues, particularly worker safety and diversity concerns that have been highlighted by the pandemic. I think as part of the plan to build back better in the wake of the pandemic we’re going to see conversations shift from mitigating the negative impacts of climate change to a deeper conversation on adaption and climate resistance. Conversations about energy transition will become increasingly nuanced. There’s going to be more transparency, more regulation, more adherence around disclosure and reporting. As a general observation, it does seem to be trickling down. Change is inevitable. It’s just a matter of how long it takes.
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