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ESG is front and center for boards and leadership teams in the banking and capital markets sector. In this episode, Kevin O’Connell invites Matt Giordano and Corey Merrill to delve into ESG, it’s impact on this industry and what banks are doing to remain competitive.
We discuss the following questions:
0:36 - Why is it the time for banks to put ESG at the forefront?
2:33 - What are banks doing from an ESG perspective to remain competitive?
3:40 - How have banks played a catalyst role with ESG?
6:16 - What are some of the key ESG factors impacting the banking and capital markets sector?
7:26 - How do banks navigate material factors, metrics and disclosures?
8:15 - How are banks integrating risks, such as market, credit and operational risks, into their frameworks?
10:43 - What are the biggest lessons we’ve learned about the ESG journey?
Kevin O'Connell serves as PwC’s Trust and Transparency Solutions and ESG Solutions leader. A leading specialist in SOC 1, 2 and 3, and other third party assurance and internal controls reporting, he has over 25 years of experience providing services to our largest financial services clients designed to identify, assess, and manage complex risk and control issues across the enterprise – whether they are strategic, financial, systems, or operational in nature. As PwC's ESG Solutions leader, Kevin leads a team of professionals focused on helping organizations implement strategies to improve their ESG reporting and communicate progress to investors and other stakeholders.
Matt Giordano is a Partner in PwC's Assurance practice. Matt has over 20 years serving financial services companies with a focus on internal controls. More specifically, Matt has performed numerous System and Organization Controls reports (SOC 1, SOC 2 and General Attest) engagements for custodians, fund accountants, broker/dealers and investment advisers. Matt is a subject matter specialist regarding securities processing/safekeeping and the Investment Advisers Act Rule 206 (4)-2 (“Custody Rule”). Matt has also performed numerous engagements from both and external audit and advisory perspective with a focus on Internal Controls over Financial Reporting (ICFR).
Corey Merrill is a Director in PwC's Trust and Transparency Solutions practice based in New York, NY. Over the past 12 years, Corey has focused on leading and delivering engagements related to controls attest (e.g. SOC 1/SOC 2), readiness assessments, financial audits, and regulatory audits for the largest banking institutions. Prior to rejoining the New York practice in 2015, Corey spent 3 years working for PwC in London, supporting a variety of projects for the financial services clients of the UK firm. He is currently focused on helping our clients understand the rapidly evolving ESG landscape - with a special focus on data integrity, reporting, and disclosure in line with the most common standards (SASB, GRI, TCFD, etc.).