Doha, July 05 (QNA) - The International Chamber of Commerce - Qatar (ICC Qatar), in collaboration with Moodys Analytics, organized a seminar on Fighting Financial Crimes with Artificial Intelligence.
The seminar discussed the current supply chain challenges businesses are facing to keep up with globalization, and the global impact that environmental, social and governance (ESG) considerations are having on businesses.
ICC Qatar in statement said, "there is growing interest in regulating ESG products and services around the world and there are huge strides taking place in the industry. Additionally, international organizations are also partaking in the movement, which partly addresses the climate crisis, by issuing recommendations to guide the development of ESG-related regulations." ICC Qatar added, "according to Morgan Stanley Capital International (MSCI), government agencies account for 90% of the new ESG-related regulations in 2019. In 2020, Qatar alone has promulgated two regulations that fall under the umbrella of ESG; Law No. 18 of 2020 amending certain provisions of the Labor Law, and Law No. 17 of 2020 determining the National Minimum Wage for Workers and Domestic Workers, which came into effect in March 2021." According to Moodys ESG Solutions, the average climate disclosure rate globally has risen from 16% in 2020 to 22% in 2021, indicating increased participation in ESG reporting, further highlighting its relevance. ESG is not only important as a form of risk assessment, but is becoming increasingly intertwined with capital allocation, ICC Qatar highlighted.
Territory & Business Development Director Governance, Risk & Compliance at Moodys Analytics, and speaker at the seminar Mohamed Daoud said: "Digitalization of the customer and supplier onboarding process is accelerating across the Middle East. Financial and corporate institutions are embracing Know Your Customer (KYC) processes and screening solutions that support effective due diligence." (QNA)