Despite Slow Adoption, Cos Will Prioritize ESG Practices For Sustainable Growth: CRIF's Wilfred Sigler

In an interview with ResponsibleUs, Wilfred Sigler, Managing Director, VAS - India & South Asia Markets, CRIF Solutions, discussed why ESG assessment is gaining so much attention and addressed key questions to enhance awareness about compliance and its broader impact

Despite Slow Adoption, Cos Will Prioritize ESG Practices For Sustainable Growth: CRIF's Wilfred Sigler In an interview with ResponsibleUs, Wilfred Sigler, Managing Director, VAS - India & South Asia Markets, CRIF Solutions, discussed why ESG assessment is gaining so much attention and addressed key questions to enhance awareness about compliance and its broader impact Poonam Singh Mar 4, 2025 Add to Reading List Many top-tier companies comply with Business Responsibility and Sustainability Reporting (BRSR), as mandated for the top 1,000 listed companies by market capitalization. Others may also follow suit, though it is not yet required. However, companies should be aware of it and ESG—environmental, social, and governance. While India’s ESG framework is evolving, businesses engaged in global trade must adopt ESG norms to remain competitive. International markets, especially in Europe, have made ESG compliance mandatory, making it crucial for Indian suppliers and SMEs to align with these standards.

In an interview with ResponsibleUs, Wilfred Sigler, Managing Director, VAS - India & South Asia Markets, CRIF Solutions, discussed why ESG assessment is gaining so much attention and addressed key questions to enhance awareness about compliance and its broader impact.

Excerpts

CRIF is a credit bureau company, how has it ventured into ESG integration?

CRIF has three operating companies in India. We have been in India for a long time as a credit bureau, specifically through High Mark. We have two regulated entities: High Mark, which is a credit bureau regulated by the RBI and Connect, which is a regulated account aggregator with an operating license.

Additionally, we have CRIF Solutions, a fully owned subsidiary, which operates different business lines. One of these business lines includes Business Information Reports (BIR). Here, we compile company reports—both domestic and international—for various purposes such as customer management, supplier assessment, and more.

This is where we also interact with corporates. While our credit bureau, account aggregation, and analytics services cater mainly to the BFSI segment, our business information services engage directly with corporates. One key reason we introduced an ESG product is that it has become increasingly important for various industries. Our ESG assessment platform operates under this subsidiary, not under the credit bureau.

How does CRIF leverage its European expertise in ESG to align with global and Indian standards like BRSR?

We benefit from being a European company as Europe was an early adopter of ESG practises and has seen the benefits of its implementation.

CRIF leverages its extensive European expertise in ESG (Environmental, Social, and Governance) to align with global standards and specific Indian regulations like the Business Responsibility and Sustainability Reporting (BRSR) framework.

CRIF developed Synesgy an ESG Assessment Platform and its framework incorporates global ESG standards such as the Global Reporting Initiative (GRI), ESRS (European Sustainability Reporting Standards), UNSDG’s (United Nations Sustainable Development Goals).

CRIF has adapted Synesgy platform to align with the BRSR Core, a framework published by the Securities and Exchange Board of India (SEBI) focusing on value chain partners of listed companies.

Why is ESG Crucial for Supply Chains?

ESG evaluation includes a company's whole supply chain and is not just restricted to its internal activities. Businesses who are dedicated to ESG must make sure that their suppliers follow sustainability guidelines as well.

Companies can assess supplier compliance by performing yearly ESG assessments. For example, a business can spot gaps and promote improvements if it deals with 500 suppliers and discovers that only 300 of them meet ESG criteria. This data-driven strategy improves corporate relationships while fortifying sustainability initiatives. Businesses may provide suppliers with better ESG performance with preferential arrangements, encouraging others to do the same.

The business a supplier serves as well as its own business prospects gain from its ESG compliance. Since suppliers frequently collaborate with several Indian and international businesses, ESG accreditation improves their standing, legitimacy, and marketability, giving them a competitive edge.

What are the biggest challenges businesses face in implementing ESG in supply chains, particularly in manufacturing?

Despite its importance, many companies struggle to recognise the need for ESG. After an ESG Assessment, the companies need to focus on action plan while choosing and implementing short, medium and long term goals. For real progress, management, boards, and shareholders must allocate budgets and resources toward ESG initiatives.

Another major challenge is coordination within companies. While some organizations have dedicated sustainability divisions, supply chain management often operates separately, and is global in nature. Aligning different global cultures, within companies having different departments and multiple stakeholders is crucial but remains a significant hurdle. Beyond financial constraints, ensuring internal collaboration is one of the biggest challenges in implementing ESG effectively.

How does ESG assessment benefit companies, and why is continuous ESG compliance important for long-term competitiveness?

First, they receive a certificate indicating where they stand with their ESG Score. This certificate can be used on their website, social media, or any platform to enhance credibility and attract more clients. This also helps a company showcase their commitment to sustainability transparently.

Second, ESG compliance makes companies more open to global markets. If a company is already aligning with international ESG standards, it increases its global presence and competitiveness.

Lastly, the action plan is crucial. The platform not only assesses where a company stands today but also provides a roadmap for improvement. It highlights key areas for ESG enhancement, helping businesses operate more efficiently while boosting their competitiveness and resilience.

ESG compliance is not a one-time process—it is a continuous journey. Companies must learn, improve, and evolve to stay relevant and competitive in sustainable business practices.

Do You Provide an Ecosystem of third party for ESG Improvement to the companies?

While we don’t directly offer an improvement ecosystem, we partner with various organizations that assist companies in the Consulting/Advisory process and ESG enhancement.

For example, many companies collaborate with consulting firms for ESG assessments. However, these assessments require extensive data collection—not just from the company itself but also from its supply chain. Our platform helps streamline this data collection process, ensuring compliance and efficiency.

Why Would Other Companies Provide Data?

Hence, suppliers not only need to support accurate ESG data but also need to be motivated to do so, with a major role played by such certifications as GRI-compliant assessments. They will be important for the specific case of Indian firms, as the certifications are offered globally-unlike other local certifications. Analysts will view ESG-compliance or the lack of it.

Investors in India are also racing ahead for embracing ESG principles similar to those in International arena. Most investors and firms with overseas investments are in favor of ESG-compliance even for companies that are not able to value sustainability in their operations or activities. There are shareholders beyond investors. A lot of the populace is unfamiliar with ESG, as many confuse it with CSR. However, as information tends to increase, the focus will be on governance and sustainability considerations on the part of investors and stakeholders alike.

Since ESG assessments are self-declared, how can companies ensure transparency and accountability in ESG reporting?

Self-declaration is one part of the process, but our platform has built-in mechanisms to validate responses. For key assessment parameters, companies are required to upload documentary proof to support their answers. These documents add credibility to the responses provided.

From a transparency perspective, all questionnaire responses are available to the company conducting the assessment. This data is either from an existing supplier or a potential supplier being onboarded. In addition to self-declared ESG data, companies often collect other supporting documents from suppliers that may not be directly related to ESG but help establish greater transparency.

If you ask me about ensuring transparency, our platform has built-in intelligence to detect inconsistencies in responses. However, even beyond these checks, transparency ultimately depends on how serious a company is about its ESG roadmap. ESG Assessment is not just about getting a Good Score and Appreciation —it’s also about using the assessment results to develop a meaningful improvement plan.

Each year, companies should demonstrate progress, as consistent improvement reflects long-term sustainability commitment. Lastly, while some companies might try to withhold information about their environmental impact, ESG compliance is about long-term credibility and accountability rather than just securing a positive ranking.

Source: Responsibleus, 04th March, Mumbai