How the new EU requirements regarding ESG criteria will affect the work of banks and financial companies in assessing credit risk.
This was the main topic of the 15th Annual Credit Risk Management Conference of ICAP CRIF BULGARIA.
The event provided opportunities for a fruitful dialogue on topics such as credit risk management, data and ratings, digitalization and innovation in finance, compliance, ESG and preparing banks and companies for the new EU regulations related to climate factors, sustainable development and supply chain.
In his welcoming speech, Nikitas Konstantelos, President and CEO of ICAP CRIF, gave an overview of the development of Bulgarian business in recent years, as well as the trends in the development of the world economy.
After him, Andrei Radulesco from the Institute of World Economy at the Romanian Academy looked at the challenges facing the world economy. He stressed that Bulgaria has potential for development and should use it.

The impact of ESG on the investment climate was the subject of the speech of the Executive Director of the InvestBulgaria Agency Mila Nenova.
In the various discussion panels, the participants outlined several problems in meeting the various European requirements regarding ESG. One of the biggest problems is the methods of collecting and processing relevant ESG data – whether banks’ customers meet the requirements of the various European ESG regulations. As these are completely new EU requirements, banks also face a lack of technology to process this data. And ESG requirements are expected to become even more severe.
Secondly, the risk of cyber attacks, which is related to geopolitics, was highlighted, and other leading topics were discussed.