Blockchain, Artificial Intelligence and Financial Services by Sean Stein Smith

Author:Sean Stein Smith
Language: eng
Format: epub
ISBN: 9783030297619
Publisher: Springer International Publishing

Benefit Corporations, Integrated Reporting

Perhaps one of the most interesting changes and shifts in the broader business environment overall is the change in the types and amounts of information that are increasingly expected of financial professionals in an environment that continues to evolve and change (Shoaf et al. 2018). While integrated reporting has become a headline factor and a topic in the economic conversation at large, the adoption and implementation of this idea by accounting and finance firms has been slower than might have otherwise been expected. This can be attributed to a number of factors, but perhaps one of the most logical reasons as to his lack of adoption has to do with the technology currently in use by most practitioners. Although the need for more detailed and comprehensive data on how an organization is performing is relatively well known at this point, technology tools and platforms have – for the most part – yet to catch up to market needs and expectations. Artificial intelligence, the rise of the internet of things, and blockchain technology are changing this reality on the ground, and increasingly enabling organizations and financial professionals the ability to deliver and analyze broader and more comprehensive types of data and information. Prior to taking advantage of technology to offer and deliver on the potential of these more comprehensive reporting platforms and other services, however, it is important to both revisit the concept of integrated reporting, and comment on the concept of a benefit corporation.

At the core of the idea, the concept of a benefit corporation appears to represent almost an ideal merger and representation of how sustainability is being incorporated in financial services practices and protocols in the current marketplace (Zhou et al. 2017). The specific benefit corporation rules and processes will vary from state to state, but the core of the idea can be summarized as follows. A benefit corporation, via inclusion within the corporate charter, operating agreement, or other form of corporate bylaws and policies, includes the prioritization of sustainability as well as other social and governance related activities with equal weighting as the financial goals of the organization. These goals and policies will vary from firm to firm but can be focused on the environmental impact of organizational operations on the broader community, social policies aimed at range of societal goals in alignment with organizational beliefs, and the different aspects and ranges of governance that are often raised as both potential opportunities and challenges to organizations in the marketplace. Implications that can result from the desire to implement such a managerial model can include, but are not limited to following.

First, if an organization wishes to grant equal importance to traditionally qualitative issues like governance, environmental matter, or different socially oriented agenda items, the firm must be able to accurately measure, rank, and track these different types of information. Specifically, and linking back to the core topic of this book, the organization must have both the technology tools themselves as well the personnel to leverage these tools effectively.

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