Moscow-based developer of procurement automation service Bidzaar has created an algorithm for evaluating contractors for compliance with Environmental, Social, and Corporate Governance (ESG) standards.
The technology allows users to determine whether the company complies with the requirements for environmental care, employee safety, inclusiveness, transparency of management, etc. At the moment, the Bidzaar is testing a new function with several undisclosed clients. The new feature set will be available for all companies connected to the service by spring 2021, the company said.
Despite the fact that Russia does not yet have such compliance standards, Russian companies that export to the EU countries need to comply with the UN requirements. Their implementation has been underway since 2015.