BSI blazes a trail for sustainable finance

BSI is taking a lead in promoting sustainable finance with the development of PAS (Publicly Available Specification) documents and ISO standards aimed at increasing understanding of sustainable investments and finance practices. This is part of BSI’s Sustainable Finance

Standardization Programme, which supports the government’s ambitions to build on the UK’s global leadership in green finance as part of the move to a low carbon economy. The work was commissioned by ministers in the Clean Growth Strategy and the PAS stream of the work is being co-funded by the City of London’s Green Finance Initiative. BSI’s programme reflects the increased

recognition of the major role the finance industry has to play in responding to

global societal challenges, such as climate change, resource depletion, poverty and social inequalities, as well as of the ability of standardization to support the industry in fulfilling this role. It also recognises that there are

currently no international standards and international standards structures that address sustainable finance in its totality. BSI proposed the creation of a new ISO committee to develop international standards to address this gap and as of September 2018 it holds the secretariat of the newly created committee TC 322, Sustainable Finance.

Project explores standards for AI in healthcare

BSI has commissioned a project aimed at providing recommendations for how standardization could support artificial intelligence (AI) in healthcare. The project is sponsored by the

Medicines and Healthcare Regulatory products Agency (MHRA) and with support from the Food and Drug Administration

(FDA ) and the Association for the Advancement of Medical Instrumentation (AAMI) in the USA, The application of artificial intelligence (AI) and machine learning is growing rapidly across healthcare. It has the potential to offer diagnoses at earlier opportunities, identify targeted treatments

for patients and allow healthcare services to become more efficient and effective. Regulation of AI has been identified as a

particular challenge in healthcare, and BSI has been exploring the role for standards in supporting its deployment at scale. The project supports a joined up approach between UK and US regulators.

The PAS projects and the longer-term ISO

work will promote better understanding of the social and environmental benefits associated with sustainable investment, while providing greater consistency on how wider sustainability considerations are integrated into investment decision-making. The Programme also aims to improve

investor confidence and enable organizations globally to mobilise finance to accelerate the growth of sustainable products, services and projects. It will do this by building broad consensus on terms and definitions, methodologies and reporting measures.

There is increased recognition that the finance industry has a key role in responding to global societal challenges

Commonwealth Standards Network

The Commonwealth Standards Network (CSN) inaugural meeting took place in Geneva in September marking the start of cooperation between Commonwealth countries to use international standards to facilitate trade and reduce poverty. The CSN also seeks to improve the technical and institutional capacity of member countries to use and develop international standards. A CSN Platform will be established to

foster collaboration between national standards bodies throughout the Commonwealth, encourage information exchange and provide peer-to-peer learning support. A suite of existing international

standards will provide a framework for use across the Commonwealth, based on members’ economic priorities. Training and workshops will focus on raising awareness of the benefits and use of international standards and empower countries to take a more active role in developing them. A toolkit is being tailored to support implementation of these standards.




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