Citizens Bank – Chase Johnson – 2024
SummaryIn adapting to a changing emissions reporting landscape, Citizens worked with Climate Corps fellow Chase Johnson to analyze their current GHG reporting process and identify potential process improvements for data quality, efficiency, and regulatory preparedness.GoalsAs emissions reporting and disclosure continues to mature, Citizens sought proactive steps to ensure their GHG reporting program met evolving market expectations, internal objectives and compliance standards. The bank assigned an analysis of their current GHG reporting program to Chase in order to identify inefficiencies, key areas for intervention and opportunities for ongoing improvement. Chase used this analysis, along with insights on the proposed regulatory rules and industry best practices, to craft recommendations that drive efficiency and quality in the GHG reporting program.
These recommendations will help to enhance the GHG reporting program going forward and prepare Citizens for evolving nature of emissions disclosure.SolutionsChase took a phase-based approach for this project:
1. Map the current GHG reporting program: He gathered process documentation and interviewed key workflow owners to understand Citizens’ current GHG reporting program. He then mapped reporting processes to analyze them for intervention opportunities and eliminate errors and bottlenecks.
2. Engage with experts and research best practices: Chase interviewed several subject matter experts and reviewed industry best practices to understand how other financial institutions are preparing for changing GHG reporting standards.
3. Develop GHG reporting program recommendations: Chase leveraged the insights from his analysis to develop a list of 12 recommendations for increased efficiency and quality. He prioritized the recommendations by comparing the implementation effort against their potential impact in the short-term and long-term.
4. Generate stakeholder alignment: As a final step, he presented the recommendations alongside an updated GHG reporting program document to leadership across 6 internal teams and external process partners. This engagement generated consensus amongst Citizens’ decision makers on the recommended updates to the GHG reporting program and communicated new expectations to external process partners.Potential ImpactImplementing new workflows to manage the GHG reporting program will not only help Citizens adapt to changing external expectations from stakeholders but also generate process efficiency and data quality by reducing inventory discrepancies. This will allow Citizens to meet their disclosure requirements, while furthering the usability of GHG data to meet operational objectives and organizational targets.
