At the end of 2022, we updated our sustainability materiality analysis. Talenom’s key personnel, including the CFO, CHRO, Marketing Manager and Chief Information Security Officer, participated in group discussions of the materiality analysis. The materiality analysis examined various areas of sustainability, such as climate change, human rights, labour issues, bribery and corruption risks.
The analysis assessed our operating models and impacts on various sustainability areas and stakeholders, as well as the impact of sustainability trends on our business. The impact was examined both in terms of scope and scale and in terms of potential economic impacts. The analysis covered both the sustainability aspects of our own operations as well as the subcontracting chain and products.
Progress of Talenom’s sustainability work 2022-2024
Read more about Talenom's sustainability in the section 'Non-financial statement' of the Annual Review. Find the review here.
Employee issues was assessed to be the key sustainability topic. We offer a combination of expert services and automated accounting services and the role of employees in driving our future growth is crucial.
We have identified the fact that we may lose our key personnel or fail to recruit, train and retain skilled employees as a key social and human resource related risk for our business. In particular, for financial management experts or sellers, the risk may result in loss of customers or otherwise prevent us from operating, developing and successfully expanding our operations. Skilled, committed and prosperous personnel is seen as a key to our future success, and we are strongly committed to developing our personnel both through internal guidelines and procedures as well as built-in practices.
We continued cooperating with The Siqnificant Company using their Siqni survey to further develop our employee understanding. The Siqni survey helps our management to gain more information about things that our employees find meaningful and new perspectives for more individualised management. The Talenom Academy offers a wide range of training courses ranging from work-life skills to professional competence development. Management training is also a focus area in our internal training.
As an employer, we work to ensure the fair and equal treatment of employees. The company’s HR Guidelines forbid harassment, inappropriate behaviour and abuse, and it monitors compliance with these guidelines through the means at its disposal. We have a reporting policy that obligates personnel to act when they observe harassment, inappropriate behaviour or abuse.
The role of our business in society highlights ethics, anti-corruption and information security issues as major sustainability issues. Due to our value chain and business model, conventional risks related to human rights and environmental issues are relatively limited. Although the environmental impact of our operating model is very low the importance of climate issues is raised by stakeholders’, especially the financial sector’s, need for up-to-date climate work and reporting.
Read below more about other key areas of our sustainability topics
Based on the updated materiality analysis, Talenom has no significant environmental impacts, as the business consists mainly of operations in office environments and the impact of the subcontracting chain is quite limited. No operations with significant impacts on biodiversity, waterways, local air emissions or soil emissions were identified in Talenom. Due to the nature of the business, no significant risks related to environmental issues were identified.
Climate change is a global phenomenon and investors’ interest in climate risks and opportunities has increased. We haven't identified any climate risks in the materiality analysis that would have a significant economic impact on Talenom’s business. Some of Talenom’s offices are located in countries that are expected to warm more than average, but due to the nature of the business and the structure of societies, the impact on Talenom is expected to be limited.
Climate change is not expected to bring new business opportunities that would be clearly identified as related to climate change, but on the other hand, it is seen that we contribute to the digitalisation of the financial management sector and process efficiency. Digitalisation is estimated to have a significant positive impact on the fight against climate change and, although the contribution of our products to this is estimated to be minor, it can be said that we can contribute to the fight against climate change with its actions and choices. A study by Finance Finland (Assessment of the Climate Impacts of the Automation of Financial Management 2015) estimated that the automation of data processing in financial management can be expected to yield savings of 80–90% in the climate impact of a company’s financial management almost regardless of its size. By developing its processes, We aim to further promote the digital transformation of financial management.
As a financial services provider themes related to preventing corruption, money laundering and bribery are important to us. Companies commission us to handle their accounting and we are thus obligated to notify the Financial Intelligence Unit of any suspicion of money laundering or terrorist financing under the Act on Preventing Money Laundering and Terrorist Financing.
We have drafted policies against bribery and corruption and the company’s HR Guidelines also include instructions on what to do when irregularities are detected. We have also established procedures to detect any suspicious activities that might indicate money laundering and have established guidelines and training for our employees to act appropriately. We have prepared a risk assessment of our operations as required by the Act on Preventing Money Laundering and Terrorist Financing which we update regularly.
There is a prescribed process for reporting suspicious transactions and, as required by the Act on Preventing Money Laundering and Terrorist Financing, a notification is made to the Financial Intelligence Unit if there is any suspicion of money laundering or terrorist financing. Due to the nature of the services provided by Talenom, it collects, stores, processes and distributes a large volume of sensitive information such as confidential corporate and personal data on customers, employees and suppliers. Most information is maintained and transferred electronically in the company’s IT systems. Preventing abuse of such data is a key aspect of Talenom’s risk management. Talenom also has an internal notification procedure, which allows employees to express their suspicions of possible abuse anonymously.
We conducted an EU taxonomy review based on existing data. Based on the review, it was found that none of our businesses or products belong to the industries or products defined by EU taxonomy. Thus, our taxonomy eligible revenue, capex and opex are 0% and taxonomy aligned revenue, capex and opex are 0% as well. Talenom continues monitoring the evolution of taxonomy legislation and assesses any changes annually.
We respects human rights and require our partners to do so as well. The updated materiality analysis did not identify any significant human rights risks related to our business operations, but we continue to assess and identify human rights risks in connection with its growth strategy through the materiality analysis. The company applies international human rights standards to employee training, instructions and equal treatment of workers and a whistle blower system is also used to report suspected human rights violations.