An industry-wide initiative
Given the construction industry’s long-standing vulnerability to financial crime and unfair competition, banks and industry players has joined forces to tackle these issues and build a more sustainable sector.
This collaborative effort began in 2017, when banks became aware of the growing prevalence of serious crime within the industry. Further investigation highlighted the urgent need for digital solutions to enable effective monitoring, control, and reporting throughout the entire supply chain. Without digital solutions, establishing structure and implementing systematic oversight is extremely challenging. Dialogue with construction industry representatives—who also recognised the need for change—confirmed that a joint initiative would be essential.
Roger H. Germer, Director of the Sustainable Construction Industry Bank Initiative, explains that the initiative was driven by a call for action from the construction and property sectors. In response, the banks aim to support the industry by offering tailored financing conditions that include clear requirements for control systems and reporting.
The terms of the initiative came into force on November 27, 2023. Roger emphasizes that it requires the industry to be able to report to the banks and its clients and, above all, to keep track of subcontractors, where he believes that the control systems offered by Infobric play an important role.
