FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading service, announced that it has been selected by the European Commission (EC) to deliver comprehensive and up-to-date data on global supply chains.
The Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship, and Small- and Medium-sized Enterprises (SMEs) will use FactSet content to analyze the supply chain links between global and European companies. It is responsible for European Union (EU) policy on the Single Market and has selected three sets of data:
FactSet’s Supply Chain Relationships data, which will help the EC trace connections across global supply chains, revealing key customers, suppliers, and competitors of companies across the Single Market;
FactSet’s Geographic Revenue data (GEOREV®), which provides detailed insight into companies’ revenue exposure to countries affected by geopolitical, macroeconomic, and market threats, helping expand the Commission’s understanding of the risk profiles of European companies and industries;
FactSet’s Revere Business Industry Classification System (RBICS), which breaks down companies’ revenues according to the products and services they provide, offering a granular view into how firms and sectors are likely to be impacted by COVID-19 developments.
“Strong policy development relies on strong data,” said Alexandra You-Cappello, Senior Vice President and Head of Europe, Middle East and Africa, FactSet. “Tracing relationships across sectors, companies, and supply chains is a challenge in any market, much less one as interconnected as the EU’s. We are seeing rising demand for data that can reveal connections and flag potential risk; risk analysis overall is changing before our eyes as a result of the pandemic.”
“The European Commission is committed to evidence-based policy discussion and design,” said Josefina Monteagudo, deputy head of the Economic Analysis unit at the Directorate-General for Internal Market, Industry, Entrepreneurship, and SMEs. “The data we are acquiring from FactSet will help us better understand how supply chains are connected across Europe and the Single Market.”
About the Directorate-General (DG) for Internal Market, Industry, Entrepreneurship and SMEs
The Directorate-General (DG) for Internal Market, Industry, Entrepreneurship and SMEs is the European Commission service responsible for completing the internal market for goods and services; helping turn the EU into a smart, sustainable, and inclusive economy; fostering entrepreneurship and growth by reducing the administrative burden on small businesses; facilitating access to funding for small and medium-sized enterprises (SMEs); supporting access to global markets for EU companies; generating policy on the protection and enforcement of industrial property rights; coordinating the EU position and negotiations in the international intellectual property rights (IPR) system; and assisting innovators on how to effectively use IP rights.