Microsoft and KPMG have teamed up to develop sustainability data solutions to help and support companies with their CSRD compliance. Practical solutions to help CIOs, data managers and sustainability teams get the job done.
The benefits of the EU’s Corporate Sustainability Reporting Directive (CSRD) are clear to see. In making companies more transparent about their environmental, social and governance (ESG) performance, the EU is targeting climate change while simultaneously accomplishing the UN’s Sustainable Development Goals. That is undoubtedly a positive move.
There are always two sides to a story, though. Another impact of the CSRD is also clear as day. Thousands of companies now need to publish annual sustainability reports, a fact that will pose major challenges for the CIOs, data managers and corporate sustainability managers tasked with CSRD compliance. Their initial to-do list looks a bit like this:
- Understand the new sustainability reporting requirements and align these with the company’s sustainability strategy.
- Identify, access, generate and manage the sustainability data.
- Create a common data management framework across the company. That means bringing financial, operational and sustainability data all together under one umbrella.
- Get sustainability data from across the company, supply chain, and customers.
- Align the data management strategy continuously with new regulations, frameworks, and standards. This is the position to aim for: keeping ahead of future changes.
The key to ticking off each of the points in this to-do list is data. Not just any old data: companies need high quality data. And because good decisions are based on good data, companies will need to invest in sustainability data management systems that are up to the job. And make no mistake – the days of using an Excel spreadsheet for this purpose are long gone. Sustainability data must be reliable and robust because inaccurate reporting could lead to reputational damage, legal issues, and accusations of greenwashing.
Want to find out more on how to start building and maintaining a sustainable data foundation? Then read the full article here.
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