A Step-By-Step Approach to ESG Reporting

Fragmented data sources, evolving regulatory requirements, and rising stakeholder expectations are just a few of the obstacles that can make Environmental, Social, and Governance (ESG) reporting a complex endeavor — and one that many executives don’t feel prepared for. A recent Accenture survey found only 22% of CFOs feel well-prepared to meet climate-related reporting requirements, and to seek external assurance on those disclosures. 

Follow these four steps to overcome the common challenges of ESG reporting and improve the quality of your disclosures.

1. Track Down Sources of All Your Data

Start by gathering ESG data from multiple departments, such as finance, operations, and HR, as well as from external partners like suppliers. Automating data capture can help reduce errors and lighten the manual workload, making data collection and reporting more efficient.

2. Integrate Your Data

Integrate the collected data into a centralized system that consolidates both financial and non-financial metrics. This unified view provides a holistic picture of the company’s ESG performance. Choose a platform that can handle different data formats and sources, and make sure it can integrate with existing systems such as your ERP or financial reporting tools. Set up workflows for ongoing data updates and establish permissions for different users.

3. Analyze Your Data

Once integrated, conduct a thorough analysis of your ESG data. Begin with a baseline assessment of current performance and trends over time. Use data visualization tools to identify potential risks, areas for improvement, and opportunities for proactive action. Conduct scenario planning and analysis to understand how various factors might impact future performance, helping with strategic planning.

4. Tailor Your Reports

Create ESG reports tailored to different stakeholders — such as investors, regulators, and internal teams. Ensure the reports align with relevant frameworks like GRI, CSRD, or TCFD to meet compliance needs and effectively communicate your company’s performance. Design the reports in a way that’s clear, visually engaging, and easy to navigate, using infographics, charts, and benchmarks to highlight key metrics. Update your reports regularly to reflect real-time performance.

The right tools can make all the difference in streamlining your ESG reporting. Learn what to look for in an ESG tool.

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