CSRD
Corporate Sustainability Reporting Directive
The Next Big Challenge for EU Companies.
What is CSRD, who will it affect and how can we prepare for it?
The CSRD (Corporate sustainability reporting directive) has been approved by the EU, and reporting obligations starts in 2024
The European Union has been actively working to shift the economy to a sustainable path. This includes creating a comprehensive legislative package, in which CSRD (Corporate Sustainability Reporting Directive) is a key element. The legislation aims to make companies transparent about their ESG performance and data. The regulation and related standards will affect a huge range of companies along with their supply chains.
The modifications will improve the sustainability information’s status and increase its financial information comparability. At the same time, it is an opportunity for the companies to use CSRD as a framework to develop themselves towards a sustainable direction. Collecting data, ESG performance by the near deadline (2024-2025) is a huge task, and it is essential to get digital support.
Let us help you with compliance and optimise your business benefits with our CSRD adaptation:
Stage 1
Conduct some initial analyses
Assess double materiality of your sustainability topics, identify both on the impacts of your business on people and the environment, and on how sustainability matters affect your company.
Undertake gap analysis to determine which sustainability information are not currently covered by your existing data collecting processes.
Have an initial discussion with a third-party assurance provider. This helps prevent misalignment with the CSRD’s (Corporate Sustainability Reporting Directive)assurance requirements.
stage 2
Strengthen your data collecting process
Find your data in your systems, assign responsibilities and tasks.
Measure your KPIs to get a grip on all your relevant environmental, social and governance matters. Find a data collection method that makes the process effortless for your colleagues and creates the best quality data.
stage 3
Publish your sustainability report to the ESAP (CSRD reporting platform)
Appoint a statutory auditor or audit firm to express an opinion about the compliance of your sustainability report.
Disclose your dataset regarding environmental, social or governance matters in the electronic reporting format to the European Single Access Point (ESAP).
stage 4
Use CSRD as a framework to guide your business on a sustainable path
CSRD enables you to provide stakeholders with transparent reporting on ESG as well as supports communication with them.
Moreover, it helps your company to identify risks and opportunities on ESG topics. Adopting the CSRD, using its knowledge and structure, might provide helpful guidance in supporting the organization’s ESG strategy.
stage 5
Test & improve!
Check and improve your data collecting process for CSRD reporting. Use the most up-to-date tool to gain the best information from your systems.
Check and improve your ESG strategy and measures.
stage 6
Overall social and business benefits - enjoy the fruit of your hard work
CSRD (Corporate Sustainability Reporting Directive) will give companies more visibility towards investors, opening up more sources of financing.
It will reduce the unnecessary costs of sustainability reporting for your business, as it brings clarity and certainty on what sustainability information to report. It also makes it easier to get the right data from your business partners (suppliers) and provide information to others (civil society, clients and invested companies).
Through the sustainability reporting process you will reduce your sustainability risks and maximise the potential for sustainability innovation.
Denxpert expert support
This page is supported by DENXPERT - your reliable CSRD tool
Prioritizing CSRD (Corporate Sustainability Reporting Directive) compliance in your organization is one of the most important decisions to ensure long-term business growth. However, knowing where to start can be overwhelming.
We know what it means to implement such a tremendous change. With the help of our digital tool and our global expert network, you will feel confident at every step of the way on your CSRD reporting journey.
As a member of the Inogen Alliance global network, professional support is provided in any country.
