Don’t be misled by a seemingly distant ESG reporting deadline. The complex data required for compliance necessitates immediate action. Start building the groundwork now, as proactive measures are crucial to safeguard your future compliance status. The notion that you can postpone preparation is a dangerous fallacy.

Why Proactive Preparation is Essential:

– Building a Robust Data Foundation:

  • ESG data is a mosaic of information scattered across your organisation and beyond the borders of your firm.
  • Establishing efficient data collection, validation, and standardisation of the process takes time.
  • Begin now to construct a reliable data foundation that will support your future reporting needs.

– Integrating Diverse Stakeholders:

  • Engaging with suppliers, communities and even employees is crucial for comprehensive ESG reporting.
  • Building strong relationships and aligning data requirements with stakeholders requires a strategic, long-term approach.
  • Start these conversations early to foster collaboration and ensure data consistency.

– Optimising IT Systems for ESG:

  • Your current IT infrastructure may not be equipped to handle the demands of ESG data management.
  • Integrating disparate systems and implementing new technologies requires careful planning, selection and execution. This is in our area of expertise, we have helped many companies navigating ledgers, reporting and planning systems and we would also like to be of help to you.
  • Initiate these preparations now to avoid last-minute disruptions.

– Navigating Evolving Regulatory Landscapes:

  • ESG regulations are constantly evolving. Proactive preparation allows you to adapt to these changes and ensure ongoing compliance. An example is the current Omnibus proposed changes in CSRD, EU Taxonomy and CSDDD by the EU see the scopes and compliance phases shifted. Worth bearing in mind that for the changes to take place as law in member states at national level, it will take time – and until the laws are passed and come into effect, all companies still need to report and be compliant by the original timeline.
  • Getting ahead of the curve allows for a culture of sustainability to grow within the company.

– Securing Long-Term Competitive Advantage:

  • Investors, customers, and partners are increasingly prioritising ESG performance.
  • Demonstrating your commitment to sustainability can enhance your reputation and attract new opportunities. New age employees are also significantly more interested in joining companies with an existing ESG practice.
  • Starting early positions your business as a leader in responsible practices.

The Data Challenge: A Call to Action:

We see the immediate challenge with ESG reporting being a data issue. Understanding the data you need, where to find the data, how to integrate the data and how to guarantee the quality of your data should be your immediate priorities.

  • Break Down Data Silos: Begin mapping your data sources and establishing protocols for data sharing.
  • Enhance Data Quality: Implement robust data validation processes to ensure accuracy and reliability.
  • Standardise Data Formats: Align your data with recognised reporting frameworks and stakeholder requirements.
  • Invest in Technology: Evaluate your IT infrastructure and invest in solutions that support ESG data management. A robust data collection, integration, and analysis system is what will ease your manual efforts and focus on different important things

How We Can Help You

At Praesto, we will work with you to navigate the complexities of ESG reporting, we will advise on how to integrate sustainability goals into your planning processes and work with you to implement robust reporting and planning solutions supporting all your ESG needs. Our services are designed to help you build a sustainable solution.

Our team is equipped to guide you through the complexities of ESG reporting. We can assist you with:

  • Data readiness and maturity assessments.
  • Data requirements and gap analysis.
  • Data strategy development and implementation.
  • Due diligence process design and implementation
  • Technology selection and implementation
  • Data collection strategies and templates
  • Integration of different data sources for reporting
  • Scenario modelling of ESG initiatives
  • The systems and reports are easy to maintain

Praesto Impact

Our approach to projects is to use small onshore teams of experts who have the ability and experience to cover multiple project roles. We work closely with our customers to define requirements upfront and ensure the same consultants design, develop, deliver and support the solution. This approach reduces project bloat and means significantly reduced project costs and total Cost of Ownership for the customer.  

Don’t wait for a crisis to act. Start building your ESG resilience today. Contact us to learn how we can help future-proof your financial and sustainability systems.

For more information or to arrange a demo, please contact us.

Paul Wilcock, EPM Practice Director, [email protected]

Thalia Phamova, Principal Consultant and ESG Lead, [email protected]

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