The EU’s new European Sustainability Reporting Standards (ESRS) have ushered in a stringent new era in ESG reporting, in which thousands of companies will now have to disclose their actions and performance across hundreds of different ESG metrics. The scale of the task will appear overwhelming to many organisations, so in response Verisk Maplecroft is releasing a solution that will simplify and reduce the time and cost of the transition to the ESRS reporting framework.
The ESRS contains hundreds of pages of disclosure requirements, and potentially more than a thousand qualitative and quantitative data points that businesses will now need to provide. Our new ESRS Gap Analysis Tool will enable you to comprehensively assess and understand your organisation’s readiness to report against the entire array of disclosure requirements and to develop priority action plans that efficiently address your shortfalls.
Key benefits of the ESRS Gap Analysis Tool
- Get a quick, comprehensive overview: Capture your current state of ESRS readiness across the varying corporate sensitivities of each reporting requirement
- Save time: Our tool does the hard work for you by fully decoding and mapping every ESRS requirement row-by-row, shortening the time you need to interpret the ESRS
- Get management on board: The dashboard allows you to comprehensively present your ESRS gaps, making sure management understands the magnitude of the challenge
- Build an ESRS strategy: Using our tool’s outputs, you can quickly and confidently lay out a clear, prioritised ESRS work plan that will accelerate your compliance timeframe
- Start now: Avoid potentially lengthy and inefficient waits for the outputs of your new (double) materiality assessment to assess your gaps
Understanding the context of the ESRS and where to start
The new disclosure requirements rest on a double materiality approach, which for many companies will be a new concept – one that can be complex and time-consuming to implement. Even advanced companies with the most comprehensive reporting practices and largest data sets face lengthy compliance and data collection challenges.
This is where the ESRS Gap Analysis Tool comes in. Users can start their transition to ESRS reporting today, without waiting months for the results of their new materiality assessment. By conducting a gap analysis using the tool, you can quickly understand your readiness to report against the entire ESRS, irrespective of materiality – all of which can be done in a matter of days, instead of months.
Our ESRS Gap Analysis Tool seamlessly facilitates this exercise, with little to no need for external support, enabling you to rapidly assess and understand your current readiness and to prioritise actions so you can efficiently transition to ESRS-compliant reporting.
The tool can be purchased off-the-shelf, or alternatively our expert ESG reporting team is on hand to discuss how they can help you. Whether it be embedding the outputs of the ESRS Gap Analysis Tool in your workflow; conducting a double materiality assessment; developing a TCFD-aligned climate risk assessment; undertaking human rights due diligence; or enacting a comprehensive supply chain risk assessment, we have the expertise, global risk data and experience to help you, regardless of where you are on your disclosure journey.