August 10, 2016 | By isosteam |
UPCOMING WEBINAR: Sept 22, 2016 / 1:00 pm to 2:00 pm (CT)
External Verification sustainability reporting / Big Data vs Quality Data
There is a growing trend in sustainability reporting that looks to take advantage of the external verification process. Whether reporting to CDP, GRESB, GRI, DJSI, Integrated Reporting, SASB or global retailers via The Sustainability Consortium , organizations find that external assurance provides both internal and external benefits. Some of these benefits include opportunities for:
– Building organizational credibility
– Improving stakeholder trust
– Reflecting the seriousness in which the organization approaches the sustainability reporting process
– Increasing the probability of securing special project funding
– Positively influencing rating agencies and other analyst rating decisions
– Providing more reliability, accuracy and value to the entire reporting process
– Engaging higher management, Boards and employees in the reduction of sustainability-related risks
– Improving internal management systems and data quality
– Strengthening overall stakeholder communication
To work most effectively, the Assurance process should be considered as an essential component of the reporting process. That way, when crafting an annual CSR report or Questionnaire, organizations will ensure they: address the proper boundary, collect the right data, aggregate information using reliable methods, properly track supporting documentation, and rely on software solutions that are up to date with the latest industry standards, among other things.
A variety of groups including sustainability service consultancies, accountancy and engineering firms provide external assurance of non-financial reporting. When choosing the provider that is best for you, be sure the group is independent from your organization, objective, experienced in assurance practices, and knowledgeable about the subject matter presented in your report. Because there are several assurance standards, be sure to pick a provider that uses a standard that meets your organization’s needs. The AA1000 Assurance Standard is one of the most consistently used, internationally recognized standard for guiding assurance practitioners.
BIG Data vs QUALITY Data
With the increased demand for non-financial disclosure, there is clear recognition from leading reporters of the added value of external assurance – The world is demanding BIG data, but first, we need QUALITY data.
ISOS Group is one of the leading sustainability consultant agencies in the country, which caters to organizations of all sizes and across a large variety of sectors. In addition to the AA1000’s CSAP status, the team’s approach is guided by collective capabilities rooted in the ISO14064, ISAE 3000, SA8000 and key principles rooted in sustainability disclosure.
ISOS Group will be leading a free webinar on September 22 from 1:00 pm to 2:00 pm (CT) to guide organizations through the basics of the assurance process. Register now to hear from our experts about the assurance process, challenges and best practices.