Takeaways From the 2023 Assurance Season
For many, the 2023 reporting season has come to a close, and we would like to congratulate all of the organizations that reported on their sustainability performance, especially those that pursued external assurance of their data. ISOS Group is proud to have supported its largest number of clients through this assurance season and we appreciate your cooperation with us in an ever-evolving space.
Our team worked closely with organizations to assure their energy consumption, water withdrawal, waste generation and greenhouse gas (GHG) emissions data, as well as social metrics. In 2023, our team reviewed portfolios, processes and systems representing over 19 million MWh of energy consumption and 15 million MTCO2e Scope 1, 2, and 3 emissions.
“We thoroughly enjoyed working with ISOS Group throughout our assurance process. From prompt, clear communication during our engagement to extensive review of our ESG report’s data, the ISOS team made our first assurance experience very seamless. We would recommend them to other firms who are looking to assure their report data for the first time or engage with an experienced partner.”
- Isela Rosales, Managing Director, Head of ESG & Sustainability at Bridge Investment Group
Preparing for 2024
We look forward to continuing this work and supporting organizations in ensuring the integrity and accuracy of their sustainability reporting and data disclosures. Assurance provides companies with reliability of data but also improves reputation and credibility (CDP: The Business Benefits of Third-Party Verification). In preparing for assurance in 2024, here are five areas to consider:
Frequency of data collection: It’s becoming increasingly important to collect and review data on a more frequent basis (consider quarterly!). Frequent review will reveal consumption patterns and potential issues, enabling action and will also identify metering changes and changes in service (e.g., waste contracts).
Documentation: Documenting data collection and reporting approaches in an environmental management system (EMS) and inventory management plan is best practice and will provide insight into what improvements can be made in these processes. Consider applying the U.S. Environmental Protection Agency’s GHG inventory guidance for all environmental metrics.
Internal QA/QC: Third-party assurance is intended to be the last line of defense before publishing data. Strengthened internal quality assurance/quality control processes should reduce the burden of the assurance process by resolving identified issues and preparing contextual information.
Data readiness: Having data prepared as early as possible is of utmost importance. If you are requesting data from tenants/facility teams at the end of the calendar year, it’s important to start the process as soon as possible in the first quarter of the new year. Consider more frequent data collection as a way to engage on broader issues.
Supplier engagement: Suppliers are critical partners in improving precision and accuracy when measuring environmental impacts, particularly GHG emissions. While information sharing and data collection efforts can be challenging, this engagement will lead to stronger practices in the long-term. Better and more detailed reporting will come with more demand and communications from your organization.
Let us support you!
Whether you are new to assurance or have gone through the process before, now is the time to fine tune your processes. At ISOS Group, we work alongside your team to build the confidence you need in your sustainability data and management systems. Our qualified application of internationally accepted principles and standards (AccountAbility) positions us to provide observations and recommendations to improve your organization’s sustainability journey. We have expertise to guide you through the assurance process. If you’re considering assurance for future reporting cycles, check out our latest blog that provides more detail on the value ISOS Group provides alongside an explanation of our assurance services to understand what’s right for your organization.