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 organizations, 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. The new ESRS Gap Analysis Tool will enable organizations to comprehensively assess and understand their readiness to report against the entire array of disclosure requirements and to develop priority action plans that efficiently address shortfalls.
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.