Sustainability managers are increasingly being asked to report against common frameworks like GRI, TCFD, and SASB. Knowing what these frameworks are and how to effectively report against them can be a challenge. Fortunately, there are some best practices that can help guide the process. In this blog post, we’ll explore the five best practices when reporting to a common ESG framework.
The Five Best Practices For Reporting Against Common ESG Frameworks
1) Clearly Define Your Goals & Objectives – Before you begin reporting against any framework, it’s important to clearly define your goals & objectives. What is it that you’re trying to accomplish? Are you looking for new ways to reduce emissions or increase efficiency? Is there an existing sustainability program in place that could use improvement? Once you have a clear understanding of your goals & objectives, you’ll be better equipped to choose the right framework for your organization’s needs.
2) Understand Your Data Requirements – Each framework may have different data requirements depending on what you’re trying to measure. Some frameworks may require detailed financials while others may focus more on non-financial metrics like employee engagement or customer satisfaction. It’s important to understand exactly what data is needed before beginning the reporting process so that you can accurately capture all relevant information.
3) Utilize Automation Where Possible – Many organizations struggle with manual processes when it comes to reporting against common frameworks. Fortunately, there are many tools available today that can automate tedious tasks like collecting data or generating reports. By utilizing automation where possible, sustainability managers can save time and resources while still ensuring accuracy in their reporting efforts.
4) Communicate With Stakeholders – As part of their sustainability strategy, organizations should consider communicating regularly with stakeholders about their progress towards meeting their ESG objectives. This will help build trust between the organization and its stakeholders while also providing valuable feedback on how well they’re performing against their goals & objectives. Furthermore, engaging with stakeholders will ensure that everyone is up-to-date on the organization’s progress towards meeting its targets for sustainability performance.
5) Review & Adjust As Needed – Regularly reviewing & adjusting your ESG strategy is key in order to stay ahead of industry trends and changing regulations. By consistently reviewing your approach and making adjustments where necessary, you’ll be able to ensure that your strategy remains aligned with current best practices while also helping mitigate risks associated with non-compliance or poor performance against industry standards.
Reporting against common ESG frameworks such as GRI, TCFD, and SASB can seem daunting at first but by following these five best practices – defining your goals & objectives; understanding your data requirements; utilizing automation where possible; communicating with stakeholders; and reviewing & adjusting as needed – any organization should be able to successfully align itself with a great objective-centric ESG strategy. With consistent monitoring of performance metrics alongside changes in industry trends & regulations comes great success. So don’t hesitate—start developing an effective ESG strategy today.
