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While this blog focuses on a subset of global banks, their commitments are part of a larger movement across the financial sector that includes institutional investors and broader coalitions. These existing standards ultimately could inform what disclosure and reporting mandates from forward-looking regulators might look like in the future.
This blog explains what each of these functions does, how they benefit your business, and how you can ensure your risk management and compliance teams are working together to create sustainable growth for your organization. Use integratedreporting systems: Use shared platforms to provide real-time visibility into compliance and risk data.
Here is a brief look into what standards and frameworks exist and when they came into play: Global Reporting Initiative (GRI) – Broad, multi-stakeholder standard founded in 1997 in response to the Exxon Valdez oil spill. AnteaGroup shares how you can prepare in their latest blog: [link].
However, the information is reported separately from financial information, requiring investors to access multiple reports. It is beyond the scope of this blog to look at these issues, although it is worth noting that the thorny problem of quantifying and measuring climate risk information is of concern as it should be.
IntegratedReporting. The CSRD requires companies to report sustainability information in a clearly identifiable section of the management reports. The CSRD has introduced a requirement for limited assurance on sustainability information, aiming to move to reasonable assurance in the longer term.
The initiative consolidates the Climate Disclosure Standards Board (CDSB an initiative of CDP) and the Value Reporting Foundation (VRF, which was created in June 2021 from the merger of the IntegratedReporting Framework and the SASB Standards) by June 2022.
Lost in Calculation Between the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the Climate Disclosure Standards Board, the International IntegratedReporting Council (IIRC), and various taxonomies like the EU’s Corporate Sustainability Reporting Directive (CSRD), it’s easy to start equating impact to disclosure (..)
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