The 5 biggest hurdles to effective ESG reporting - CCH Tagetik

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class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/es" data-variantfieldname="Link">Spanish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">United States</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/en/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> <div class="tab"> <div class="row"> <div class="row component column-splitter"> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Belgium</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nl-be" data-variantfieldname="Link">Dutch</a> </div> </li> <li> <div class="field-link"> <a href="/fr-be" data-variantfieldname="Link">French</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Czech Republic</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/cs-cz" data-variantfieldname="Link">Czech</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Denmark</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/da-dk" data-variantfieldname="Link">Denmark</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">France</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/fr-fr" data-variantfieldname="Link">French</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/fr-fr/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">French</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Germany</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/de-de" data-variantfieldname="Link">German</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/de-de/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">German</a> </div> </li> </ul> </div> </div> </div> </div> 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href="/it-it/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">Italian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Netherlands</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nl-nl" data-variantfieldname="Link">Dutch</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Norway</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nb-no" data-variantfieldname="Link">Norwegian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Poland</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/pl-pl" data-variantfieldname="Link">Polish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Portugal</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/pt-pt" data-variantfieldname="Link">Portuguese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Romania</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ro-ro" data-variantfieldname="Link">Romanian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Slovakia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/sk-sk" data-variantfieldname="Link">Slovak</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Spain</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/es-es" data-variantfieldname="Link">Spanish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Swedish</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/sv-se" data-variantfieldname="Link">Swedish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">United Kingdom</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-gb" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> <div class="tab"> <div class="row"> <div class="row component column-splitter"> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Australia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-au" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/en-au/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">China</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="https://www.wolterskluwer.cn" data-variantfieldname="Link" target="_blank" rel="noopener noreferrer">Simplified Chinese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Hong Kong</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-hk" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/en-hk/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">India</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-in" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Japan</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ja-jp" data-variantfieldname="Link">Japanese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Malaysia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-my" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">New Zealand</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-nz" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Philippines</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-ph" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Singapore</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-sg" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/en-sg/expert-insights/the-5-biggest-hurdles-to-effective-esg-reporting" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Korea</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ko-kr" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Taiwan</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/zh-tw" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Thailand</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/th-th" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Vietnam</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/vi-vn" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div></div> </div> 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</div></div></div> </div> </header>   <main> <div id="content" class="container"> <div class="row"> <div class="row"><div class="component article-header col-12"> <div class="component-content"> <div class="image field-image"><image mediaid="" stylelabs-content-id="588482" thumbnailsrc="https://contenthub.wolterskluwer.com/api/gateway/588482/thumbnail" src="https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f" stylelabs-content-type="Image" alt="ESG" height="960" width="3840" srcset="https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f&t=w539l 539w,https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f&t=w767l 767w,https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f&t=w991l 991w,https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f&t=w1199l 1199w,https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f&t=w1440l 1440w,https://assets.contenthub.wolterskluwer.com/api/public/content/d27158f193de449188404d198e0c5f5b?v=32b0c17f&t=w1920l 1920w" loading="lazy" data-variantitemid="{061BA54E-BE30-4797-94E7-3B3D08327B93}" sizes="(max-width:539px)539px, (max-width:767px)767px, (max-width:991px)991px,(max-width:1199px)1199px,(max-width:1440px)1440px,1920px" format="" data-variantfieldname="Image" /></div><div class="container no-padding"><div class="col-lg-10 offset-lg-1 no-padding"><div class="eyebrow"><span class="interest-area field-name">Finance</span><span class="interest-area field-name">ESG</span><span class="date field-editorial-publish-date">July 20, 2022</span></div><h1 class="title field-title">The 5 biggest hurdles to effective ESG reporting </h1><div class="author-section"><span>By: </span><span class="author-link field-author-name" data-dm-wk="newsheader.link"><a title="fabrizio-tocchini" href="/en-hk/experts/fabrizio-tocchini">Fabrizio Tocchini</a></span><span class="author-link field-author-name" data-dm-wk="newsheader.link"><a title="grazia-cafagna" href="/en-hk/experts/grazia-cafagna">Grazia Cafagna</a></span></div></div></div> </div> </div> <div class="row component column-splitter"> <div class="col-12 col-md-8 col-lg-1 sticky-wrapper"> <div class="row"> <div class="component social-share vertical col-12"> <div class="component-content"> <div class="share-sticky"><div class="share-wrapper"><div class="share-btn share-btn-linkedin" aria-label="Share on Linkedin"></div><div class="share-btn share-btn-twitter" aria-label=" Share on Twitter"></div><div class="share-btn share-btn-facebook" aria-label="Share on Facebook"></div><div class="share-btn share-btn-mail" aria-label="Share with Mail"></div><div class="share-btn share-btn-print" aria-label="Print"></div><div class="share-btn share-btn-link" aria-label="Copy Link"></div></div></div> </div> </div> </div> </div> <div class="col-12 col-md-8 col-lg-6"> <div class="row"> <div class="component row-splitter"> <div class="container-fluid"> <div > <div class="row"></div> </div> </div> <div class="container-fluid"> <div > <div class="row"> <div class="component rich-text article-text"> <div class="component-content"> <h2><span class="abstract">Discover the 5 biggest challenges to effective <strong>ESG reporting</strong> and how to overcome them.</span></h2> <p> </p> <p><strong><a href="/en-hk/solutions/cch-tagetik/esg-sustainability-performance-management" target="_blank">Environment, social and governance</a></strong> (<strong>ESG</strong>) reporting: It’s new, it’s evolving and it’s all over the place. As it stands, comparability between ESG reports is low and the investors’ demand for consistency is high. While most current frameworks are voluntary, they won’t be for long. Reform, global standardization and mandatory disclosure is only a matter of time. <br /> <br /> The time has come to get prepared for <strong>ESG reporting</strong>. Let’s explore the biggest obstacles to producing <strong>ESG reports</strong> so you can start addressing these challenges before they bottleneck your reporting efforts.</p> <h2>What are the challenges of ESG reporting?</h2> <ol> <li><a href="#frameworks">Multiple ESG frameworks</a></li> <li><a href="#regulations">Evolving ESG regulations</a></li> <li><a href="#data-management">Complex ESG data management</a></li> <li><a href="#ESG-risks">Understanding, managing, and quantifying ESG risks </a></li> <li><a href="#plans">Using ESG performance to improve ESG plans </a></li> </ol> <p> </p> </div> </div> <div class="component productpromo medium-gray-bg col-12"> <div class="component-content"> <div class="product-wrapper"><h4 class="productpromo-name field-name">CCH Tagetik ESG & Sustainability Performance Management</h4><div class="productpromo-description field-description">Get compliant. Build trust. Drive a more sustainable future.</div> <div class="productpromo-link"> <a aria-label="Learn More - ESG" data-dm-wk="productpromotion.button" target="|Custom" title="Learn More" href="/en-hk/solutions/cch-tagetik/esg-sustainability-performance-management">Learn More</a> </div> </div><div class="details-wrapper"><div class="productpromo-cta-wrapper"> </div></div> </div> </div> <div class="component rich-text article-text col-12"> <div class="component-content"> <h2> <strong>1. Multiple ESG frameworks<a id="frameworks"></a></strong> </h2> <p>The Global Reporting Initiative, the EU Taxonomy, the Sustainability Accounting Standards Board, the Task Force on Climate-related Disclosures — oh my! While no single, global standard for ESG reporting exists, there sure are a lot of regional or industry-specific standards to choose from.  <br /> <br /> <a href="/en-hk/expert-insights/the-abcs-of-esg-reporting" target="_blank">We give a brief overview of some of the most notable ESG standards in our recent post, The ABCs of ESGs.</a> The long and short of it is, to meet investor demand, adequately showcase your organization’s sustainability in a comparable way, and meet the criteria for ESG credit scoring, your organization will have to choose one or more frameworks to adhere too.  <br /> <br /> According to a recent study by <a href="https://www.financialexecutives.org/Research/Publications/2021/Bringing-the-ESG-Ecosystem-to-Life.aspx" target="_blank">Financial Executives International</a>, the mix bag of competing standards and frameworks is a big challenge for organizations because 85% of companies are using, not one, but multiple <strong>ESG reporting frameworks</strong>. <br /> <br /> ESG reporting might pander to investors instead of regulators now, but these regulations won’t be loosie goosy forever. In fact, the tide is already turning. </p> <h2><strong>2. Evolving ESG regulations<a id="regulations"></a></strong></h2> <p>The EU has instituted more stringent regulations in recent years — and the changes keep a comin’.  <br /> <br /> As of March 2021, the new Sustainable Finance Disclosure Regulation (SFDR) came into effect, requiring Financial Market Participants to disclose 18 mandatory indicators and another two of 46 optional indicators.  <br /> <br /> The Non-Financial Reporting Directive (NFRD) (a standard that lays down the disclosure rules for non-financial and diversity information by large companies) is also scheduled for an overhaul. An updated, strengthened version of the NFDR’s basic disclosure requirement, known as the <a href="https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en" target="_blank">New Corporate Sustainability Reporting Directive</a> (CSRD) is set to launch in 2022  <br /> <br /> With these EU regulations leading the charge, standards setters are beginning to succumb to the pressures from investors, regulators, and organizations eager to harmonize competing frameworks. In the last year, we’ve seen two big moves occur. <br /> <br /> First, in June of 2021, the Sustainability Accounting Standards Board and International Integrated Reporting Council joined forces to form the <a href="https://www.integratedreporting.org/news/iirc-and-sasb-form-the-value-reporting-foundation-providing-comprehensive-suite-of-tools-to-assess-manage-and-communicate-value/" target="_blank">Value Reporting Foundation</a>. Their plan is to work with other standards groups like Global Reporting Initiative (GRI), the Carbon Disclosure Project (CDP), and the Climate Disclosure Standards Board (CDSB) to get everyone on the same page.  <br /> <br /> Then, in November 2021, the International Financial Reporting Standards Foundation announced its plans to set up an<a href="https://www.ifrs.org/groups/international-sustainability-standards-board/" target="_blank"> International Sustainability Standards</a> Board, which would deliver comprehensive global sustainability-related disclosure standards. The goal would be to provide investors and market stakeholders with information about sustainability-related risks to inform their decision making.  <br /> <br /> If this is any indication of the coming future of ESG reporting, two things are certain: standards are quickly changing and organizations will have to have their work cut out for them when it comes to data management and transforming that data into meaningful disclosures. Speaking of data … </p> <h2><strong>3. Complex ESG data management <a id="data-management"></a></strong></h2> <p>Data management is going to be one of the biggest, if not the biggest, challenges companies will face when creating <strong>ESG disclosures</strong>. For example, <a href="https://www.mccarthy.ca/en/insights/blogs/canadian-securities-regulatory-monitor/eu-moving-ahead-mandatory-esg-disclosure-asset-managers-and-financial-advisers-what-does-it-mean-canadian-firms" target="_blank">the SFDR requires</a> public EU companies to disclose nine mandatory environment-related indicators and six mandatory social indicators (covering employee, human rights, anti-corruption and anti-bribery topics.) These organizations must also report on at least one of 22 optional environmental indicators and one of 24 optional social indicators.  <br />  <br /> This is just the infancy of <strong>ESG regulation</strong> and it’s already mired in complexity.  <br /> <br /> To meet regulatory requirements or even just to adhere to voluntary frameworks, many organizations are starting to get their data ducks in a row. A study by global business consulting firm, Privoti found that 68% of financial executives surveyed said that measuring and reporting <strong>ESG risks</strong> and issues has become part of their finance team’s role within the last year. Another 75% said senior leaders and boards are developing <strong>ESG metrics</strong> for progress tracking.  <br /> <br /> And yet, ESG reporting is already posing challenges to companies because sustainability is inherently hard to quantify. Since <strong>ESG data</strong> is often divided in siloes across the business or manually logged in spreadsheets, a global, integrated picture of ESG gains and impacts is hard to paint. In addition, the connection between ESG results and financial performance isn’t often well understood because businesses have no clear way to see how sustainable activities impacted the bottom line. Without a centralized source of financial and sustainability data, it’s impossible to draw a through line between ESG action and financial outcome.  </p> <h2><strong>4. Understanding, managing, and quantifying ESG risks<a id="ESG-risks"></a></strong><a></a></h2> <p>Sustainability is so broad and covers so many facets — sustainable production, supply chain equity, responsible HR, data governance, governance, to name a few. But you don’t know what you don’t know.  <br /> <br /> Barbara Porco, director for the Center of Professional Accounting Practices at Fordham Business School, <a href="https://www.forbes.com/sites/edwardsegal/2021/11/16/last-place-finish-of-systemic-risk-management-reporting-in-esg-survey-raises-red-flags/?sh=36fcfe8ef9f7" target="_blank">said it best</a>: “All elements of ESG reporting are really based on proper risk management. You cannot manage your risk if you don't know what your risk is. It's the risks that you don't know about that will be the problem, and you cannot do that without a data-driven and tech-enabled risk management approach.” <br /> <br /> ESG risks are especially challenging to monitor because many aren’t quantifiable. They can’t be defined in terms of dollars and cents. And in fact, the most impactful sustainability initiatives might in themselves pose a risk to an enterprise because they may negatively impact the bottom line in the short term. Sustainability can be expensive.  <br /> <br /> <a href="https://www2.deloitte.com/ie/en/pages/audit/articles/esg_risks_the_reporting_challenge.html" target="_blank">Deloitte reminds us</a> that, “ESG impact can be wide-ranging, for example: </p> <ul> <li>Regulation can affect costs or require capital expenditure, or lead to impairment or stranded assets</li> <li>Moving to new sustainable solutions may require increased capital expenditure </li> <li>Crises or failures in production or supply chains, including natural disasters, can increase costs and undermine supply and demand </li> <li>Failings identified in governance, performance or culture can lead to:</li> </ul> <p style="margin-left: 120px;">-Lost revenue<br /> -Exposure to litigation or regulatory fines <br /> -Damage to reputation <br /> -Loss of a company’s social license to operate  </p> <p>Even though organizations have discussions about ESG risk, not all have formally identified KPIs and come up with systems to monitor them. Implementing an enterprise risk management strategy that monitors ESG risks specific to the organization is critical for, not only ESG reporting, but sustainability planning. And it goes without saying, the more impactful and comprehensive your sustainability planning, the more effective your ESG reports will be in attracting investors. </p> <h2><strong>5. Using ESG performance to improve ESG plans <a id="plans"></a></strong></h2> <p><strong>ESG performance</strong> is useful beyond attracting investors or improving an ESG score. With the right data management tools, you can use ESG data to improve the impact and outcomes of ESG plans and activities. The key words here: with the right data management tools. </p> <p>As we already mentioned, for many organizations, ESG data is walled in department or LoB siloes, which makes the line of impact from ESG activity to financial outcome hard to draw. </p> <p>Without ESG data existing in the same software as budgeting, planning, close and consolidation data, you won’t be to play out scenarios to see an ESG activity’s potential impact on the balance sheet, P&L or cash flow to better refine the strategy. In other words, without tethering ESG reporting to ESG planning, you’re essentially going by gut.</p> <p>You can have positive ESG performance, while identifying ways to reduce your costs. You can wow investors with ESG activities, while improving revenue and being profit-minded. You can have your cake and eat it too. You just need a platform that centralizes all corporate financial and non-financial data, including ESG data, and allows you to integrate your ESG strategy into all your financial processes, including budgeting, planning, close, reporting and disclosure. Then, by using tools like, scenario planning and what-if analysis, you can see the ripple effect of ESG decisions on financial performance, and use that insight to improve financial results.</p> <h2><strong>Closing thoughts</strong></h2> <p>ESG reporting is seems challenging because it’s new, elusive, impacts every financial process, and because the stakes, for the sustainability motivated investor, are very high.</p> <p>But really, it’s no different than, say, sales and marketing data. How can you quantify the impact of word of mouth, after all? Both marketing and ESG impacts can be elusive, yet they have an incredible influence on the bottom line. The key is including ESG data into your corporate performance management platform so that:</p> <ul> <li>You can be agile in the face of new and changing regulations</li> <li>You can automate disclosure requirements</li> <li>You can control, validate and report accurate ESG data</li> <li>You can monitor and measure ESG KPIs</li> <li>You can see the impact of ESG activities on other financial and operational plans, and use those insights to improve ESG planning </li> </ul> <p>Learn how <a href="/en-hk/solutions/cch-tagetik/esg-sustainability-performance-management" target="_blank"><strong>CCH Tagetik can help you streamline your ESG reporting</strong></a> while improving your ESG plans.</p> </div> </div> </div> </div> </div> <div class="container-fluid"> <div > <div class="row"></div> </div> </div> <div class="container-fluid"> <div > <div class="row"> </div> </div> </div> <div class="container-fluid"> <div > <div class="row"></div> </div> </div> </div></div> </div> <div class="col-12 col-md-4 col-lg-3 offset-lg-1 sticky-sidebar"> <div class="row"> <div class="component row-splitter"> <div class="container-fluid"> <div > <div class="row"> <div class="component relatedtopics col-12 compact"> <div class="component-content"> <div class="relatedtopics-wrapper"><h4 class="relatedtopics-header">Explore related topics</h4><div class="tag-list" role="list"><span class="field-title" role="listitem" ><a href="/en-hk/search-results/topic/corporate-performance-management">Corporate performance management</a></span><span class="field-title" role="listitem" ><a href="/en-hk/search-results/topic/environmental-social-and-corporate-governance">Environmental, social and corporate governance - 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