When new sustainability regulations get introduced globally, uncertainty can often arise. Organizations may be asking themselves – what are the steps needed to be taken for compliance? When are certain deadlines? How can we ensure our data is accurate? How do we find the latest regulatory updates?
This is especially true for the CSRD. A 2024 PwC survey reports that out of the first wave of companies due to respond to the regulation in the next year, more than half of executives are citing data availability, value chain complexity, and internal staff capacity as key obstacles to implementation.
With so many steps and moving parts to the CSRD, it can be difficult for organizations to gather data, keep track of deadlines, and ensure they submit their reports correctly, all while managing their other business tasks, projects and strategies. Organizations who are managing their reporting manually may come across key challenges which include:
- Difficulty in gathering data from multiple sources with an audit trail
- Understanding complex reporting criteria (like the ESRS)
- Formatting and submitting the report without the proper tools (e.g. XBRL format)
- Limitations in analyzing and fully understanding the data collected
This is where a software tool can come in handy.
Streamline CSRD Reporting With Software
A software tool can help to operationalize and enhance an organization’s reporting process to the CSRD. Including:
- Centralizing data management in one secured tool. A software solution can help with creating automations for collecting data from various sources and updating it in real-time.
- Ensuring data auditability through audit trails and historical records. A software solution can keep a detailed account of data inputs and changes made, which simplifies the mandatory third-party audit during the CSRD process.
- Engaging with suppliers directly for Scope 3 emissions calculations. Software can support capturing data from an organization’s entire value chain, increasing visibility into total impact generated globally.
- Measuring and improving performance year over year. A software tool can provide capabilities for target setting, which allows companies to create milestones for performance improvements and makes it easy to track their progress towards achieving it.
- Guidance and support along the way. The CSRD is complex and the first regulation of its kind with its scale and global impact. Many organizations are going through this reporting process for the first time, often with no precedent to refer to, which can be challenging and overwhelming. This is where a software solution, coupled with a dedicated advisory team, can help organizations throughout the lifecycle of the regulation – from planning to data collection to report building to submitting.
How Cority Can Support Your Compliance Journey
Cority supports global organizations in meeting the requirements of the CSRD through award-winning software and advisory services. We tailor our offerings to the organizational structure and unique requirements of each of our customers, helping take the complexity out of CSRD reporting. Our award-winning team of 70+ sustainability professionals with real-world experience assist our customers to effectively navigate reporting requirements, and develop practical, action-oriented and milestone-driven plans to meet CSRD reporting timelines.
