Customized Solutions for Seamless CSRD Compliance and Reporting
Toronto, ON — September 10, 2024 – Cority, a leading provider of environmental, health, and safety (EHS) and sustainability software, is proud to announce the launch of its CSRD Enablement Kit. It was designed to assist organizations in meeting the rigorous requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD), which will impact companies worldwide that are based and/or operating in the European Union (EU) starting in 2025. This comprehensive offering leverages Cority’s extensive expertise and proven track record in sustainability reporting to provide a tailored approach that fits the diverse needs of companies, from start to finish. The customized solution may include additional software features, such as relevant standards reporting templates, and advisory services support, including analysis, auditing, and consulting help.
The CSRD, introduced by the EU in early 2023, mandates rigorous sustainability reporting to assess both the impact of organizations on the environment and society, as well as the impact of sustainability issues on financial performance. The first reporting period under CSRD begins on January 1, 2025 for listed companies covered under the EU’s existing non-financial reporting directive and those who meet additional criteria.
This makes it imperative for companies to prepare now. Cority’s new enablement kit stands out by offering flexibility to clients: whether they need full-service personalized support or just software, Cority’s offering can be customized to meet specific requirements—and be scaled for annual use as reporting needs continue to change.
A Legacy of Expertise in Sustainability Reporting
Cority’s software and advisory offering is built upon a track record of successful implementation of double materiality projects, a core requirement of CSRD, and draws from the extensive resources and tools Cority has amassed over years of working with clients on sustainability reporting. With a library of templates based on the European Financial Reporting Advisory Group (EFRAG) standards, Cority ensures that clients are not starting from scratch but are instead equipped with industry-recognized tools that streamline the reporting process.
“The world has only a year of experience with CSRD deployment: it’s a science in the making. Sharing best practices, training stakeholders, and capitalizing on knowledge are essential. Our Enablement Kit is a testament of our commitment to empower organizations to meet the stringent requirements of the CSRD,” said Solène Croguennec, director of sustainability consulting at Cority. “This next quarter is critical for companies to get their sustainability reporting strategies in place and our Enablement Kit provides the SaaS and advisory resources they need to do so effectively.”
Cority Sustainability Advisory Services’ global team of 70 experts is already empowering more than 400 clients worldwide on sustainability or ESG compliance and strategy.
Key Components of the CSRD Enablement Kit:
- Double Materiality Analysis: Cority works closely with organizations to identify issues, providing a tangible matrix that can be used to communicate results. Cority then supports clients to compile gap analyses and action plans, ensuring companies are ready to report.
- ESRS Templates: Access to fully-aligned EFRAG templates to collect and consolidate both qualitative and quantitative responses to the disclosure requirements, ensuring consistency across all reporting frameworks. Cority will train and support contributors.
- Award-Winning Software: Cority’s sustainability performance management software streamlines data collection, management, and analysis, and automates tasks, ensuring financial-grade data accuracy.
- Reporting Support: Cority’s experts help create ready-to-submit CSRD reports, including XBRL-tagged documents required for submission to European regulators.
- Audit Preparation: Tailored support and best-in-class software tools to gather documentation, answer audit questions, and identify potential risks, ensuring a seamless audit process.
As the first wave of CSRD reporting deadlines approaches, there’s a sense of urgency among companies to align with the new standards. While reporting doesn’t officially start until 2025, the full reporting requirements were disclosed earlier this year and early adopters have already begun the necessary groundwork. Cority’s Enablement Kit allows companies to stand up their reporting processes now, ensuring they are well-prepared when the time comes.
End-to-End Support with World-Leading Partnerships
A standout feature of Cority’s offering is its partnership with CoreFiling, which enables seamless XBRL tagging—an essential component of CSRD compliance. Cority provides an end-to-end solution, from double materiality assessments to final reporting, ensuring that clients have the support they need throughout the entire process.
“Our ability to offer comprehensive support through our expertise and partnerships —from the initial materiality assessments to the final XBRL tagging—is a key differentiator,” added Croguennec. “We’re providing a solution that’s not just about ticking boxes but helps our customers make effective use of SaaS to free up time and energy for strategic thinking. In CSRD projects, SaaS helps make more sense. The greatest CSRD challenge today is to approach it as an opportunity to integrate the double materiality and sustainability reporting results into the business strategy.”
The CSRD Enablement Kit is now available to current and future Cority customers, following closely on the heels of Cority’s recent Sustainability Cloud upgrade announcement. Both initiatives further solidify the company’s commitment to delivering comprehensive sustainability solutions and represent Cority’s ongoing investment in providing cutting-edge tools and expertise to support clients in their sustainability journey.