How do you prepare now, to stay ahead of changing disclosure requirements?
Incoming Australian Accounting Standards Board (AASB), Corporate Sustainability Reporting Directive (CSRD) and International Sustainability Standards Board (ISSB) standards significantly increase the disclosures companies are required to make regarding material ESG matters. More specifically, a future regulatory requirement under CSRD is that companies need to undertake a double materiality assessment.
Our client, a global insurer, engaged our team to conduct a sustainability materiality assessment for inclusion in their upcoming annual disclosures.
Partnering with the insurer to lay the foundations for the long-term
Our challenge was to deliver a credible, auditable and replicable materiality assessment, based on UNEP FI (United Nations Environment Programme Finance Initiative) taxonomy and GRI.
First, our experts streamlined the number of material topics assessed and aligned the taxonomies with UNEP FI. Next, we used an assessment tool based on UN guidance to evaluate the financial, reputational, people, business continuity and risk dimensions of sustainability impacts. This included impacts on, and through the business – consistent with the insurer’s risk documentation.
In line with the GRI, we surveyed over 100 external stakeholders, 1,700 staff and 40 senior executives globally.
Delivering the materiality assessment was just the start. To ensure our client was set up for long term success, we carefully transferred knowledge by upskilling executives, teams, and key stakeholders on best-practice ESG strategy, regulation and sustainability impact.
Finally, we provided recommendations and management actions for further consideration.
Empowering the insurer with an assessment fit for today, and a platform for the future
The result of our work means that our client is not only equipped with a platform to meet their future regulatory disclosure requirements, but also has the capability to assess financial and impact materiality through portfolios (double-materiality) – enabling future integration depth, metrics, targets and management actions. This provides clarity for strategy and immediate management actions.
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