In today’s world, most if not all public and private companies need to comply and report in accordance with their ESG framework. The gathering and management of ESG data isn’t the easiest task, however. To help with this, we look at some best practices for collecting accurate data for ESG reporting that companies should consider.
Make sure you’re gathering the right data
Learning more about your company’s ESG footprint and ensuring that no information is omitted will allow for comprehensive reporting. The evaluation of operations that bring in the majority of the company’s revenues is a crucial step. Once this is done, emissions generated and resources consumed by different divisions can then be looked into.
Normally, emissions are classified into three scopes, including Scope 1 and 2, which deal with direct greenhouse-gas emissions from an organization and indirect greenhouse-gas emissions linked to the purchase of steam, electricity, cooling or heat. On the other hand, Scope 3 emissions focus on downstream and upstream emissions that occur in an organization’s value chain.
Gather data regularly
To prevent inconsistency in ESG reporting, companies are advised to collect their data consistently. This will make it easier for them to stay compliant while also avoiding any inaccuracies and delays,
Establish processes to collect ESG data
The organizing of ESG data may be easy with the use of cutting-edge software and advanced technology, but without the proper tools to measure the data, it is useless.
Creating a layout and coming up with a plan that can be used to train and educate employees on data collection will ensure that ESG data can be accessed in a reliable and consistent manner by employees and external auditors alike.
Make technology your friend
The management and reporting of ESG data can be made easier using data-collection tools and governance risk and compliance (GRC)-related software.
Most GRC technology platforms are focused on metrics, controls, framework mapping and reporting, not ESG data collection. However, this integrated suite of software capabilities does allow for data accumulation, where ESG data is addressed in different modules. Data-collection technology allows companies to gather ESG data in a timely and efficient manner from a variety of different sources, which may offer a holistic picture of a company’s environmental impact.
As the reporting landscape for ESG data evolves, organizations should ensure that they stay ahead of changes and implement best practices that will allow them to effectively collect complete ESG information.
For companies that aspire to only make luxury goods that are 100% sustainable and traceable, such as Coyuchi Inc., the best practices can help them to show any doubters that they actually walk the talk of ESG in everything they do.
NOTE TO INVESTORS: The latest news and updates relating to Coyuchi Inc. are available in the company’s newsroom at https://ibn.fm/COYU
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