LONDON, June 13, 2024 /PRNewswire/ -- EcoOnline, a leading software provider for EHS, ESG, and Chemical Safety, announces its new CSRD Assessment capability within the company's ESG software solution, helping organisations confidently comply with the European Union's Corporate Sustainability Reporting Directive (CSRD). The software simplifies the process of CSRD data collection, covering European Sustainability Reporting Standards (ESRS) topics and standards, allowing businesses to identify material risks efficiently, drive powerful data insights, and produce audit-ready CSRD-compliant reports.
The Why Behind CSRDThe EU CSRD was developed to enhance environmental, social, and governance (ESG) reporting standards, providing organisations with a clearer understanding of their sustainability performance and related business impacts and risks. Increasing pressure from governments, investors, employees, and customers to operate sustainably compels many organisations to adopt comprehensive reporting practices. Even businesses not currently required to comply with CSRD find themselves driven by external demands to provide specific components of the reports.
Meeting the Requirements of CSRD"EcoOnline ESG software doesn't just provide a place for customers to collect their CSRD data but makes it truly easy to get the answers," comments Bertrand Revenaz, VP Product, ESG & Data Intelligence at EcoOnline. "Our CSRD reporting capabilities are unparalleled, combining a sophisticated calculation engine with comprehensive climate and scenario analysis to help organisations identify and manage material risks effectively. This ensures that our clients not only comply with CSRD requirements but also gain valuable insights into their sustainability performance and can make informed decisions regarding material ESG topics, ultimately improving overall business outcomes."
EcoOnline's CSRD Assessment comes with the following innovative features to meet market demands, all backed by expertise from in-house sustainability analysts:
- Powerful Calculation Engine: Automatically selects, converts, and computes greenhouse gas (GHG) emissions as well as CO2 equivalents, ensuring accurate reporting across any framework.
- Physical Climate Risk Analysis: Simplifies the process of identifying material risks and managing data for the organisation, locations, and the supply chain to comply with CSRD reporting requirements.
- Audit-ready Workflows: Built-in QA workflows assist CSRD preparers in ensuring data quality and availability for third-party external assurance.
- Data Collection: Provides a comprehensive question structure covering all ESRS standards, facilitating data collection ready for drafting a CSRD disclosure.
- Scenario Analysis: Enhances materiality assessment by incorporating data-driven insights from our climate risk module, offering insights into transitional, financial, and both acute and chronic physical climate risks across various scenarios and time scales.
According to independent analyst firm Verdantix, "Institutions are seeking complex and varied answers to ESG-related questions to inform sustainable investment preferences and exclusions. More accurate reporting is therefore critical, not only to give investment managers better insight into business performance and exposure to risks on certain metrics, but to provide the firm itself with information to understand how it has made improvements over time. In this way, the reporting process moves beyond a tick-box exercise, to deliver against goals and drive change in line with a firm's sustainability strategy."1
EcoOnline's ESG software offers extensive data-driven capabilities, including access to over 4 million data points that can be queried at once. It also provides robust monitoring of millions of hectares of land and tracks over 400,000 individual locations. The new CSRD Assessment represents a significant step forward in helping organisations meet their sustainability reporting obligations while driving responsible business practices and climate resilience.
EcoOnline recently released its free Sustainability Navigator Tool to guide business through their eligibility requirements for reporting obligations, including if there is a need to comply with CSRD.
The CSRD Assessment is available immediately in English, with other European languages scheduled for later in the year.
About EcoOnline:
EcoOnline makes it easier for you to protect your workforce and the planet. Champion worker safety and climate compliance with EcoOnline's intuitive suite of software solutions in Chemical Safety, Sustainability Reporting, and all aspects of Environmental, Health, and Safety (EHS) including Learning and Training.
With over 25 years of experience in 90 industries, EcoOnline is trusted by more than 10,000 brands worldwide. To make a significant impact to the safety and sustainability of your business visit www.ecoonline.com
1 Verdantix, "Strategic Focus: CSRD And ESG Reporting Readiness," Guy Lewis & Kim Knickle, 23 February, 2024 |
Contact: Alyssa Fishwick, Senior Director of PR: Alyssa.fishwick@ecoonline.com
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