Wolters Kluwer sets out ESG reporting strategy to bring clarity to clients
By Gloria Methri
The Wolters Kluwer Corporate Performance & ESG (CP & ESG) division has set out key issues that major corporate and financial services institutions should consider when tackling emerging ESG reporting challenges.
The insights are featured in its strategic report, “Bringing clarity to the complexity of financial and ESG reporting,” which focuses on the impact that the expected enforcement of global ESG regulations will have on multinational companies.
Kluwer CP & ESG experts recommend that companies work quickly to leverage technology to bring clarity to the myriad of ESG expectations they face, by transforming the way they collect, report, analyze, and assure the accuracy of integrated financial and non-financial reporting data.
Specifically, Wolters Kluwer outlines why investors, consumers, analysts, employees, and other key stakeholders are viewing corporate ESG performance as a key indicator of a business’s operational health, right alongside financial key performance indicators (KPIs).
The strategy also explores five key priorities for C-suite leaders who want to leverage integrated ESG and financial reporting as a competitive advantage. Experts also examine how digital transformation is essential for organizations that want to cut through new levels of data complexity, mitigate evolving risks, and comply with the ever-changing regulatory environment.
Globally, multinational companies are already trying to make sense of the more than 600 different pieces of ESG regulation that are currently in play. Wolters Kluwer’s strategic overview is released ahead of expected moves by regulators in the European Union (EU), Japan, the UK, the US, and other countries that are actively considering the implementation of new mandatory disclosure requirements, as part of broader efforts to align reporting comparability and transparency for investors.
“For the first time in history, businesses are being required to report on both financial and non-financial data. This shift is creating a true sea change in the complexity of corporate reporting, which cannot be addressed with manual processes or legacy technologies alone. There will undoubtedly be regional nuance and points of difference, but most significant regulatory frameworks will be complex and robust,” said Karen Abramson, CEO of Wolters Kluwer CP & ESG.
“This new reality will require smart, agile data management solutions. The businesses that digitally transform the way they collect, report, analyze, and assure the accuracy of their financial and ESG data and reporting will create a distinct competitive advantage.”
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