(This blog post was originally published on October 9, 2023 and has been updated.)
Created by the European Union, the Corporate Sustainability Reporting Directive (CSRD) is a pivotal shift in corporate ESG reporting. Connected to the European Sustainability Reporting Standards (ESRS) , it establishes unprecedented, rigorous standards—requiring better data collection, greater transparency, and real accountability through new public-facing reporting.
CSRD represents a new reporting responsibility for companies but for those that effectively manage the obligation, they can gain real business value from the work. Organizations that adapt in the most efficient way possible will gain new insights into their supply chain and will be well-positioned to address the demands of the wider business landscape and the expectations of their end customers. Â
How to address ESRS and CSRD in 2024
The first CSRD reporting period is due in early 2025, using 2024 data and performance. Today, there is a time-sensitive need for companies to find a robust solution and train their teams on how to meet these new obligations.Â
And at Benchmark Gensuite, we’re excited to announce that the European Sustainability Reporting Standard (ESRS), a part of the CSRD framework, is now a core part of the Benchmark Gensuite Sustainability Platform as part of our range of disclosure reporting tools without the need for third-party apps or API integrations.Â
Disclosure Reporting Made EasyÂ
It’s important to help those affected by CSRD reporting to efficiently handle the immense data collection and management demands of CSRD and in turn, create business value from their sustainability reporting efforts.
Our sustainability team carefully analyzed ESRS to build a set of essential reporting metrics that covers enterprise-level CSRD reporting requirements. What’s more, these metrics match the material topics that are already part of Disclosure Director, the ESG reporting module of the Benchmark Gensuite platform. This makes it easy for companies to collect and use critical environmental and sustainability data and avoid redundancy or repetition across their disclosure reporting.
Building on the wide range of frameworks already incorporated into the Benchmark Gensuite platform including GRI, CDP, SASB, BRSR, and TCFD, in addition to offering customizable framework options, the integration of ESRS makes Benchmark Gensuite the most comprehensive corporate sustainability reporting solution available today.
Adding ESRS requirements to the Benchmark Gensuite platform facilitates CSRD compliance by providing:
- Streamlined and automated ESRS workflows, speeding up time to adoptionÂ
- Complete control over reporting including materiality, dates, responsibilities, and data collection, and ongoing progress
- Investment-grade data quality and audit trail support, as required by CSRDÂ Â
- Sorting of clauses by applicability and relevance, based on ‘can’/’may’/’should’ language Â
- Workflow dashboards for an instant data overview, plus easy follow-up for overdue work Â
- Precise matching of reporting obligations with site operations profiles, boosting efficiency
- Built-in ESRS templates to report and share in one click for greater convenience
Building on the wide range of frameworks already incorporated into the Benchmark Gensuite platform including GRI, CDP, SASB, BRSR, and TCFD, in addition to offering customizable framework options, the integration of ESRS makes Benchmark Gensuite the most comprehensive corporate sustainability reporting solution available today.
CSRD Done Right Adds Value to Your Organization Â
Streamlining your sustainability reporting process with Benchmark Gensuite frees up valuable time and resources to focus more on sustainability strategy and less on data management. And with the addition of valuable ESRS tools to the Benchmark Gensuite toolkit, companies now have a practical and effective solution to meet their CSRD reporting obligations.
The impact extends far beyond compliance too; by simplifying CSRD reporting, Benchmark Gensuite drives performance improvements across entire organizations, including improved corporate transparency and brand trust.
The ESRS framework is available now in the Benchmark Gensuite Sustainability platform. Join the leading subscribers already using our CSRD solutions to add value to their companies.
