ESG Reporting Frameworks
ESG Framework Development
Environmental, Social and Governance (ESG) reporting frameworks are developed and enforced by government institutions to ensure organizations define their ESG objectives. The impact of these goals on business and the environment is very diverse. Many of these published frameworks focus mainly on carbon footprints and environmental impacts, while other frameworks address social issues like human rights and social outcomes.
The ESG framework is complex and developing it requires a deeper knowledge of the full spectrum of Environmental, Social, and Governance (ESG) issues. This knowledge is a combination of domain expertise and compliance know-how in the ESG space. ESG-related domain expertise includes sustainability, human rights, corporate governance, social compliance in different regulatory jurisdictions, and how to ensure compliance with applicable laws, regulations, and standards.
Most commonly used ESG frameworks for Supply Chain Sustainability
In order to identify the appropriate ESG strategy & ESG Framework for your organization, you need to determine which framework applies based on your geography of presence and the products and services you sell. The next step is to perform a gap analysis with respect to measuring parameters like scope 1, scope 2 and scope 3 with respect to the environment. Inclusion and diversity in social issues and governance issues such as transparency and accountability.
Further, develop an ESG strategy that includes the goals and objectives of your company’s ESG initiatives. This ESG strategy should include the strategies, tactics, and processes you will use to achieve them. A good place to start would be to find a capable outsourcing partner, such as us.
ComplianceXL bridges the gap between strategy and execution. With our expertise in identifying the applicable frameworks for your organization based on your operational geography, you can achieve environmental, social, and governance goals while at the same time accelerating your business. Our responsibility is to ensure that the company’s ESG reporting frameworks set standards and guidelines that are accurate, timely, and consistent.
