Deloitte Accelerators Help to Streamline CSRD Compliance
The EU’s new Corporate Sustainability Reporting Directive (CSRD) enhances corporate sustainability reporting by making it more transparent, standardised and comparable across companies.
Expanding the scope of the Non-Financial Reporting Directive (NFRD), CSRD supports the EU’s sustainability objectives including the European Green Deal.
Key features of the CSRD:
- Wider Applicability
- Mandatory Standards
- Assurance Requirements
- Double Materiality
- Scope of Reporting
- Digital Reporting
Deloitte and Workiva expand their existing alliance
Helping clients with financial digital transformation, Deloitte and Workiva enable CFOs, controllers and finance and compliance professionals to reduce risk, drive operational efficiency and expand business growth.
Together the two provide a collaborative reporting platform to achieve reporting and compliance functionalities that are automated, auditable and repeatable.
"The demand for a comprehensive and dynamic platform to manage ESG reporting and other regulatory compliance activities continues to grow alongside the expanding global regulatory environment and other government-led climate initiatives," said Dina Trainor, a Managing Director and ESG Controllership Leader, Deloitte & Touche LLP.
Expanding on their ESG accelerators, Deloitte and Workiva have released four new sustainability-focused accelerators to help organisations streamline regulatory compliance activities required under the EU CSRD.
The new accelerators provide organisations with the tools to help enhance double materiality review, calculate financed emissions conduct regulatory gap assessments and track related workflows.
"Deloitte's latest accelerators on the Workiva platform can help organizations to more easily untangle and report on complex and sometimes overlapping ESG reporting rules. Our goal continues to focus on helping companies meet their reporting obligations, reinforce stakeholder confidence in their commitments to responsible practices and foster a more sustainable future for society,” added Dina.
What are the new accelerators?
CSRD Double Materiality Accelerator
Preconfigured in alignment with Deloitte’s double materiality methodology, this accelerator is designed to help enable faster and more efficient implementations of CSRD double materiality assessments.
Financed Emissions Calculator
A Deloitte-built calculator, this accelerator sits on the Workvia platform helping to streamline Scope 3 greenhouse gas (GHG) Category 15 fianced emissions (Scope 3 financed emissions).
The calculator leverages the Partnership for Carbon Accounting Financials (PCAF) framework for GHG emissions reporting to enhance automation and increase transparency in calculations.
ESRS (European Sustainability Reporting Standard) Mapping Accelerator
Focused on gap assessments, this accelerator enables clients to conduct faster and more efficient ESRS gap assessments on the Workvia platform. After completing a double materiality assessment, this accelerator can be used to map existing global reporting initiative disclosures.
Activity Log Analyzer
A workflow tracker accelerator designed to maintain a complete log of workspace-specific user information and activities from the Workvia platform. This accelerator helps clients identify and monitor user activities across initiatives.
"Investors are increasingly seeking transparency, particularly in relation to sustainability practices. Our research indicates that 88% of institutional investors prioritise companies that effectively integrate financial and ESG data," said Julie Iskow, president and chief executive officer of Workiva.
"Workiva is the only platform in the industry bringing financial reporting, ESG and GRC together in one secure, controlled, audit-ready environment. Deloitte's new ESG accelerators leverage the full capability of the Workiva Platform to help clients address the need for reporting that is integrated across business lines, accessible to all stakeholders and powered by innovation to ultimately achieve better, faster integration of ESG into governance frameworks,” adds Julie.
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