SmartTrackers’ CSRD roadmap
The CSRD, which stands for Corporate Sustainable Reporting Directive, has been a hot-topic for a while. It’s the new European legislation that requires companies to report on the impact of their activities concerning the environment and society.
But what do you report, and how do you do that exactly? But most of all: how can SmartTrackers help you? This article gives you an overview of the CSRD and what that means for SmartTrackers’ roadmap concerning this new legislation.
The ESRS
The CSRD consists of an extensive package of standards: the ESRS. ESRS stands for: European Sustainability Reporting Standards. These contain the information about what you as a company should report on, and how you should report on them. Topics include climate change, pollution or the working standards in your value chain. SmartTrackers is working on translating the ESRS, and the draft data points, into our software so you can work through the subjects step-by-step, similar to how SmartTrackers works for other standards. We expect to publish these questionnaires soon.
Double materiality
Good news: you probably don’t have to report on every subject in detail. To know what you should and shouldn’t report on, you first have to determine – and argue – why a topic is or isn’t relevant for your business. You do this for the impact your own company has on the environment and society, and vice versa. This is what we call ‘double materiality’. There also is a new risk-analysis, to make sure your report is complete. The result is a complete and clear overview of the ESRS that are applicable to your company. Plus, you have a portfolio to help explain your choices. We also expect to launch this soon.
What do you need for reporting?
You don’t just report on your own impact, but also on the impact of your value chain. You need a clear stakeholder analysis to do that correctly. We are going to give concrete pointers in our software on how to handle this. We will offer the possibility to collaborate with an advisor alongside the use of our software, if you need structural advice.
The future
We will continue to evolve as the CSRD evolves. That means that whenever there is an update for the CSRD, we will update our software, too. In the future we want to improve the information exchange between our Measurements and Assessments application for reporting. We are planning to work on an integration with other systems to reuse source data so not everything has to be done manually For instance data from financial administration or HR.
Keep an eye on our communication channels to know when we’re going to publish the next step in the CSRD process. If you do not use SmartTrackers yet, make sure to book a demo. A demo is the best way to find out how our software helps you reach your sustainability goals.