Insights on how business operations impact stakeholders are imperative for organisations to be resilient and thrive. As such, interconnected sustainability and financial information is no longer optional – it’s essential.
Findings from our global survey, interviews and roundtables assessing organisations’ readiness to create and use sustainability information call for professional accountants and organisation leaders to
- Harness the power of regulation to build resilience and create sustainable profits – 71% identify regulatory compliance and the corresponding licence to operate as a key driver.
- Assess and optimise stakeholders’ roles throughout the information cycle – 30% find collaboration among industry peers to be most helpful to overcome challenges in creating or using sustainability information.
- Lead the change – only 16% of senior management and boards use sustainability information when making decisions.
- Act now – join the 53% who have started creating and using sustainability information and continuously improve.
Watch our animated overview of the key findings and recommendations, then explore the
Recommendations
- Move beyond compliance. Create sustainability information for compliance and use it to become more resilient and thrive.
- Prioritise globally relevant standards. Start with standards relevant to the jurisdiction and to key stakeholders along the value chain.
- Leverage regulatory reporting ecosystems. Maximise use of available support, guidance, and incentives while being mindful of penalties.
- Know your business end-to-end. Identify the key resources needed and who provides them. Seize opportunities and manage risks threatening the availability or quality of these resources.
- Bake sustainability into stakeholder management. Exchange insights through regular two-way communication with key stakeholders, including policy makers and regulators.
- Build agile systems focused on the end users that better connect sustainability and financial data to meet both internal and external users’ needs.
- Collaborate boldly across industries and regions to drive efficiency and effectiveness. Share expertise, build capacity, minimise blind spots, and continually improve together.
- Champion sustainability. Senior leaders and professional accountants need to recognise the importance of sustainability and drive the necessary conversations and actions.
- Build a flexible resourcing model to facilitate access to relevant skills as and when needed.
- Be proactive. Start now, seize opportunities and build momentum.
Written by Sharon Machado, Aaron Saw, Hsiao Mei Chow