Deloitte has furthered its collaboration with Informatica and Workiva to expand its integrated environment, social, and governance data ecosystem, meant to allow businesses and organizations to accelerate ESG deployments and reporting operations.
The new data management offering combines Informatica’s Intelligent Data Management Cloud, Workiva’s cloud-based regulatory reporting system, and Deloitte’s technology and domain experience. The platform aims to respond to cited concerns from business leaders, many of whom express difficulty in measuring their organization’s environmental impact.
Complexity within sustainability standards reporting often stems from having to collect data from a large number of sources across extended value chains. Therefore, data management systems geared towards ESG reporting standards have emerged as a viable solution for streamlining the process.
“As the only unified platform in the industry bringing financial reporting, ESG, governance, risk, and compliance together in one secure, controlled, audit-ready environment, our collaboration with Informatica and Deloitte will help our shared clients promote responsible business practices and ultimately gain competitive advantage through early risk mitigation and transparent reporting,” said Corey Wells, senior vice president of partners and alliances for Workiva. “This new ecosystem marks an exciting next step as we continue to help our customers optimize their ESG reporting.”
ESG Reporting Tools Emerge as Standards and Investments Increase
ESG, once mainly considered a risk-mitigation measure, has become a major focus for many businesses as they consider its connection to long-term financial returns. Deloitte explains that ESG has become a major contributor to business growth and achieving a competitive advantage, so reporting with accurate data has become increasingly necessary. Further, companies have started to face stricter ESG reporting measures and higher transparency expectations from investors.
A number of data management tools have entered the market to make reporting easier for companies, especially as many report a lack of ESG policies, skills, and systems in place for independent handling of ESG reporting.
In November 2023, Nasdaq launched its Sustainable Lens SaaS platform, particularly to support companies as some sustainability reporting standards will soon become mandatory. Future Investment Institute has also unveiled its Inclusive ESG Tool, specifically tailored to investment in emerging markets.