Deloitte Launches New CSRD Sustainability Reporting Compliance Solutions on Workiva Platform
Global professional services firm Deloitte announced today the expansion of its “ESG accelerators” on the Workiva platform, with the launch of four new solutions aimed at helping companies comply with the regulatory requirements of the EU’s new Corporate Sustainability Reporting Directive (CSRD).
Key CSRD requirements targeted by the new solutions include double materiality, financed emissions calculation, regulatory gap assessments, and workflow tracking.
The release of the new products follows the launch in May 2022 by Deloitte of a series of ESG accelerators on Workiva Marketplace aimed at helping companies’ finance, accounting, controllership and compliance teams to collect, manage and report ESG data. In 2023, Deloitte added a series of accelerators to the suite, including tools to calculate Scope 3 emissions, support continuous control monitoring, and simplify sustainability reporting.
Dina Trainor, Managing Director and ESG Controllership Leader, at Deloitte & Touche LLP, said:
“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. 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.”
The CSRD is a major update to the EU’s sustainability reporting framework, significantly expanding the number of companies required to provide sustainability disclosures to over 50,000 from around 12,000. Based on new underlying European Sustainability Reporting Standards (ESRS), the CSRD introduces more detailed reporting requirements on company impacts on the environment, human rights and social standards and sustainability-related risk. The CSRD took effect from the beginning of 2024 for large public-interest companies with over 500 employees, with the first reports to be issued in 2025, followed by companies with more than 250 employees or €50 million in revenue in the following year, and listed SMEs one year later.
Among the key requirements introduced by the CSRD is the use of a “double materiality” approach to sustainability reporting, which includes reporting both on the risks and impact of sustainability issues on an enterprise, as well as on the enterprises’ impacts on environment and society. The new solutions include a CSRD Double Materiality Accelerator, designed to help enable a faster and more efficient implementation of CSRD double materiality assessments.
The new solutions also include a Financed Emissions Calculator, leveraging the Partnership for Carbon Accounting Financial (PCAF) framework, to help streamline Scope 3 financed emissions reporting requirements; an ESRS Mapping Accelerator to help users conduct faster and more efficient ESRS gap assessments, and which can also be used to map existing GRI disclosures to ESRS reporting requirements to identify gaps in disclosure requirements, and; an Activity Log Analyzer, a workflow tracker enabling users to maintain a log of information and activities from the Workiva platform in order to monitor and track ESG activities in a more comprehensive and streamlined manner.
The new accelerators are available on the Workiva Marketplace platform, and offered alongside advisory services from Deloitte.
Julie Iskow, President and CEO of Workiva, said:
“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.”