Timeline
Despite the EU Omnibus reforming the scope of the EU CSRD, companies will still have to comply, even if the reporting deadlines have shifted. Businesses will still be required to disclose detailed ESG data over the coming years.
Staying ahead of these evolving requirements is crucial to help your organisation stay compliant, avoid penalties and realise some of the potential benefits from engaging with the reporting process itself.
So, when should you start your CSRD journey? Even if your organisation isn’t required to comply yet, we recommend that you begin now, as setting up an initial report can take over a year and present significant challenges. Below, you’ll find our 15-month plan of action to help you face your responsibilities with confidence.
Months 1-4:
Complete your Double Materiality Assessment (DMA)
Determine the issues driving your Financial Materiality and Impact Materiality to confirm your organisation’s reporting requirements. With the EU CSRD’s 1,100+ data points, completing a DMA will allow you to determine what is material to your business, therefore scaling down the amount of questions that your organisation will have to disclose on.
Months 5-10:
Data Collection
Gather and organise key information from internal teams, external stakeholders and third-party systems.
Months 5 & 6: CSRD Gap Analysis
Assess what you’re currently doing against what you need to be doing in order to meet CSRD requirements. Where are you falling short? Check your data for gaps and compare against your sustainability strategy.
Months 7 & 8: Assurance on DMA and Initial Sign-Off
Check and refine the accuracy of your Double Materiality Assessment, making adjustments as necessary. Present your interim findings to your senior leaders to achieve initial sign-off for your emerging conclusions.
Months 7-10: Greenhouse Gas (GHG) Quantification
Calculate and analyse your business’s GHG emissions to understand the sources and total figure for reporting.
Months 10 & 11:
Quality Analysis
Review your data for consistency and reliability, viewing it through the lens of being ready for external scrutiny and audit. This includes comparing with previous results if available, examining evidence files and performing sense checks.
Months 10-12:
Draft Your CSRD Statement
Interpret your data and the insights it reveals to draft the key elements of your CSRD Statement.
Months 12-14:
External Assurance and Final Sign-Off
Enlist a qualified, independent third party to review and verify your reporting to make sure it meets requirements, implementing any edits or changes as required. Present your final report to your senior leaders to achieve final sign-off for your conclusions, and to drive strategy actions for the coming year as a result.
Month 15:
Disclosure
Submit your final report!
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Dedicated EU CSRD reporting software will ease your administrative burden and centralise all of your required information.