As part of a joint cooperation, the consulting and auditing company Deloitte and the credit bureau SCHUFA Holding AG support companies, banks and investors with sustainability reporting. Under the name “ESG Solution 360”, both companies are combining their expertise in a partnership in order to provide the committed companies with comprehensive support, from the initial consultation, to the implementation of measures for more sustainability in the company, to a platform solution for this Reporting of sustainability data.
Companies are ill-prepared for the requirements of CSRD
Since 2022, as part of the “Green Deal”, the EU has gradually obliged credit institutions, investors and companies to measure and report on the sustainability of their economic activities. However, the EU taxonomy and the Corporate Sustainability Reporting Directive, or CSRD for short, pose major challenges for the companies obliged to do so, because the associated requirements for sustainability reporting often involve considerable time and money and the data required is not fully comprehensive or easy today available. In addition, the regulations are very complex and volatile and the scope of application is constantly expanding.
“The CSRD obliges companies from industry to the service sector to financial institutions to disclose information about the social and environmental impacts of their actions. The reporting obligations will be gradually expanded over the next few years in terms of content and the group of those obliged. However, we see that the implementation of appropriate strategies and measures still poses major challenges for many companies,” explains Wilhelm Koch, Director of Risk Advisory at Deloitte. “Deloitte is one of the market leaders in the area of ESG consulting and offers services and advice from strategy to the audit-proof implementation of measures. Through the cooperation between Deloitte and SCHUFA, committed companies benefit from full support throughout the entire process of their sustainable transformation,” explains Wilhelm Koch.
“With the ESG Solution, SCHUFA offers one of the market-leading solutions for ESG reporting for banks and companies in Germany. The platform makes it possible to fulfill the reporting obligations of the EU Taxonomy Regulation and the CSRD with AI support and to provide a clear overview of the sustainability of the business. Using the platform, everyone involved can exchange the relevant data with each other and avoid double data entry,” adds Dr. Felix Lowinski, Head of Corporate Customers at SCHUFA.
Support from the initial consultation to reporting
Deloitte has many years of sustainability expertise and supports companies worldwide from the conception to the implementation of appropriate measures. Specialist knowledge and methods relating to the topic of sustainability are bundled and implemented with interdisciplinary project teams. Deloitte has a strong network of relationships with the leading stakeholders in the field of sustainability, including industry, research institutes as well as sustainability experts and politics.
With the SCHUFA ESG Solution, obligated credit institutions, investors and companies can meet current and future regulatory ESG requirements easily, efficiently and in a structured manner. The platform also offers easy data exchange between credit institutions, investors and companies and automatically calculates the required key figures of the EU taxonomy and CSRD. Artificial intelligence specially trained on ESG supports users in creating reports, offers legal assistance and provides best practice examples. All relevant information can be exchanged via the platform, thus avoiding double data entry. Companies, banks and investors save time, effort and costs when fulfilling their CSRD and EU taxonomy obligations.
Source: SCHUFA (German Language only)
