The new module, developed with PwC U.K., is intended to help firms meet new ESG disclosure requirements.
IFS, a provider of enterprise cloud and industrial artificial intelligence (A.I.) offerings, reports that it has launched a “sustainability management module” for the 24R2 version of IFS Cloud that is intended to support environmental, social, and governance (ESG) disclosure requirements, officials say.
Officials say the new module was the result of a collaboration with PwC U.K. that brought together “IFS Cloud’s single source of data” and “PwC’s ESG expertise,” all to help customers meet the new requirements of the Corporate Sustainability Reporting Directive (CSRD).
The CSRD “rules require large companies and listed companies to publish regular reports on the social and environmental risks they face, and on how their activities impact people and the environment,” according to the E.U. The first companies under the scope of CSRD “will have to apply the new rules for the first time in the 2024 financial year, for reports published in 2025.”
The module is intended to help with data management, “a key area which is holding organizations back,” officials say. It is intended to streamline “complex data collection, with IFS Cloud providing a single source of organization-wide data that is essential for accurate reporting.”
The new module offers features that are “comprehensive, standardized, and can become interoperable with other forthcoming directives in the future. IFS Cloud customers will also have the option to use PwC’s expert ESG advisory services, including entity scoping, double materiality assessments, gap assessments, and implementation planning to support compliance with the CSRD and with the implementation of their sustainability reporting strategy,” officials say.
The key features of the IFS Cloud Sustainability Management Module are:
- A central location for sustainability-related data across organizational entities;
- An extensive key performance indicator (KPI) catalog with “out of the box” CSRD metrics that are relevant to the business and operations;
- An ability to set long-term organizational goals and track performance;
- Allowing customers to create sustainability plans with targets linked to customers’ KPIs; and
- Transparent disclosure and outcomes for each reporting period.
The KPI Catalog “facilitates the comprehensive management of sustainability KPIs,” officials add. “Furthermore, the module streamlines the management of sustainability data and goals … This integration helps organizations meet regulatory requirements, respond to stakeholder expectations, and achieve their long-term sustainability objectives effectively.”
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