Deloitte Announces New Workiva ESG Accelerators to Help Streamline CSRD Compliance

Rhea-AI Summary

Deloitte and Workiva have launched four new sustainability-focused accelerators to streamline compliance with the EU's Corporate Sustainability Reporting Directive (CSRD). The new tools include a CSRD Double Materiality Accelerator, Financed Emissions Calculator, ESRS Mapping Accelerator, and Activity Log Analyzer.

These accelerators, available in the Workiva Marketplace, are designed to enhance ESG reporting capabilities by helping organizations with double materiality assessments, Scope 3 greenhouse gas calculations, regulatory gap assessments, and workflow tracking. According to Workiva's research, 88% of institutional investors prioritize companies that effectively integrate financial and ESG data.

Four new accelerators focus on double materiality review, finance emissions calculations, gap assessments and compliance workflow tracking

NEW YORK, Nov. 20, 2024 /PRNewswire/ -- In an extension of Deloitte and Workiva's existing alliance and environmental, social and governance (ESG) accelerators, Deloitte and Workiva announced today the release of four new sustainability-focused accelerators to help organizations streamline regulatory compliance activities required under the European Union's (EU) Corporate Sustainability Reporting Directive (CSRD). The new accelerators provide organizations with tools to help enhance double materiality review, calculate financed emissions, conduct regulatory gap assessments and track related workflows.

Available now in the Workiva Marketplace, the new Deloitte-built accelerators are offered along with Deloitte's advisory services and are designed to help expand and enhance organizations' sustainability-focused governance, risk and compliance (GRC) controls and automation functionality within the Workiva platform to help further ease compliance activities related to the CSRD and other EU regulatory standards.

"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," said Dina Trainor, a managing director and ESG controllership leader, Deloitte & Touche LLP. "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. Our goal continues to focus on helping companies meet their reporting obligations, reinforce stakeholder confidence in their commitments to responsible practices and foster a more sustainable future for society."

"Investors are increasingly seeking transparency, particularly in relation to sustainability practices. Our research indicates that 88% of institutional investors prioritize companies that effectively integrate financial and ESG data," said Julie Iskow, president and chief executive officer of Workiva. "Workiva is the only platform in the industry bringing financial reporting, ESG and GRC together in one secure, controlled, audit-ready environment. 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."

Deloitte's new ESG accelerators for use on the Workiva platform include:

• CSRD Double Materiality Accelerator, a workspace accelerator preconfigured in alignment with Deloitte's double materiality methodology, designed to help enable a faster and more efficient implementation of CSRD double materiality assessments.
• Financed Emissions Calculator, a Deloitte-built calculator accelerator that sits on the Workiva platform that helps organizations streamline Scope 3 greenhouse gas (GHG) Category 15 financed emissions ("Scope 3 financed emissions"). The calculator tool leverages the Partnership for Carbon Accounting Financials' (PCAF) framework for GHG emissions reporting to help enhance automation and increase transparency in calculations.
• ESRS (European Sustainability Reporting Standard) Mapping Accelerator, a gap assessment accelerator designed to enable clients to conduct faster and more efficient ESRS gap assessments on the Workiva platform. After completing a double materiality assessment, the accelerator can be used to map existing GRI (Global Reporting Initiative) disclosures to ESRS reporting requirements outlined within the CSRD to identify gaps in disclosure requirements that may require future remediation.
• Activity Log Analyzer, a workflow tracker accelerator designed to maintain a complete log of workspace-specific user information and activities from the Workiva platform to help organizations monitor and track ESG activities in a more comprehensive and streamlined manner. This accelerator can also be tailored to a range of use cases to help clients identify and monitor user activities across other initiatives.

About Workiva
Workiva Inc. (NYSE: WK) is on a mission to power transparent reporting for a better world. We build and deliver the world's leading cloud platform for assured integrated reporting to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Workiva offers the only unified SaaS platform that brings customers' financial reporting, Governance, Risk, and Compliance (GRC), & Environmental, Social, and Governance (ESG) data together in a controlled, secure, audit-ready platform. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 457,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

View original content to download multimedia:https://www.prnewswire.com/news-releases/deloitte-announces-new-workiva-esg-accelerators-to-help-streamline-csrd-compliance-302310407.html

SOURCE Deloitte

FAQ

What are the four new ESG accelerators announced by Deloitte for Workiva (WK)?

The four new accelerators are: CSRD Double Materiality Accelerator, Financed Emissions Calculator, ESRS Mapping Accelerator, and Activity Log Analyzer, all designed to help streamline CSRD compliance.

How will Workiva's (WK) new ESG accelerators help with CSRD compliance?

The accelerators help organizations streamline regulatory compliance by enabling double materiality assessments, calculating financed emissions, conducting gap assessments, and tracking compliance workflows within the Workiva platform.

What percentage of institutional investors prioritize companies with integrated financial and ESG data according to Workiva (WK)?

According to Workiva's research, 88% of institutional investors prioritize companies that effectively integrate financial and ESG data.

What is the purpose of the Financed Emissions Calculator in Workiva's (WK) new ESG accelerators?

The Financed Emissions Calculator helps organizations streamline Scope 3 greenhouse gas Category 15 financed emissions calculations using the PCAF framework to enhance automation and transparency.