You’ve decided to start capturing and reporting on ESG data within your organization, the team is ready to go and management is waiting for your first report. Congratulations! You’re one step closer to making your organization – and the planet – a better place. However, making that decision was probably the easy part, because now the real challenge begins. A great way of getting started and staying on top of your ESG Program is by leveraging the Enterprise ESG Cycle.
To learn how to set up your ESG program and reporting for success, download the Ultimate guide to ESG management essentials
The Enterprise ESG Cycle steps:
The Enterprise ESG Cycle includes 5 easy steps. If implemented correctly, following these steps will allow your organization to implement an ESG management program strong enough to support both your internal company goals and the goals of your broader stakeholder audience. Let’s dive in:
- Define Goals
- Gather Data
- Identify Gaps and Risks
- Report Findings
- Refine Strategy
Read our blog: Explore ESG specific data gathering and tracking best practices
Key ESG frameworks
When considering implementing the enterprise ESG cycle to your ESG management program, it’s important to understand all of the key frameworks that are available to use while setting your goals, some of them include:
- GRI: A thorough and data-driven framework that is well recognized globally.
- SASB: A very well recognized and widely adopted framework that is based on data-driven metrics customized to specific sectors.
- CDP: A comprehensive framework with strong reputation that is more focused on the “E” of ESG.
- TCFD: A framework often used by asset managers and financial services and focuses heavily on the “E” of ESG.
- WEF Stakeholder Capitalism Metrics: Metrics based on various frameworks that are aligned to Sustainable Development Goals. These metrics also offer 2 levels of depth for analysis.
You might want to use one of these frameworks, a mix of them, or even build your own – whichever you chose, you should ensure that the tools you will be using for data gathering and analysis support your choice and offer the flexibility you need both now and in the future. And that the metrics you do choose will help you achieve your ESG program goals.
