In the recent webinar hosted by Dayrize, we brought together a panel of experts in sustainability, compliance, and ESG strategy to delve into the dynamic landscape of sustainability regulations and compliance excellence. Moderated by Jasmine, our Marketing Director, the panel featured Daniel Viviers-Rasmussen from NewForesight, Sam Preece from PWC UK, and Laura Pillari from Dayrize. This insightful discussion provided participants with a comprehensive understanding of the challenges, effective strategies, and the profound impact that sustainability compliance has on businesses.
The discussion began with Jasmine unveiling three key compliance challenges: discovering compliance gaps, assessing compliance readiness, and the implementation of processes and metrics throughout the supply chain. We highlighted the need to go beyond a ‘compliance checklist’ by making fundamentally changes to how your business operates. The panel emphasized the crucial role of organizational culture, senior leadership, and staff buy-in for effective compliance.
Here are the highlights and significant points from our expert panel’s discussion:
Understanding Regulations and ESG Strategy
The panel delved into the complex and multifaceted regulatory landscape, emphasizing the need for a comprehensive understanding of what is in scope. Using existing regulations and guidance, coupled with quality data, was identified as crucial for building a robust ESG strategy. The divergence in the use of management information and compliance data sets was discussed, with AI and machine learning expected to streamline sustainability reporting, focusing more on narratives than data disclosure tables.
Value and Corporate Culture
The integration of ESG metrics into decision-making processes was highlighted as dependent on corporate culture, starting from the top. Executive teams are increasingly recognized and rewarded for ESG metrics, driving the need for clear, robust reporting and data metrics. The integration of ESG metrics into financial reporting and disclosure is expected to increase transparency and consistency in the data disclosed.
Furthermore, a crucial point raised was the significance of narrative reporting; avoiding an exclusive focus on compliance and developing a deeper understanding of how data can propel company success and behavioral change. Sam highlighted that regulations foster consistency and enhance the quality of decision-making data. Additionally, technology solutions and specific datasets were emphasized as essential tools for informed decision-making, aligning with Laura’s observation of the evolving perception of sustainability and compliance—from a threat, to a valuable opportunity.
Challenges in Assessing Compliance Readiness Level
The discussion shifted to the challenges businesses face in assessing their compliance readiness level. Clear organization and reporting boundaries, coupled with technology solutions, were identified as crucial for efficiently monitoring and interpreting regulations. We highlighted the role of technology in identifying compliance gaps, baselining information, and reducing effort through automation.
Understanding Sustainability Compliance in Organizations
Sustainability compliance was discussed through the lens of mature reporting regimes, with CFOs and finance teams playing a crucial role. The integration of data systems with ERP platforms was identified as a simple way for ESG compliance and associated data to become routine and high-quality.
Key Takeaways
The panelists concluded the session by making some key recommendations:
✔️ Prioritize actions that have the biggest impact, and look at integrating technology solutions to assist you in quickly adding value.
✔️ Tackle big-ticket items without being spooked by complexity; avoid overcomplicating the process.
✔️ Understand the “why” behind compliance, ensuring a goal-oriented implementation aligned with leadership and culture.
✔️ Compliance is an opportunity to engage, energize, and drive positive sustainability outcomes; frame it within the broader mission of your organization.
Don’t worry if you missed it; click on the link for the full recording and enjoy this insightful conversation on-the-go.
Next Webinar: Exploring Net Zero from a Product Level Perspective
We invite you to explore net zero from a product-level perspective and share the challenges and questions companies might be facing. Dayrize continues to lead the way in fostering conversations that drive sustainable practices and create positive impacts on businesses and the environment!
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