GRC - Environmental Social Governance

ESG Internal Control System

In the context of increasing requirements in the area of environmental social governance (ESG), ESG-related key performance indicators (KPIs) are also becoming increasingly important. These are not only important for sustainable corporate management, but also for external financial reporting. At the same time, the growing interest of important stakeholders is increasing the pressure on the quality of the data on which the KPIs are based, and not only in the case of key performance indicators relevant to management. As a result, the KPIs and thus also the processes for obtaining data are also coming more into the focus of the auditors. Our ESG consulting picks up on these topics and helps you to approach them in a structured way.

An appropriate and effective internal control system (ICS) can support you in ensuring adequate data quality that also withstands the requirements of the auditors. In addition, the processes for obtaining data can be designed transparently and efficiently. It is already apparent that the classic scope of finance-related internal control systems is expanding to include the ESG area.

Our many years of experience in industry, IT and consulting ensure that we can offer you tried-and-tested solutions from project planning to ongoing operation - individually tailored to your needs. When designing the ESG-related ICS components, we are guided by IDW PS 982. In doing so, we can draw on concentrated process knowledge from the WTS process house to efficiently design the implementation of your ESG ICS. Within the scope of our ESG consulting, you therefore benefit directly from our interdisciplinary team approach and the experience of other ESG services of the WTS Advisory.

We are a strong partner for the design and optimization of your ESG-related ICS:

• Fast and pragmatic approaches for design and implementation of ICS components

• Transparent process analysis and evaluation to ensure appropriate risk identification in ESG processes

• Focused control design

• Efficient monitoring through flexible reports & dashboard

• Reduced effort through automated workflows

  Support in the reconciliation with your auditor

Climate risk assessment

In developing standards for sustainable financial reporting, various standard setters have highlighted the need for transparent presentation of climate-related risks and opportunities. For example, the Task Force for Climate-related Financial Disclosure (TCFD) framework offers recommendations regarding the reporting of climate-related risks and opportunities (outside-in perspective). These are intended to improve the information basis for investment decisions.

Together with us, you prepare your risk management for the new requirements:

• Analysis and optimization of the risk management organization and methods to ensure that changing requirements are appropriately anchored in the organization

• Accompanying the identification and assessment of your climate-related risks and opportunities

• Support in the preparation of risk reporting

• Implementation of communication and training measures to raise employee awareness of climate risks

• Efficient monitoring through flexible reports & dashboard

• Support in the reconciliation with your auditor
   

If you are interested and have any questions, please do not hesitate to contact us.