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Navigating CSRD Compliance: Unlocking Strategic Value Through a Double Materiality Assessment
Sustainability has become a central theme in business strategy, not just for compliance but to foster long-term growth. In this context, we recently supported a multinational in the bakery and milling industry to navigate the complexity of the Corporate Sustainability Reporting Directive (CSRD). By conducting a Double Materiality Assessment (DMA), the client aimed to identify material Environmental, Social, and Governance (ESG) topics to enhance strategic decision-making, meet CSRD requirements, and position itself as a sustainability leader in its sector.
Challenge
The implementation of the Corporate Sustainability Reporting Directive (CSRD) has posed a significant challenge for companies across Europe, requiring them to adopt a comprehensive and transparent approach to sustainability reporting. Under the CSRD, organizations must assess both impact materiality—their environmental and social impacts—and financial materiality—the financial risks and opportunities arising from sustainability matters. Compliance with these stringent requirements is crucial, as it directly influences an organization’s ability to align with the European Sustainability Reporting Standards (ESRS) and maintain credibility among stakeholders.
Under the CSRD, organizations must assess both impact materiality—their environmental and social impacts—and financial materiality—the financial risks and opportunities arising from sustainability matters.
Approach
Our tailored approach unfolded in five iterative steps to deliver actionable insights:
Document Analysis
We initiated the project with comprehensive desk research, reviewing internal and industry-specific documents, such as annual reports, carbon footprint analyses, and industry benchmarks. This process helped define the company’s core ESG topics and ensured alignment with the ESRS framework.Stakeholder Engagement
We engaged more than a hundred stakeholders for the impact and financial materiality assessment, including employees, customers, NGOs, investors, and senior management. Data was collected using surveys, interviews, and focus groups to gather quantitative and qualitative insights.Data Processing and Refinement
Through an AI-powered pipeline, we categorized and scored over 3,000 potential Impacts, Risks, and Opportunities (IROs) based on scale, scope, and likelihood. A final list of high-priority IROs was identified for deeper evaluation.Materiality Scoring and Analysis
Using a weighted scoring system, we assessed the materiality of ESG topics from two perspectives:
Impact Materiality: Topics with significant effects on the environment and society.
Financial Materiality: Issues presenting risks or opportunities that could materially impact the company’s financial position.
5. Strategic Integration and Validation
The findings were validated with the client’s leadership team through collaborative workshops. Material topics were prioritized for immediate action.
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Impact
The Double Materiality Assessment ensured compliance with the Corporate Sustainability Reporting Directive (CSRD), enabling the company to meet the requirements of the European Sustainability Reporting Standards (ESRS) and prepare its first compliant sustainability statement. In addition to regulatory compliance, the assessment provided a detailed analysis of the company’s most material ESG topics, offering valuable insights into risks, opportunities, and impacts across the value chain. While the findings have not yet been fully integrated, they give the company a strong foundation to incorporate sustainability into its decision-making processes. This will allow for more effective resource allocation, enhanced risk management, and the ability to identify and act on future sustainability opportunities.
Are You Ready to Turn CSRD Compliance into a Strategic Advantage?
Discover how our tailored Double Materiality Assessment can help you not only meet the Corporate Sustainability Reporting Directive (CSRD) requirements but also unlock valuable insights to drive strategic growth. Let us guide you through a seamless compliance journey—contact us today to elevate your sustainability reporting and decision-making!
