Nasdaq OneReport helps companies position themselves for current and future ESG-related work — whether regulatory or voluntary — to help align overall goals and outcomes across organizational departments and roles.
Whether a company has an embedded legacy in environmental, social and governance
(ESG) reporting or is newly putting processes in place in response to consumer
and market demands, one of the most common obstacles lies in the ongoing
collection, organization and communication of that data.
“If we look through the corporate lens, there are several different pain areas
when it comes to ESG reporting,” Randall Hopkins, Head of Nasdaq
OneReport, told Sustainable Brands™.
Formal ESG data management and reporting is still in early stages for most
companies. Often, it functions as an under-resourced side hustle, placed within
a department not dedicated to sustainability or ESG. Consequently, ESG
continuity is impacted by a revolving workforce that takes their institutional
knowledge along with them to their next project opportunity.
Nasdaq OneReport
aims to solve these challenges by bringing together all of a company’s pertinent
ESG activities into one system. OneReport starts by cataloguing, de-duplicating
and cross-referencing customers’ target frameworks, ratings, assessments,
standards, and even custom metrics. From there, users can distribute the
collection, validation and approval of the ESG data across their organization to
meet the variety of their corporate responsibilities. Once collected, the
OneReport platform helps clients distribute and disclose that data to the
various stakeholders in the format, manner and timing appropriate for each. The
platform includes a range of digital tools, trackers and processes to help
companies collect data in a meaningful and organized way — addressing many of
the operational demands of today’s evolving landscape.
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Both public and private companies will need to adapt to stakeholders’
ever-changing expectations for corporate responsibility data; having a
centralized platform where all data live is a major asset in a world that is
more competitive than ever.
Why ESG data hygiene matters
Hopkins noted that ESG data tends to get lost when handled via email and
spreadsheets; a company is at risk of losing that institutional memory when the
work itself is more of an employee side project rather than a full-time duty.
Worse yet, lack of centralization exposes the company to risk management,
auditability and credibility issues — especially when there can be different
people delivering different ESG responses.
“This is a huge problem,” he said, “partially because this space is moving so
fast; but it’s also nobody’s only job. Invariably, different people will be
involved in next year’s assignments. This is about creating a collaborative
space; so you can assign work and have confidence in the integrity of processes
and efficiently execute on your strategy, year after year.”
According to Hopkins, the average number of employees contributing to OneReport
for a given company is 38; so, it’s easy to understand why process structure
matters. There’s plenty of opportunity for inefficiency when that many people
are involved; creating a central, adaptable submission point can be a massive
win for a company.
With data hygiene comes questions about security. In bringing OneReport under
Nasdaq’s industry-leading infosec and cybersecurity standards, encryption, SOC2
and ongoing penetration tests ensure the
security
of this vital data.
Planning for potential regulatory changes
Earlier this year, the Securities and Exchanges Commission (SEC) put out
a request for public
input
on potential regulatory filing changes around climate change and a public
company’s involvement in planet-positive practices.
While the input is still being evaluated, it does signal a potential forthcoming
action for public companies to file certain ESG data with the SEC. Companies who
don’t have their ESG data organized and ready for submission will find
themselves far behind should the SEC make this rule change, which seems less a
matter of “if” and more “when.”
“With our unique position at the intersection of corporates and investors — and
our adjacency to the SEC — OneReport has the ability to evolve simultaneously
with these changes, which we can integrate, inventory, cross-reference and
de-duplicate as they happen.” Hopkins said.
Setting the tone for strategy
Getting companies into this more forward-thinking thought process can only serve
to help the bottom line, especially at the rapid pace of change in how
businesses interact with climate-related regulations.
Streamlining the process for a company of any size is central to Hopkins’
mission.
“Our North Star is helping companies, investors and third-parties to communicate
effectively, efficiently and strategically,” Hopkins explained. “The goal is to
get more time focused on achieving targeted outcomes, and less time spent on
data chasing.”
At its core, Nasdaq OneReport helps companies position themselves for current
and future ESG-related work — whether regulatory or voluntary — to help align
overall goals and outcomes across organizational departments and roles.
Published Dec 10, 2021 7am EST / 4am PST / 12pm GMT / 1pm CET
Geoff is a freelance journalist and copywriter focused on making the world a better place through compelling copy. He covers everything from apparel to travel while helping brands worldwide craft their messaging. In addition to Sustainable Brands, he's currently a contributor at Penta, AskMen.com, Field Mag and many others. You can check out more of his work at geoffnudelman.com.
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