Sustainability Regulation Propelling Transformation in Corporate Reporting, According to New Survey by Workiva - Seite 2

An overwhelmingly 83% of survey respondents agreed that collecting accurate data to fulfill the CSRD requirements will be a challenge for their organization. This data suggests practitioners expect regulation to increase the complexity of sustainability reporting and that reporting processes must mature to satisfy new regulatory requirements.

Transformation of Reporting Processes Underway

Practitioners are looking to technology to simplify reporting processes, including embracing solutions that leverage generative AI. More than eight in 10 agree generative AI will make it easier for them to do their jobs (82%) and make sustainability reporting more efficient (85%) in the next five years.

In the near term, roughly nine in 10 practitioners say their companies are planning to allocate more budget to technology for sustainability initiatives in the next three years (89%) and that they are investing in technology to improve collaboration among reporting teams (92%). This makes sense, given that 78% of respondents now say three or more internal teams are involved in their company’s ESG reporting processes, up from 71% in the 2023 ESG Practitioner Survey, and that 85% agree integrating finance, sustainability, and compliance processes enables individuals to focus more time on value-added work.

Volpe continued, “Assured integrated reporting is about more than compliance, it is a necessity for demonstrating performance and value in a competitive landscape. Business leaders and their teams understand this is a transformational opportunity that demands serious commitment and they are preparing to invest in reporting that is integrated across business lines, accessible to all stakeholders, and powered by innovation.”

About the Survey

Workiva commissioned Ascend2 to conduct an independent global survey of 2,204 ESG (environment, social, and governance) practitioners in March 2024. For the purposes of this report, “practitioner” is defined as a person involved in ESG reporting, including executives and finance and accounting, sustainability, internal audit, legal, and compliance professionals. Survey respondents span North America, Europe, and Asia and are employed by companies with at least 250 employees and $250 million in annual recurring revenue. All respondents were required to confirm they contribute to ESG reporting within their organization for inclusion. To access the full report and survey methodology, visit workiva.com/2024-ESG-survey.