Blog
Why purpose driven ESG platforms enables a sustainable ESG culture
Monday 28th March 2022
With the TCFD Framework leading the charge of global ESG regulations likely to become mandated over the next few years, more and more corporates and organisations will be prioritising wider ESG initiatives beyond climate change and financial reporting. This will mean organisation will additionally need to develop a sense of purpose that defines how they plan to contribute to a more sustainable, equitable, and ethical world, but actually demonstrate how they are achieving this through captured performance metrics. They also will need to target, monitor and measure KPI performance and outcomes of the impact they are having on their wider range of stakeholder's such as customer's, internal staff, local communities, investors and even regulators.
Whilst ESG is increasingly happening, unfortunately most companies ESG approaches are often not integrated, given the high use of disconnected spreadsheets which not only require a lot of manual effort and time but there are inherent risks given the associated chance of errors. With the rise of ESG platforms, such as myConsole, you can now easily define and manage an organisation's ESG purpose, policy and goals across any number of divisions, business units, offices and teams irrespective of locations or geographies, and operationalise an ESG culture and governance process in a more co-ordinated and cohesive way. Once the board and the ESG leadership team have created impact targets across company users and data owners in every office or locations can simply log in and manage their own personal set tasks and activities across any number of programmes, projects or stakeholders.
Users and data owners can undertake their tasks separately at their own pace or simply respond to brief email requests from the ESG team meaning data provided is automatically captured directly. As it all happens within one cloud-based ESG platform, the captured data is collated, curated, monitored, aggregated and analysed in real time, so it instantly available via dashboards and reports. This means leadership at local, board and C-Suite levels can see overall ESG performance without waiting for time consuming excel workbooks to be completed. Additionally the ESG team can also manage progress of achievements against set targets by creating disclosures quickly using built in workflow approval processes. The benefits are numerous as now aggregated business wide analytics and disclosures can easily be gathered and created from across every individual business units whilst ensuring full alignment to the boards set purpose.
Whilst all those set tasks and activities are important, it is not just purely managing target setting and reporting as this will be insufficient for organisations to be successful in adopting a sustainable ESG culture. Hence why the more advanced ESG platforms like myConsole are designed to embed and achieve the desired ESG culture across the organisation with the help of built-in ESG consultancy support and on-demand training videos so the leadership team can now fully empower ESG teams and people from around the organisation and enable them with the responsibilities to own their initiatives that have been identified that will create the highest measurable impacts.
The myConsole ESG platform also helps leadership teams define their organisation's purpose so they can additionally prioritise which of the broader ESG themes are most material to the organisation and then assign where will the responsibility resides. This also helps decisions around which issues should owned and managed by ESG teams or owned other parts of the businesses.
A further key benefit is that ESG platforms, connects an organisations disparate ESG initiatives together within one operational system. This drives and significantly scales the overall ESG efforts, enabling the meeting of ESG targets, goals and outcomes, so that all stakeholder performance expectations and disclosures are delivered efficiently with greater levels of transparency.
The myConsole ESG Portfolio Management Platform, leverages a single data model so leaders and ESG teams can plan, manage, govern, and report in one ESG workflow Platform to help companies accomplish their ESG objectives.