ESG Reporting Made Easy: Workiva Announces Integration with CDP Questionnaires
Responding to CDP questionnaires and other ESG-related frameworks can be a daunting task for companies. It is a time-consuming and complex undertaking involving multiple teams across different departments. However, Workiva Inc. has announced a new feature that aims to streamline the process and make it more efficient for its customers.
Workiva, a cloud platform for assured integrated reporting, has incorporated CDP, the leading disclosure system for measuring environmental impacts, into its platform. This latest innovation leverages Workiva's ESG Program and ESG Explorer to simplify customers' responses to CDP questionnaires, enabling companies to manage their sustainability data more efficiently and effectively. Workiva's centralized hub for reporting collaboration and automated data collection saves companies time and resources while ensuring accuracy, consistency, and assurance.
According to CDP, more than 18,700 companies, representing half of global market capitalization, disclosed environmental data through its online response system in 2022, an increase of 38 percent over the previous year. This highlights the importance of companies disclosing their environmental impacts and commitments to ESG reporting.
'Having one single source of truth drives consistency, transparency, and auditability, which ultimately reduces costs and builds trust with stakeholders. As the technology company uniting financial reporting, ESG, audit and controls, Workiva is uniquely positioned to streamline the disclosure process while applying the same rigor and investor-grade assurance to climate data that's expected of financial data,' said Paul Dickinson, Founder and Chair, CDP and ESG advisor, Workiva.
Workiva's new capability supplements a separate disclosure API pilot led by CDP. As a Gold Accredited Solution Provider, Workiva was selected to pilot a new disclosure API that will enable customers to automatically transfer data from the Workiva platform into CDP's online response system. Workiva's CDP innovation also supports responses to the organization's forests and water security questionnaires.
'ESG reporting is quickly becoming a board-level mandate. Not only are organizations tasked with meeting their ESG commitments and science-based targets, leaders are making critical business decisions by evaluating both financial and ESG data together. Workiva is committed to investing in continuous innovation and working with partners like CDP to help more companies around the world manage and scale their positive environmental and social impact,' said Paul Volpe, Senior Vice President of Growth and Head of ESG Solutions at Workiva.
Workiva offers a cloud platform for business reporting and compliance solutions. Its platform provides a centralized hub for reporting collaboration, automated data collection, and assurance. The platform connects disparate data sources and supports customers' unique reporting needs.Workiva's latest innovation is significant for sustainability professionals and finance, audit, and risk management teams responsible for corporate climate disclosures. The incorporation of CDP into Workiva's platform will help companies manage and scale their positive environmental and social impact while meeting their ESG commitments and science-based targets. It will also build trust with stakeholders by providing consistency, transparency and auditability.
Edited by Greg Tavarez
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