A new ESG application by IsoMetrix supports corporate sustainability and management professionals in the collection of key data necessary to report ESG metrics efficiently, accurately and in alignment with relevant standards and frameworks, the company says. IsoMetrix says the application will also raise and manage related actions to improve overall ESG performance.
This product, built on an all-new SaaS platform named IsoMetrix Lumina, enables organizations to meet governance reporting requirements with regards to executives, investors, customers, rating agencies, regulators, and operational stakeholders. It will also help reduce environmental impacts and positively affect social factors such as diversity and inclusion, and identify operational efficiencies in their business that will lower costs.
In order to accomplish this, the ESG application will have the ability for data to be gathered directly from people using data requests, inspections, and surveys. There is also a calculation engine to measure carbon footprint, built-in and maintained ESG reporting standards, an analytical layer that allows organizations to interrogate and visualize data, and availability of specialized advisory partners to support ESG initiatives, according to the company.
Other functionalities include the ability to track ESG standards via the Indicators Library, the housing of pre-defined question sets and other content aligned with GRI, SASB, WEF, and TCFD standards, full audit tracking, built-in collaboration features, and a data validation engine and separate calculation engine.
SASB calls ESG reporting an essential way for companies to adhere to sustainability standards. As companies work towards more transparent ESG goals, applications like this will be in high demand, according to reports. Recently, Sourcemap received funding to expand their ESG software in order to help businesses track sourcing.