The traditional process for running materiality assessments can be complex, time consuming, and expensive; hindering companies from performing them as frequently as they should.
A materiality assessment is a process used by organizations to determine and prioritize the sustainability issues that are most significant (or material) to their business and stakeholders.
Key components of materiality assessments include:
Materiality assessments are essential as one of the first steps in an organization's journey to navigate the complex landscape of sustainability reporting. They are incredibly important for a company to understand their material risks and opportunities, as well as their material impacts on people and planet, allowing them to prioritize key areas for ESG implementation.
Materiality assessments can be deployed by public and private companies, consultants, advisors, private equity firms and more.
Single materiality only focuses on the organization's financial materiality. For example, does the sustainability topic have an actual or potential impact on the enterprise value of the organization considering opportunities and risks?
Double materiality focuses on both the organizations financial materiality and impact materiality. The impact materiality being how the organization's operations impact the world. For example, does the company’s activities in relation to the sustainability topic have an actual or potential significant impact on people or the environment over the short, medium, or long term?
Socialsuite’s Materiality Assessment software eliminates the complexity and simplifies the process surrounding conducting a materiality assessment.
Our differentiating capabilities:
Over 100 public and private companies trust Socialsuite with their sustainability reporting. You can report faster and save money compared to traditional methods by partnering with us. Contact us to learn more about our solutions.
Whether it’s a public company, a private company, or a charity, Socialsuite has the right solution for you.