2 months ago
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Designed to marque environmental, social, and governance (ESG) reporting for multinational corporations easier, SAP Sustainability Control Tower is astatine the bosom of a caller concern with Thomson Reuters.
Together, SAP and Thomson Reuters are tackling the difficulties that multinational corporations brushwood erstwhile handling ESG reporting. Their concern centers connected integrating SAP Sustainability Control Tower with ONESOURCE Statutory Reporting from Thomson Reuters. As a result, a streamlined strategy has been created to assistance organizations successful efficaciously preparing, gathering, and reporting ESG data. This strategy is particularly utile successful effect to caller regulations, specified arsenic the Corporate Sustainability Reporting Directive (CSRD) of the European Union, which volition spell into effect successful January 2025.
Businesses tin monitor, control, and study connected their sustainability show utilizing a assortment of metrics with the assistance of the SAP Sustainability Control Tower. The Control Tower is simply a constituent of SAP’s ERP ecosystem, which lets companies negociate ESG information utilizing their existent integer infrastructure. With built-in reporting tools and real-time information access, this simplifies compliance.
This is improved by automating the statutory reporting process with Thomson Reuters’ ONESOURCE Statutory Reporting solution. The concern aims to supply businesses with a unified level that lessens the complexity of gathering compliance requirements for aggregate planetary standards by combining these tools. In summation to the EU’s CSRD, this integration is particularly adjuvant for addressing increasing regulations specified arsenic those from the International Sustainability Standards Board (ISSB) and the U.S. Securities and Exchange Commission (SEC).
SAP Sustainability Control Tower Enhances ESG Compliance
Businesses are facing much unit to adhere to an expanding acceptable of planetary standards arsenic ESG regulations get stricter. By streamlining the reporting process, SAP and Thomson Reuters’ concern seeks to code this issue. Businesses tin payment from an end-to-end solution that handles everything from information postulation to last reporting acknowledgment to the combined system.
A unified ESG level is indispensable due to the fact that of the impending CSRD regulations, which volition soon use to a assortment of industries. Companies volition person to proceed adhering to laws requiring thorough disclosures astir sustainability. These comprise societal and governance metrics successful summation to biology factors. Businesses tin absorption connected their broader sustainability strategies by ensuring that their reporting complies with emerging and existent planetary standards with SAP Sustainability Control Tower integrated with ONESOURCE.
Additionally, the integration is made to enactment with immoderate aboriginal regulatory changes, particularly those that the SEC and ISSB are apt to make. The partnership’s extremity is to assistance companies successful staying up of the curve successful a regulatory scenery that is continuously changing by providing a flexible and scalable platform.
A Simplified Method for ESG Disclosure
According to Ray Grove, Head of Corporate Tax and Trade astatine Thomson Reuters, they purpose to marque ESG reporting easier for multinational companies. He underlined that organizations are little burdened by the integrated system, which assists them successful navigating the complexities of caller and evolving ESG regulations. The goals are to optimize reporting processes wide and facilitate compliance with section and planetary sustainability regulations.
Similarly, this collaboration is successful enactment with SAP’s overarching nonsubjective of offering ERP-centric sustainability solutions that marque usage of cloud-based and AI-driven technology, according to Gunther Rothermel, Chief Product Officer and Co-General Manager for SAP Sustainability. Based connected a beardown database from SAP’s system, helium underlined that businesses tin instrumentality vantage of precocious capabilities to negociate the past phases of their ESG reporting done the integration of ONESOURCE with SAP Sustainability Control Tower.
In the agelong run, this concern betwixt Thomson Reuters and SAP indicates however important exertion is becoming to the absorption of sustainability initiatives. Businesses volition beryllium much and much connected cutting-edge integer platforms to grip the complexities of ESG compliance arsenic planetary standards change.
