Which standards are involved in the GRI reporting verification?

The GRI Standards are a modular framework of interrelated standards. The reporting process relies on three standards: The GRI Topic Standards: Each is related to a specific topic and lists statements pertinent to that topic. The modification of the topic standards followed the updated universal standards The GRI Sector Standards: They pertain to particular industries and their impacts The GRI Universal Standards: All organisations adhere to this standard, and under intergovernmental expectations, the universal standards have been updated to include reporting on human rights and environmental due diligence Organisations can indicate their positive or negative contributions to sustainable development using these standards to decide which topics are material (relevant) to report on.

What are the Steps involved in GRI Sustainability Reporting?

The procedure for reporting on sustainability is the same as every other performance-based business management procedure. The steps involved are goal setting, measurement, analysis, and action, but the information gathered varies. The process for reporting on sustainability involves four steps: 1. Define performance goals and metrics Defining the company's sustainability objectives is the first step that should direct the rest of the procedure. The business should understand why it wants to incorporate sustainability initiatives into its daily operations. The next step is to create Key Performance Indicators (KPIs) to assess how well those objectives are being met. An organisation may use a key performance indicator to monitor a specific activity. It is a performance measure derived from operational data. A KPI is a sustainable performance indicator in sustainability reporting (SPI). SPIs are a tool used to assess a company's performance in terms of sustainability as well as to track and report on future development. When choosing SPIs, businesses must consider their available financial, human, and IT resources. 2. Evaluate performance: The measurement process starts after establishing SPIs and changing business processes to enable the recording of necessary data. The storage of data only occurs after collection and verification. To ensure adequate data collection during this phase, assigning responsibility for data collection is crucial. This also includes quality control to guarantee the accuracy of the data. 3. Assess performance: Data gathering, analysis, and communication are crucial elements of the evaluation phase. Data organisation, synthesis, and aggregation are all part of the evaluation phase. The next step is data analysis, which transforms data facts into insightful knowledge. SPI calculation is part of this. Data analysis is necessary before performance can be understood. Reporting and communication refer to the dissemination of information to stakeholders in a way that allows them to comprehend the findings and their implications as well as the necessary next steps, which is a part of performance evaluation. 4. Manage performance Lastly, the sustainability reporting process involves performance management; if management does not respond and change in light of the information revealed by the sustainability reporting, the process will have little value. Once the reporting cycle is complete, the management phase returns to the initial step of setting goals and SPIs. An organisation can continuously enhance its sustainability performance through management activity.

GRI Sustainability Reporting Verification | Requirements

In recent years, the attention of the market and the policymakers to the issues of sustainable development has led more and more organisations to implement systems to monitor their social and environmental performance and to report them externally.

While disclosing Sustainability information to stakeholders about Environmental, Social and Governance (ESG) aspects it is important to use standards that ensure credibility from the consumers, governments and interested parties in general.

GRI Sustainability Reporting Requirements In order to standardise the processes and contents of sustainability reporting, international working groups have developed guidelines for the preparation and of these reports. Among the best known are GRI (Global Reporting Initiative) and AA 1000 (Accountability). GRI is the most widely used guideline for producing these sustainability reports.

Alongside the growing number of organisations producing sustainability reports, there is also an increasing demand for external audits of the reports themselves, by independent third-party auditors. GRI recommends an independent evaluation of the sustainability reports prepared by organisations. The verification of GRI sustainability reports aims to assure stakeholders of the truthfulness of the information reported.

WHY IS IT BENEFICIAL TO VERIFY YOUR GRI SUSTAINAILITY REPORT?

If an organisation is using GRI standards to disclose their sustainability report, the report verification by an independent third party provides multiple benefits:

Verifies the accuracy, and comparability of data reported to achieve consistency and alignment with other reporting.
Verifies that materiality themes and GRI indicators have been comprehensively checked in line with the standard.
Verifies that the statements made in the sustainability report document are accurate and true.
Helps organisations identify areas of further improvement in line with GRI principles.
Improves the reliability of sustainability report as it describes the rationale & contents of assurance.
Trustworthy information compliments the decision making of independent information users like procurement managers, investors, and consumers.

TÜV SÜD supports organisations with sustainability reporting

TÜV SÜD supports companies as an independent third-party verifier of sustainability reports. Our auditors have the most appropriate skills for the evaluation of your reports.

Verification of reports are carried out based on the material topics identified by the organisations and according to reporting guidelines such as example, the Global Reporting Initiative (GRI).

Regarding the main international verification standards and guidelines for the drafting of sustainability reports, TÜV SÜD has created its verification methodology to ensure the highest level of compliance.

Our GRI SUSTAINABILITY REPORTING verification services

To initiate the Verification of your GRI Sustainability Reporting TÜV SÜD Team conduct interviews with the organisation to understand the structure of the company, the organisation as well as the processes of data collection.

The verification process is normally conducted and agreed upon with the company in different stages to guarantee the most effective and efficient organisation also while checking the information and data.

The focus on GRI indicators verification is conducted to guarantee the reliability of the information as well the accessibility of information provided in the layout of your Sustainability Report as we understand the importance to provide effective disclosure to reach the interest of your stakeholders.

As a final result of the Verification process, an assurance report is issued and can be integrated with the final version of the Sustainability Report ready to be made publicly available.

For more information about GRI Sustainability Reporting Verification, or to find out how to access this service, please contact us today.

Frequently Asked Questions

Which standards are involved in the GRI reporting verification?
The GRI Standards are a modular framework of interrelated standards. The reporting process relies on three standards:
- The GRI Topic Standards: Each is related to a specific topic and lists statements pertinent to that topic. The modification of the topic standards followed the updated universal standards
- The GRI Sector Standards: They pertain to particular industries and their impacts
- The GRI Universal Standards: All organisations adhere to this standard, and under intergovernmental expectations, the universal standards have been updated to include reporting on human rights and environmental due diligence
Organisations can indicate their positive or negative contributions to sustainable development using these standards to decide which topics are material (relevant) to report on.
What are the Steps involved in GRI Sustainability Reporting?

The procedure for reporting on sustainability is the same as every other performance-based business management procedure. The steps involved are goal setting, measurement, analysis, and action, but the information gathered varies.

The process for reporting on sustainability involves four steps:

1. Define performance goals and metrics

Defining the company's sustainability objectives is the first step that should direct the rest of the procedure. The business should understand why it wants to incorporate sustainability initiatives into its daily operations.

The next step is to create Key Performance Indicators (KPIs) to assess how well those objectives are being met. An organisation may use a key performance indicator to monitor a specific activity. It is a performance measure derived from operational data. A KPI is a sustainable performance indicator in sustainability reporting (SPI).

SPIs are a tool used to assess a company's performance in terms of sustainability as well as to track and report on future development. When choosing SPIs, businesses must consider their available financial, human, and IT resources.

2. Evaluate performance:

The measurement process starts after establishing SPIs and changing business processes to enable the recording of necessary data. The storage of data only occurs after collection and verification.

To ensure adequate data collection during this phase, assigning responsibility for data collection is crucial. This also includes quality control to guarantee the accuracy of the data.

3. Assess performance:

Data gathering, analysis, and communication are crucial elements of the evaluation phase. Data organisation, synthesis, and aggregation are all part of the evaluation phase.

The next step is data analysis, which transforms data facts into insightful knowledge. SPI calculation is part of this. Data analysis is necessary before performance can be understood.

Reporting and communication refer to the dissemination of information to stakeholders in a way that allows them to comprehend the findings and their implications as well as the necessary next steps, which is a part of performance evaluation.

4. Manage performance

Lastly, the sustainability reporting process involves performance management; if management does not respond and change in light of the information revealed by the sustainability reporting, the process will have little value. Once the reporting cycle is complete, the management phase returns to the initial step of setting goals and SPIs. An organisation can continuously enhance its sustainability performance through management activity.