The pressure for sustainability is strong in many areas within the financial sector, but the DNB has raised concerns about the speed of the sustainability transition. The sector will definitely face the new CSRD legislation in 2024, but currently falls short of the data available to meet these reporting requirements. This poses a challenge as sustainability will be a supervisory priority for the AFM in the coming year.
This is one of the reasons why we, as Yellowtail Conclusion, have realised a solution in our Key Control Dashboard platform. This is partly based on our years of experience in relation to reporting requirements and accountancy reporting.
An important first step in meeting the reporting requirements of the CSRD legislation is the realisation of a dual materiality analysis. With a smart workflow, the Key Control Dashboard supports the realisation of this dual materiality analysis, with the aim of enabling organisations to understand and analyse their impact on sustainability topics. This is a crucial step to comply with applicable reporting requirements, improve transparency, but also to support the strategic direction for sustainable development, thus allowing the financial sector to realise the desired acceleration from insight.
Indeed, based on this insight, it is possible to identify the most material sustainability issues and deploy resources as effectively as possible where making an impact is most promising. Organisations can better navigate the new regulatory landscape and effectively adapt and accelerate their sustainability strategies with a focus on creating sustainable long-term value.
The AFM underlines the importance of such innovative solutions in navigating new regulatory landscapes and driving the sustainability transition within the financial sector. We, from Yellowtail Conclusion, are obviously very happy to be able to make an impact on this very important social issue with our solutions. Interested? Then get in touch with the Key Control Dashboard team.
Source: website AFM, article (Dutch): “Versnelling noodzakelijk in duurzaamheidstransitie financieel sector”
