Workiva, a cloud platform for assured integrated reporting, has integrated disclosure system CDP into its platform.
CDP is widely regarded as the leading disclosure system for measuring envirionmental impacts.
According to Workiva, this latest innovation leverages its ESG Program and ESG Explorer to streamline customer responses to CDP questionnaires, empowering companies to manage their sustainability data more efficiently and effectively, and drive positive environmental impact and business outcomes.
CDP said more than 18,700 companies, representing half of global market capitalization, disclosed environmental data through its online response system in 2022, an increase of 38% over the previous year.
Responding to CDP questionnaires and other ESG-related frameworks is often a time-consuming and complex undertaking involving multiple teams across different departments. Workiva said it simplifies this process through its centralized hub for reporting collaboration and automated data collection, saving companies time and resources while ensuring accuracy, consistency, and assurance.
Workiva founder and chair, CDP and ESG advisor Paul Dickinson said, “Having one single source of truth drives consistency, transparency, and auditability, which ultimately reduces costs and builds trust with stakeholders. As the technology company uniting financial reporting, ESG, audit and controls, Workiva is uniquely positioned to streamline the disclosure process while applying the same rigor and investor-grade assurance to climate data that’s expected of financial data.
“This is a significant and timely addition to Workiva’s ESG reporting solution, and I believe it will be a game-changer—not only for sustainability professionals, but for the finance, audit, and risk management teams that are now responsible for corporate climate disclosures as well.”
Workiva SVP of growth and head of ESG solutions Paul Volpe added, “Customers tell us that some of their biggest challenges involve collecting data and aligning to global ESG frameworks and standards with rapidly changing reporting requirements. The new CDP reporting capability is an extension of our industry-leading ESG reporting solution and leverages Workiva’s unrivalled, integrated reporting platform that connects disparate data sources and supports our customers’ unique reporting needs.
“There’s no time to wait. ESG reporting is quickly becoming a board-level mandate. Not only are organizations tasked with meeting their ESG commitments and science-based targets, leaders are making critical business decisions by evaluating both financial and ESG data together. Workiva is committed to investing in continuous innovation and working with partners like CDP to help more companies around the world manage and scale their positive environmental and social impact.”
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