Thomson Reuters and SAP, a leader in enterprise application software, have announced a new product integration.
This collaboration is designed to assist multinational corporations in adhering to environmental, social, and governance (ESG) reporting standards and simplifying compliance with emerging regulations.
The partnership aims to integrate Thomson Reuters’ ONESOURCE Statutory Reporting with SAP’s Sustainability Control Tower. This integration will enable businesses to seamlessly prepare, gather, and file ESG data, providing a unified solution for ESG management. It focuses particularly on aiding companies in complying with the EU’s Corporate Sustainability Reporting Directive (CSRD), set to take effect in January 2025, with expanded scope in subsequent years.
In addition to meeting EU regulations, this partnership will support companies as global standards evolve, such as those expected from the US Securities and Exchange Commission (SEC) and the International Sustainability Standards Board (ISSB).
Ray Grove, head of corporate tax and trade at Thomson Reuters, expressed enthusiasm about the partnership: “We are thrilled to be collaborating with SAP to reduce the complexity and burden of complying with emerging regulations.
“This integration represents a significant step forward in simplifying ESG reporting for global organizations, particularly in light of the upcoming CSRD requirements and other global ESG reporting requirements. Together, we are committed to helping businesses navigate the evolving regulatory landscape and achieving their sustainability goals.”
Gunther Rothermel, Chief Product Officer and co-General Manager for SAP Sustainability, highlighted the strategic alignment with Thomson Reuters: “The partnership with Thomson Reuters is part of SAP’s commitment to provide ERP-centric, cloud-based and AI-enabled sustainability solutions that meet the needs of businesses worldwide.
“The combination of SAP Sustainability Control Tower and Thomson Reuters ONESOURCE Statutory Reporting, provides our customers with last-mile reporting functionality based on the SAP Sustainability Control Tower data foundation.”
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