Designed to make environmental, social, and governance (ESG) reporting for multinational corporations easier, SAP Sustainability Control Tower is at the heart of a new partnership with Thomson Reuters.
Together, SAP and Thomson Reuters are tackling the difficulties that multinational corporations encounter when handling ESG reporting. Their partnership centers on integrating SAP Sustainability Control Tower with ONESOURCE Statutory Reporting from Thomson Reuters. As a result, a streamlined system has been created to assist organizations in effectively preparing, gathering, and reporting ESG data. This system is especially useful in response to new regulations, such as the Corporate Sustainability Reporting Directive (CSRD) of the European Union, which will go into effect in January 2025.
Businesses can monitor, control, and report on their sustainability performance using a variety of metrics with the aid of the SAP Sustainability Control Tower. The Control Tower is a component of SAP’s ERP ecosystem, which lets companies manage ESG data using their current digital infrastructure. With built-in reporting tools and real-time data access, this simplifies compliance.
This is improved by automating the statutory reporting process with Thomson Reuters’ ONESOURCE Statutory Reporting solution. The partnership aims to provide businesses with a unified platform that lessens the complexity of meeting compliance requirements for multiple international standards by combining these tools. In addition to the EU’s CSRD, this integration is especially helpful for addressing growing regulations such as 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 more pressure to adhere to an expanding set of international standards as ESG regulations get stricter. By streamlining the reporting process, SAP and Thomson Reuters’ partnership seeks to address this issue. Businesses can benefit from an end-to-end solution that handles everything from data collection to final reporting thanks to the combined system.
A unified ESG platform is essential because of the impending CSRD regulations, which will soon apply to a variety of industries. Companies will have to continue adhering to laws requiring thorough disclosures about sustainability. These comprise social and governance metrics in addition to environmental factors. Businesses can focus on their broader sustainability strategies by ensuring that their reporting complies with emerging and current global standards with SAP Sustainability Control Tower integrated with ONESOURCE.
Additionally, the integration is made to work with any future regulatory changes, especially those that the SEC and ISSB are likely to make. The partnership’s goal is to assist companies in staying ahead of the curve in a regulatory landscape 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 at Thomson Reuters, they aim to make ESG reporting easier for multinational companies. He underlined that organizations are less burdened by the integrated system, which assists them in navigating the complexities of new and evolving ESG regulations. The goals are to optimize reporting processes overall and facilitate compliance with local and international sustainability regulations.
Similarly, this collaboration is in line with SAP’s overarching objective of offering ERP-centric sustainability solutions that make use of cloud-based and AI-driven technology, according to Gunther Rothermel, Chief Product Officer and Co-General Manager for SAP Sustainability. Based on a strong database from SAP’s system, he underlined that businesses can take advantage of advanced capabilities to manage the last phases of their ESG reporting through the integration of ONESOURCE with SAP Sustainability Control Tower.
In the long run, this partnership between Thomson Reuters and SAP indicates how important technology is becoming to the management of sustainability initiatives. Businesses will depend more and more on cutting-edge digital platforms to handle the complexities of ESG compliance as global standards change.
