Wolters Kluwer enhances award-winning Enablon Platform with ESG reporting and disclosure capabilities
NEW YORK– November 14, 2023 –Wolters Kluwer Corporate Performance and ESG (CP & ESG) has extended its portfolio of financial and ESG solutions, integrating ESG reporting and disclosure functionality from CCH Tagetik into its Enablon ESG Excellence solution. The new functionality “now empowers companies of all sizes, including financial services firms, to meet Corporate Sustainability Reporting Directive (CSRD), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and other requirements to report and disclose integrated ESG data alongside financial data,” the company says.
Companies are now being asked to consistently report their compliance towards ESG commitments through a myriad of regulatory compliance frameworks. Most notably, 50,000+ EU-based companies will be mandated to participate in the European Union’s Corporate Sustainability Reporting Directive (CSRD) by 2026. U.S.-based and foreign companies with subsidiaries in the EU will also eventually be expected to comply with CSRD disclosure requirements.
To help, Wolters Kluwer CP & ESG has added ESG reporting and disclosure capabilities to its multi award-winning Enablon ESG Excellence solution. “The new functionality combines environment, health and safety (EHS) and ESG data collection and analysis expertise from the company’s industry-leading Enablon ESG Excellence solution with the market-leading reporting and disclosure intelligence capabilities of its CCH Tagetik ESG & Sustainability Performance Management solution,” the company says. “In doing so, Enablon ESG Excellence now empowers sustainability and finance leaders to collect and connect operational and ESG data from various enterprise applications, from source to disclosure, in a single solution that supports all ESG-related functions across the enterprise.”
Wolters Kluwer says its new functionality helps sustainability and finance leaders to collect, unify, and validate ESG data from over 100 decentralized sources across the enterprise. It also allows users to map ESG data to frameworks and regulations – including CSRD, GRI, and SASB.
“CFOs and sustainability leaders are quickly recognizing that spreadsheets and a patchwork of software applications – long the go-to resources for collecting and analyzing ESG-related data – no longer suffice for larger organizations that are committed to ESG,” commented Karen Abramson, CEO of Wolters Kluwer CP & ESG. “Just like our cloud-based corporate performance management technologies have brought clarity to the complexity of financial reporting and analysis over the past decade, Wolters Kluwer is now bringing digital transformation to the world of ESG reporting. Our new Enablon ESG Excellence solution enhancements prove that Wolters Kluwer is a market leader when it comes to creating agile platforms that unify ESG data management from source to disclosure.”
The announced enhancements also allow finance leaders to “govern and monitor the ESG process from source to disclosure, with flexible, configurable workflow management.” Other benefits include collaboration “to track ESG performance and develop configurable ESG reports and presentations that combine narratives with numbers” and the ability to “publish trusted, auditable ESG disclosures, based on traceable ESG data that aligns with regulatory requirements and meets the expectations of investors and stakeholders.
It has been a busy time for the CP & ESG division. In October its OneSumX for Finance, Risk & Regulatory Reporting (FRR) business launched OneSumX for Basel. The expert solution allows users to manage the entire Basel reporting process from data integrity and lineage, through to finance and risk management, and into regulatory calculators and reporting.
At the time Wolters Kluwer said: “OneSumX for FRR addresses the tactical and strategic needs of finance, risk management, performance, compliance and regulatory reporting teams at financial institutions. The OneSumX for Basel solution specifically covers standardized and advanced approaches across all bank sizes and risk types - from credit to market risk, through to operational, settlement, credit valuation adjustment, and counterparty credit risk.”
Also last month, the division announced several upgrades to its Enablon Vision Platform, “bringing new functionality, automation, dashboards, and data visibility to operations, environmental, and safety teams.”
The Enablon Vision Platform helps users lay the foundation for integrated risk management, by integrating, automating, and streamlining governance, risk, compliance, health and safety, environment and sustainability, business continuity, and internal audit practices across the organization. The platform “provides a single source of truth for integrated risk management, and empowers users and executives to make better, more informed decisions. From supporting field staff in achieving an incident-free work environment, to simplifying environmental data collection, industry-leading enterprises use the platform to harmonize their risk approach and drive continuous improvement – from the plant floor to the executive suite.”
Wolters Kluwer created CP & ESG in March 2023, bringing together its global software businesses that focus on corporate performance management, environmental health and safety (EHS), and risk: (CCH Tagetik, Enablon, OneSumX FRR, and TeamMate). “By leveraging the natural synergy that exists across these businesses, the company will be able to better serve its customers and drive accelerated growth by extending and integrating its current product portfolio,” said a spokesman at the time.