How can IBCS support sustainability reporting? Watch talk on the right visual concept.

During the IBCS Annual Conference 2022, one of the most interesting sessions was a panel discussion on how to make environmental, social and governance figures (ESG) better understandable for investors, managers and other stakeholders by using the IBCS concept. And how to empower decision makers, FP&A professionals, and controllers to live up to their corporate social responsibility (CSR).

In this article, we present two videos with the most important summaries of this discussion. These recordings were prepared by Esin ?zkan, an executive consultant and IBCS Certified Trainer at her own 4e.academy.

Esin provides consulting services to international and local companies, operating in Turkey and abroad; mainly in conceptual design, quality assurance and go-live phases of projects from various industries and business units. She says:

"Life is becoming digitalized, and the data created has potential for everyone. Companies must use data analytics to make innovative, sustainable, and inclusive business decisions."

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The panel discussion on IBCS in ESG and CSR measurement was preceded by a presentation on:

"Climate Crisis and its risks – How visualizing a CSR-dashboard of a hi-tech company supports decision makers to make a move",

given by two speakers:

Xavier Subirats, Partner at AMSEL ASSESSORS SL in Spain, IBCS Certified Consultant, attending seven Steering Committees/Boards of Directors in different industries, the Boards of the Catalan Economists Association (CEC), and the Association for?Management Accountancy (ACCID);

Arne-Kristian Schulz, User Interface Designer & Head of Visual Business Analytics at blueforte GmbH in Germany, IBCS Certified Consultant.

Their presentation met two main expectations:

1. clarified the “alphabet soup” of sustainability reporting (ESG, CSR, integrated reporting etc.);
2. confirmed the value of IBCS used for the real case of an ESG reporting tool developed for a German hi-tech company.

Both speakers joined the panel discussion moderated by Heinz Steiner, senior and active Member of the IBCS Association, an?expert in accounting and controlling, giving?lectures at universities of applied sciences. Additionally, two other authorities joined:

Romina Oreskovic, CFO at Orbico Group experienced practical business challenges of CSR reporting. As a CFO she represented both sides of reporting: the audience, and the designers.

Prof. Dr.?Philipp Schorn, Vice Dean for International Affairs?at the Rhine-Waal University of Applied Sciences, will bring in the scientific and academic view on ESG reporting. He is the author of the IBCS recommendation as part of the?INTEREST project?(INTEgrated REporting for SMEs Transparency)?supported by the ERASMUS+ programme of the European Union.

Talking about the CFO's problems with ESG reporting, Romina Oreskovic mentioned the lack of qualified resources - experts who are equipped with the knowledge what should be done and who support CFOs in navigating?the process.

"It will be much easier when authorities will provide more standards in the rules: How to approach? How to measure? How to report?"

Watch the video:

According to Philipp Schorn, ESG and CSR reporting needs an explanation on HOW to present it, especially as such information is mostly non-financial in nature.

"I think the visualization is going to play a much bigger role then we are talking about for example, financial reports, we are sort of,?we have a balance sheet we have a P&L which you can always interpret by yourself."

Watch the video:

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Do you agree with our guests, the authorities of ESG and IBCS, representatives of C-level management, professors, high level experts and consultants?

Please share your own experiences and doubts in comments below this article.