GRI Basics
The GRI offers different types of standards for different organizations. The Universal Standards are a good place to start, because they apply to all groups that want to report in accordance with the GRI Standards. There are 3 standards within the Universal Standards section.
Springfox Explains:
In accordance with the GRI Standards = the organization complies with all requirements to report in accordance with the GRI Standards.
With reference to the GRI Standards = the organization cannot comply with all the requirements for reporting in accordance with the GRI Standards but still is using the GRI as a guide.
The Sector Standards cover 40 sectors and are tailored to each sector’s specific relationship to the economy, the environment, and people. When there is an applicable sector standard available, a company is required to use it.
The Topic Standards provide guidance for key issues, such as impact on biodiversity, local communities, and labor/management relations.
- Once the report is published, the company or an authorized consultant must register the report with the GRI to verify that it complies with the standards.
The Benefits of Reporting with the GRI
Using the GRI reporting framework benefits your organization in many ways, including:
- Enhancing Business Insights: One of the first steps of preparing your GRI report is identifying your material topics, the issues most important/relevant to your organization. This process will give you a unique perspective of your risks and opportunities, improving your ability to make strategic decisions for the future.
- Aligning with Global Leaders: The GRI’s widespread usage makes it recognizable around the world. When you report with the GRI, you become a member of the diverse community of institutions that meet the GRI Standards.
- Strengthening Transparency: By reporting with the GRI, you demonstrate your commitment to open communication, building trust in your organization.
- Engaging with Stakeholders: Disclosing with the GRI ensures your stakeholders can access crucial information and leads to stronger partnerships.
The Future is Interoperability: GRI, TNFD and Beyond
What if your organization also wants to report with another standard, like that designed by the Taskforce for Nature-related Financial Disclosures (TNFD)?
In line with their goal to standardize and streamline corporate reporting, the GRI collaborates with other major organizations including the TNFD to ensure their standards are interoperable, meaning that one single report can satisfy both standards. The GRI and the TNFD are working on a mapping document to show how reporters can successfully integrate the two standards into one document.
Key Takeaways for Your GRI Journey
The GRI is a globally recognized, trusted reporting standard that can elevate your organization’s disclosures to create transparency, clarify your strategies, and align you with industry leaders.
Are you interested in creating a seamless annual report with the GRI Standards? Contact springfox to learn more about our reporting design and copywriting services.
ID ) ?>ID ) ?>