For companies, customers are obviously important. Most of the companies have CRM (Customer Relationship Management). CRM means customer management, and its purpose is to help companies create stronger customer relationships. Companies also value production, which is why they have some form of ERP (Enterprise Resource Planning). The ERP is an information system designed for the planning of operations and includes many different components such as orders and stocks.
Responsibility and quality are important for companies, but there is often an Excel and not a separate system. This is one message about the real importance of the theme. FIVA studied responsibility reporting and investments. There was talk of responsibility, but the investments did not show it.
FIBS’ Financial Reporting as part of the Corporate Responsibility Reporting Panel Seminar, autumn 2022, referred to “future systems”. When the new draft standards are made public, it is beginning to become a picture of how demanding the whole is. Where the EPR has been necessary for resource management, responsibility will soon no longer exist without significant investment.
We collected a few withdrawals from the future of responsibility reporting for this blog post.
The level of auditing and regulatory oversight in the regulated sectors, such as pharmaceuticals and medical devices, has long been the everyday life of digital quality management solutions.
Auditability and regulatory oversight require a level of quality management that cannot be achieved manually. The industry has approved the use of digital systems and the need for best practice.
The new Sustainability Reporting Directive (CSRD) is multidimensional.
The content of the sustainability report is defined in the ESFS (European Sustainability Reporting Standards) which are part of the CSRD. The CSR is an acronym for Corporate Sustainability Reporting Direction. The aim of this Directive is to improve the reporting of non-financial data, as the EU Commission has previously considered that the level of reporting has not been sufficiently high.
The new standards of responsibility are demanding, significantly comprehensive and multi-dimensional. Together with the corporate sustainability due diligence obligation (CSDD), it brings responsibility and sustainability to the agenda of more companies.
Reporting standards ensure the availability of the information required for sustainable financing and the reporting of comparable data. Recording risk management scenarios, threats and opportunities is hard work. In addition, the technical requirements and the amount of data collected -1.144 data points – are high.
The CSRD and the CSDD increase the level of requirements.
The CSRD and the CSDD increase the level of requirements so significantly that reporting and control of requirements can no longer be achieved through Excel. Until now, quality and responsibility work could reasonably have been done at Excel. The instruments that have been adopted have been well-founded.
Sustainability data must now be reported in the Board’s activity report and the data must also be in machine-readable format.
The company needs to know what resources are available to cope with CSRD and CSDD requirements and standards.
We are now in a situation where those responsible for responsibility must be able to take a stand and outline the resources available to manage CSR and CSDD requirements and standards in a professional, high-quality and efficient manner.
In a few years’ time, it will be a difficult place to say that we should have started a long time ago and that we are no longer going to succeed. So you should be on time to find out what the requirements are and how to proceed.
It takes a lot of time to reform risk management or supplier management alone.
Reforming risk management or supplier management alone will take a lot of time, even if only limited RM tools (Enterprise Risk Management) or tools are acquired from the point of view of responsibility theory. In addition to this kind of procurement, it may take a year to put in place. The new regulations are much wider.
With NordCheck, the company manages its compliance issues in a wide range of ways.
With NordCheck, the company manages compliance in a comprehensive way. The NordCheck Regulation & Policy Management solution manages, among other things, the documentation required by the standards and helps to identify and monitor regulatory requirements by setting the correct control points.
Our solutions are modular, easy to implement. They apply best practices and practices, roles and quality standards familiar to users. Solutions can be flexibly adapted to the company’s operating practices and processes.
We are developing our solutions to meet the challenges of the future. We will take into account future regulation and digitalisation in different compliance areas in good time.
NordCheck patented new inventions, and our visionary, innovative approach will serve our customers well in the future. The platform is exceptionally flexible and can easily be extended to meet future regulatory requirements.