Design and implementation of sustainability reporting frameworks

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The primary challenge in sustainability reporting today is integrating standard requirements into the reporting system, particularly those of the International Sustainability Standards Board (ISSB), specifically IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2: Climate-related Disclosures.

Additionally, accounting for the following factors within the reporting system remains critical:

Development of Russian national regulations governing sustainability reporting:
- Moscow Exchange requirements for non-financial disclosure by issuers listed at Levels 1 and 2.
- Bank of Russia recommendations for non-financial disclosure by public joint-stock companies.
- Bank of Russia recommendations on sustainability disclosure for financial organisations.
- Methodological recommendations for sustainability reporting preparation (Russian Ministry of Economic Development).
- Development of the Russian Sustainability Reporting Standard (Ministry of Economic Development of the Russian Federation).
Evolution of international sustainability reporting standards:
Updates to the Global Reporting Initiative (GRI) Standards, including new sector standards and topic-specific updates.
Development of the ISSB standards framework.
Adoption of the European Sustainability Reporting Standards (ESRS).
Emergence of new reporting frameworks, e.g., Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations.

At FBK, we provide advisory services to integrate Russian and international standards and recommendations into non-financial reporting systems:

Diagnostics: Assessing the current state, including expert analysis of existing sustainability reports, aimed at providing recommendations for improvement regarding standard compliance and best practices.
System design and enhancement: Building and refining the sustainability reporting system, including formalising report preparation procedures.
Automation: Automating information collection and data preparation according to applicable standards for inclusion in the Sustainability Report.

The design and implementation of sustainability reporting systems involve the following stages:

Assessment: Studying and analysing current management and reporting practices.
Gap analysis: Identifying discrepancies between standard requirements and current management and reporting practices.
Roadmap development: Creating an implementation roadmap for the standards.
Implementation: Integrating standards into reporting practices: configuring data collection systems and reporting procedures.

Upon implementation of the sustainability reporting system, the client receives:

Transparent reporting process in conformity with applicable requirements and best practices.
Enhanced communication efficiency and cross-functional coordination within the company.
Reduced reporting preparation timelines.
Improved sustainability decision-making capabilities based on non-financial reporting metrics.

Our advantages

Expertise

Leveraging years of experience with industry leaders, FBK offers solutions based on current trends and best practices in non-financial reporting.

Individual Approach

Owing to proven methodologies and deep process understanding, we propose reporting approaches catering to each company's needs and capabilities.

Expert Team

FBK employees hold certifications from various sustainability expert organisations and possess significant experience in the field.