A new Competence Matrix, which focuses on a global approach to training in Integrated Reporting, has just been released by the International Integrated Reporting Council (IIRC). It is a first step towards providing clear guidance on the skills and experience needed to be an effective practitioner in <IR> and is aimed at helping organizations to achieve consistency in the level of skills required.
It is the first time a global approach to training in Integrated Reporting has been proposed for use by businesses and education bodies.
The IIRC has taken a market-led approach to this project, and is seeking to encourage global offerings that can be applied in different contexts to suit local practices and requirements.
Using a principles-based approach, the matrix sets out the learning outcomes required while clearly building on the existing professional skills possessed by those already involved in reporting. The IIRC also emphasizes the close relationship between corporate governance and reporting and includes learning outcomes relating to implementing Integrated Reporting itself.
Training will be aimed at companies and other organizations who wish to adopt Integrated Reporting, including both preparers and those charged with oversight, such as members of the board.
The IIRC will not directly offer training to the market. Programmes will be offered by third party providers under licence. The matrix is also designed to be embedded in broader relevant syllabuses offered by universities, business schools and professional bodies.
Neil Stevenson, the IIRC’s Managing Director, Global Implementation, explained: “At its heart, training in Integrated Reporting should lead to a shift in focus from financial management to value management.
“We have specifically designed this matrix to be market-led, having created it through consultation with a broad range of stakeholders across multiple disciplines and with a view to it being international, globally consistent, relevant and applicable. At the same time, it is also practical, focusing on the competences required for successful adoption and implementation of the International <IR> Framework.”
Begoña Morales Blanco-Steger from Madrid based technology company, Indra Sistemas, who is a member of the IIRC’s training advisory group, said: “In designing this Competence Matrix, we recognized that while the reporting process around implementing Integrated Reporting is important, we do not believe practitioners should focus on process alone. The links that <IR> requires to strategy and its scope across the organization, require a broader outlook. That is why areas of competence around change management and leadership have been included – areas which are essential in the context of ‘reporting on the whole business’, involving wide interactions within and outside an organization.”
The draft version of the <IR> Competence Matrix is available for viewing and feedback until 16 September 2015. For more information, please go to: http://integratedreporting.org/ir-competence-matrix/
Note to Editors:
The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting. The International <IR> Framework has been developed to meet this need and provide a foundation for the future.
<IR> is enhancing the way organizations think, plan and report the story of their business. Organizations are using <IR> to communicate a clear, concise, integrated story that explains how all of their resources are creating value. <IR> is helping businesses to think holistically about their strategy and plans, make informed decisions and manage key risks to build investor and stakeholder confidence and improve future performance.
As set out in the International <IR> Framework, an integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term. The Framework enables a business to bring these elements together through the concept of ‘connectivity of information’, to best tell an organization’s value creation story.
Mary Ann Day | Media and Communications Manager, IIRC:
+44 207 504 2570; firstname.lastname@example.org