Technology Initiative launches to underpin new generation of reporting
Leading companies providing technology solutions are joining forces to look at how technology can underpin new trends in corporate reporting, and in particular can be applied to assist in the global adoption of Integrated Reporting <IR>.
Launched today by the International Integrated Reporting Council (IIRC), the <IR> Technology Initiative will build a deep understanding of how technology can be applied to assist adopters of <IR> on both sides of the report production and consumption value chain. A select group of technology companies, who are leaders in their fields, have joined the initiative as ‘charter members’ – CRedit360, Deloitte, Indra, PwC, SAP and Tagetik – with a number of other interested parties set to follow.
These companies are already helping their customers take advantage of new trends in reporting and management practice, and cover a range of disciplines including business software, reporting software, sustainability software, consultancy and systems integration. By coming together in the <IR> Technology Initiative, they will share experiences and lead market innovation.
The goals of the <IR> Technology Initiative are to evaluate how technology is currently used to facilitate corporate reporting and related management processes, how technology might enhance integrated thinking, how software can capture narrative elements of reporting, and how technology can facilitate the audit & assurance of an integrated report. As a result, participating companies will be able to apply their creativity and skills to produce a new generation of innovative reporting products, services and technologies to help their customers adopt <IR> and integrated thinking.
Paul Druckman, CEO, IIRC said, “Leading companies around the world are already adopting <IR> in their organisations, and there is a crucial role for technology companies to play in helping to make this happen. Through this initiative, technology companies will learn of the challenges and problems faced by organisations practicing next generation reporting, so that tools and technologies can be applied to make corporate reporting faster, more efficient, more accurate and better integrated into business processes. It will also aim to enhance the experience for users of reports.
“We are extremely pleased that companies leading the way in providing technology solutions have already joined the initiative to become frontrunners in this field, and we encourage others to follow suit. We are also delighted to announce that the European Commission will be the first policy-maker to be represented as an observer in the initiative, and expect other regulators and policy-makers to engage with the programme as it progresses.”
What the Charter members say:
CRedit360
“CRedit360 is proud to be a charter member of the <IR> Technology Initiative. As a leading provider of sustainability management software, it is important to be involved with one of the major trends in corporate reporting. It is vital for our customers that we provide the tools they need to meet their current and future reporting needs. Collaborating within the <IR> Technology Initiative allows us to help progress integrated thinking and to enhance how companies utilise technology to improve overall value creation.”
Efrain Quiros, VP Partnerships & Operations
Deloitte
“Deloitte values the <IR> Technology Initiative as a great enabler to innovate in technology to facilitate integrated thinking in the production and use of <IR> information.”
Dave van den Ende, Director | XBRL Leader EMEA
Indra
“As an innovative company which is committed to transparency, Indra has always leveraged technology as a driver for management and Integrated Reporting. We have already used our solutions and good practices in this area for the benefit of some of our major customers. Participation in the <IR> Technology Initiative will allow us to take another step toward sharing these solutions and practices with the market, while enriching and improving our own corporate information.”
Begoña Morales, Sustainability Solutions Director
PwC
“Meaningful information, which reflects the broader value drivers integral to sustainable strategies and business models, needs to be at the heart of decision-making if more holistic internal and external Integrated Reporting is to succeed. However, PwC’s annual global survey of CEOs shows that 55% of companies are dissatisfied with their management information. We are pleased to be part of the <IR> Technology Initiative because we see technology as being a critical enabler to the successful implementation of Integrated Reporting.”
Paul Fitzsimon, Global Head of Reporting and Chief Accountant
SAP
“Building on our thought leadership as a practitioner of Integrated Reporting and participant in the previous IIRC Pilot Programme, we started a customer engagement initiative together with the IIRC and selected SAP customers at the beginning of this year. The new <IR> Technology Initiative and our involvement as a charter member is a logical outcome of this engagement. Integrated Reporting is an essential part of our plan to lead our customers towards economic, environmental and social sustainability.”
Thomas Odenwald, Sustainability Strategies, Senior Vice President
Tagetik
“We strongly believe that the <IR> Framework defines what the future of corporate reporting should be. The IIRC’s objective is to ensure that Integrated Reporting is perceived as a business value, not another regulatory reporting burden, and we are excited to contribute our experience. Many of our customers – including <IR> Business Network participant Generali Group – are already moving in this direction and are already seeing benefits. We look forward to working with the IIRC and its network to shape the future of corporate reporting.”
Dave Kasabian, Senior Vice President of Product Marketing and Strategy
Observer: The European Commission
“The European Commission believes the <IR> Technology Initiative will bring a range of benefits, including a better understanding of how technology might enhance Integrated Reporting, how <IR> can cover management reporting, how <IR> can capture narrative elements of financial and non-financial reporting, and how technology can facilitate audit. We also hope that the initiative will be open to discuss opportunities to satisfy growing disclosure requirements including country-by-country reporting, and social and environmental reporting.”
Piotr Madziar, Policy Officer, Directorate General Internal Market and Services, European Commission