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Good.Lab, an Environmental, Social, and Governance (ESG) data software company, has announced the launch of a Materiality Assessment Tool as part of its ESG performance software. The Materiality Assessment enables organizations to quickly identify and prioritize among numerous ESG topics and is considered a critical first step in successfully launching an ESG strategy.
Conducting a Materiality Assessment is typically a costly and time-consuming process for an organization; however, it is considered as essential for driving performance improvements across a focused set of ESG impact areas. Good.Lab’s Materiality Assessment tool automates this process by aggregating data inputs from multiple stakeholders into a dynamic Materiality Matrix that can be used to align leadership around a focused and measurable set of ESG goals. The tool allows for frequent updates as new stakeholders are included and to maintain relevancy given rapidly changing business dynamics.
The Materiality Assessment tool can be deployed by consultants, in-house ESG and sustainability leaders, and Private Equity firms to drill-down into and analyze the data by an individual topic or grouping of ESG topics, by one or more companies, subsidiaries, or clients, or by one or more stakeholders, or functional teams allowing for powerful peer and industry comparisons.
We added the Materiality Assessment module to our ESG Performance Software to streamline what has traditionally been a time-consuming process – think days long workshops, Excel, and post-it notes exercises. By automating this process, our clients can easily identify priority ESG topics, align leadership and resources around those topics, and build an action plan for improvement. Rather than invest the time in the exercise they can use the insights to focus on creating value.
Andries Verschelden, CEO & Co-founder, Good.Lab
Good.Lab’s ESG Performance Software, which includes the new Materiality Assessment module, empowers companies in all stages of ESG maturity – from those just activating an ESG program, to companies looking to accelerate their efforts, on to those wanting to improve their ESG performance though a quantitative, data-driven methodology that aligns with common frameworks, such as ISSB, SASB and GRI.
Disclaimer: Good.Lab does not provide tax, legal, or accounting advice through this website. Our goal is to provide timely, research-informed material prepared by subject-matter experts and is for informational purposes only. All external references are linked directly in the text to trusted third-party sources.
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