In Hungary, sustainability compliance is currently twofold - on the one hand, Act C of 2000 on Accounting regulates sustainability reporting, and Act CVIII of 2023 regulates ESG reporting. This means that companies have to comply with two different laws.
Wooding offers a wide range of advisory, support and technology solutions to help clients achieve their ESG goals and navigate the changing environment
The European Union's CSRD Regulation 2022/2464 regulates sustainability reporting from 2024 through the ESRS framework.
In Hungary, there are currently two strands of sustainability compliance: the 2000 Act C on Accounting regulates sustainability reporting and Act CVIII of 2023 regulates ESG reporting.
We have developed a model that covers the ESRS reporting requirements:
Scope definition - Identification of ESG aspects relevant to the organisation
Double materiality analysis - Assess the materiality of financial and impact in terms of internal and external ESG implications
Information materiality - Clarifying which ESG information is critical to stakeholders
GAP analysis - Analysis of current practice and regulatory requirements
Data collection - Collecting the data needed for accurate, reliable ESG reporting
Validation - Ensuring the integrity of the data collected
Reporting - Produce ESG reports based on best practice
How can Wooding help you further?
ESG strategy, action plan and implementation support
Developing an ESG strategy that meets the needs of the organisation and its stakeholders, integrating it into the corporate strategy, defining processes and data collection, defining reporting frameworks.
GAP analysis, materiality scorecard
Identify relevant regulations, assess existing regulations, assess data flows, identify system elements, assess stakeholder needs and priorities in the ESG area
Process organisation
Preparation of regulations, process descriptions, related process organisation proposals and techniques
Project management
Planning and management of the timing of data collection and project management tasks to meet the deadlines of the regulations, validation of results
ESG compliance monitoring and reporting, ESG audit
Monitoring and tracking the implementation of ESG strategy, data analysis, analysis of identified ESG compliance conditions in cooperation with specialists in the areas of environmental management, quality management, occupational safety and health, CSR, legal and business continuity
Reporting and other service
Customer audits, staff training, including top management, customer support in preparing for regulatory audits, handling non-compliances, assisting in reporting and disclosing ESG risk exposure information to the authority
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