In 2024, businesses are under increasing pressure to meet new sustainability standards. The concept of double materiality is becoming central to corporate reporting, especially with the rise of regulations like the Corporate Sustainability Reporting Directive (CSRD). Companies are expected to assess not only how external factors impact their financial performance (outside-in perspective) but also how their activities affect society and the environment (inside-out perspective).
Double materiality assessments (DMA) can be complex and time-consuming. That’s why many organizations are turning to specialized software to help streamline the process. This article will explore the best double materiality assessment software available in 2024. These tools can simplify compliance, improve accuracy, and ensure your company is aligned with the latest standards, in particular ESRS.
What is Double Materiality
Double materiality is a crucial concept in sustainability reporting. It refers to the idea that businesses must assess materiality from two perspectives:
- Financial materiality – how external issues (like environmental or social factors) impact a company’s financial performance (outside-in perspective).
- Impact materiality – how the company’s activities affect the broader environment and society (inside-out perspective).
The traditional focus on financial materiality no longer covers all the necessary reporting requirements. Today, stakeholders, regulators, and investors demand insight into how a company influences the world around it. This is where double materiality comes into play.
Performing a CSRD double materiality assessment helps companies stay ahead of sustainability regulations. It allows businesses to better understand their environmental, social, and governance (ESG) impacts and improve transparency.
However, performing these assessments manually can be complicated. That’s why many businesses are adopting double materiality assessment software. These tools help automate data collection, ensure compliance with international standards, and generate reports with ease. By using the right software, businesses can enhance accuracy and save time.
Key features to look for in DMA software
Choosing the right double materiality assessment software is essential for ensuring compliance and improving the efficiency of your reporting processes. While there are many options available, the best tools share certain key features.
Below are the essential elements to consider when selecting a solution:
- Intuitive interface
- Compliance with global standards (like ESRS)
- Step-by-Step guidance
- Data security and privacy
- Customizability & Collaboration
- Stakeholders management
- Impacts, Risks and Oportunities management (IROs)
- Wesentlichkeitsmatrix
- Integrations and Exports
- Pricing and free-trials
Top Double Materiality Assessment software
With the introduction of the Corporate Sustainability Reporting Directive (CSRD), businesses are facing tighter deadlines and stricter reporting requirements. Adopting the right double materiality assessment (DMA) software has never been more critical.
In this chapter, we will review the top double materiality assessment software available in 2024. These tools are designed to streamline assessments, ensure regulatory compliance, and provide insights that can enhance your sustainability strategy.
Given the urgency created by CSRD, selecting the right software now is crucial to staying ahead of evolving requirements and securing your company’s position as a sustainability leader.
1. Materiality Master
Materiality Master is a specialized software solution designed exclusively for the Double Materiality Assessment. It optimizes and streamlines the entire assessment process, offering a step-by-step approach from identifying stakeholders to conducting IRO analysis and generating a comprehensive materiality matrix. Built with simplicity and customization in mind, Materiality Master ensures a user-friendly experience while maintaining high standards for security and privacy. It is also focused on collaboration features, enabling seamless teamwork on assessments based on different levels of access on the assessment level but also on the company level. As a multi-tenant solution, Materiality Master is tailored for both SMEs but also ESG and CSRD consultants focusing on helping their customers with their sustainability reporting requirements.
What sets Materiality Master apart is its foundation on the European Sustainability Reporting Standards, ensuring full compliance with the latest sustainability regulations. In addition, the Materiality Master assists with reporting requirements, utilizing AI-driven technologies to help define descriptions and justifications, making the reporting process more efficient and accurate. Whether you’re looking for streamlined workflows or enhanced team collaboration, Materiality Master provides all the essential tools for a complete and effective DMA.
- Target customers: SME and ESG/CSRD Consultants
- Pricing: from 1’500€/year with free trial
- Location: Switzerland and Germany
2. Solidflow
Solidflow is a tool for double materiality assessments (DMA) designed to assist organizations with sustainability reporting. It features an AI-driven approach to streamline the assessment process and automate certain tasks, potentially reducing manual effort. Solidflow offers a step-by-step process and includes options for incorporating external expert feedback. The platform provides explanations for sustainability themes and focuses on simplifying basic reporting functions.
It also includes collaboration features, allowing users to set roles and permissions for team members, and offers a survey builder for stakeholder engagement. Solidflow supports data collection for double materiality assessments and report generation. For organizations with more complex needs, additional tools or methods may be required.
- Target customers: Large corporations and SMEs
- Pricing: Upon request
- Location: Germany
3. Echocharting
Ecocharting is a CSRD platform that includes a tool for double materiality assessments (DMA). It offers a step-by-step process with pre-loaded CSRD topics to help streamline assessments. The platform automatically highlights relevant data points based on the assessment, although manual input may still be necessary for more complex evaluations. Users can access demo accounts to explore features such as stakeholder engagement, ESG data collection, and reporting.
Ecocharting provides functionality for assessing impacts, risks, and opportunities. Its automated processes and audit trails assist in tracking changes. While it is suitable for organizations beginning their double materiality assessments, those with specific or advanced needs might require additional customization or supplementary tools.
- Target customers: KMUs
- Pricing: Upon request
- Location: Netherlands
4. Position Green
Position Green provides sustainability reporting software designed to support compliance with CSRD and ESRS regulations. The platform includes tools for double materiality assessments, carbon accounting, and supplier data collection, all within a user-friendly interface. It features built-in automation to assist with the reporting process and offers real-time insights for decision-making. The platform is flexible, allowing users to adapt it to their business structure and needs.
Position Green includes features such as audit trails for data traceability, customizable KPIs for performance tracking, and integrations with various ESG reporting frameworks. While the tool offers pre-configured solutions and expert guidance, its automation features may be more suitable for organizations seeking straightforward solutions rather than those needing highly customized or specialized tools. It is designed to help companies meet regulatory requirements and manage ESG data effectively.
- Target customers: Large corporations
- Pricing: Upon request
- Location: Sweden
5. Mitigate ESG Platform
Mitigate ESG Platform provides a solution for ESG reporting with a focus on CSRD implementation and ESRS compliance. The platform includes tools for double materiality assessments, GHG emissions accounting, and ESG data management. It utilizes AI to assist with report drafting and standards navigation, aiming to simplify the compliance process and support users in managing risks and identifying opportunities.
The platform offers features such as a sustainability data hub and flexible pricing options. However, its comprehensive approach might be more than necessary for some organizations. For those with specific needs or seeking advanced customization, other tools could be more appropriate. The emphasis on European standards and AI-driven support may be beneficial, but businesses should evaluate whether its features meet their particular requirements.
- Target customers: Large corporations and SMEs
- Pricing: From 150€/month
- Location: Latvia
6. Socialsuite
Socialsuite provides an ESG and sustainability reporting solution designed to support materiality assessments and compliance with CSRD and ESRS regulations. The platform features an intuitive interface and offers customizable solutions suitable for various organization types, including public, private, and non-profit entities. It also provides support from an expert team to assist with the complexities of sustainability reporting.
Positioned as an affordable option, Socialsuite caters to mid-market companies, SMEs, and non-profits. Its user-friendly software and focus on customer support may appeal to organizations seeking a practical and cost-effective ESG reporting solution.
- Target customers: Mid-market companies, SMEs, and consultants
- Pricing: Upon request
- Location: Australia
7. Greenly
Greenly offers a platform designed to support CSRD compliance and double materiality assessments, with a focus on small and medium-sized businesses. The platform includes tools for automating data collection, tagging, and report generation in accordance with CSRD standards.
It features capabilities for double materiality assessments and compliance with CSRD requirements, and provides access to a network of consultants for additional support. Greenly is geared towards businesses seeking tools to simplify aspects of sustainability reporting and may be more suited to those requiring basic compliance features.
- Target customers: SME
- Pricing: Upon request
- Location: France
8. Workiva
Workiva provides a platform for ESG and CSRD reporting, featuring centralized data management and automated reporting across multiple frameworks. The solution includes audit trails, XBRL tagging, and integration with existing systems.
While Workiva claims to cover various reporting needs and emphasizes data consistency, its broad and complex approach might be more suited to larger organizations with intricate reporting requirements. Smaller or mid-sized companies may find the platform’s extensive features and integration capabilities less necessary for their needs.
- Target customers: Large corporations
- Pricing: Upon request
- Location: Netherlands
Conclusion
In 2024, choosing the right double materiality assessment (DMA) software is crucial for meeting new sustainability standards like the CSRD. These tools help businesses evaluate how external factors impact financial performance and how their activities affect society and the environment.
The software options reviewed in this article each offer unique features and functionalities designed to meet various organizational needs. From specialized solutions like Materiality Master, which provides a detailed, customizable approach, to more general tools like Greenly and Socialsuite, which cater to smaller businesses with straightforward requirements, there is a broad spectrum of tools available. Choosing the right software depends on your company’s size, specific needs, and budget.
Selecting the right software will help your business stay compliant, streamline reporting, and enhance transparency. As sustainability regulations evolve, the right DMA tool will keep your company on track and forward-thinking.
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