IFS and PwC UK to streamline CSRD journeys for customers

image of green forest, tall trees and a road below the trees | IFS and PwC UK

IFS and PwC UK have announced an ESG collaboration to bring to market a Sustainability Management Solution that will include vital technology and services supporting compliance with sustainability disclosure requirements.

The initiative will see IFS develop a Sustainability Management module within IFS Cloud. PwC will contribute with its expertise in ESG criteria and the evolving landscape to assist in the design and build.

Once completed, IFS customers can navigate the new requirements of the Corporate Sustainability Reporting Directive (CSRD) and other emerging regulatory standards. To ensure a seamless journey, customers leveraging IFS Cloud can enlist the services of PwC to guide them on various issues they may face in relation to governance, along with mandatory strategic ESG tasks.

The module will feature CSRD metrics, select IFS Cloud data mapping, approval workflows, target setting and insights. The module will also deliver a library of KPIs, including quantitative metrics supported by PwC’s ESG experts. The tool aims to support customers as they navigate the sustainability disclosure landscape while helping them focus on delivering business value through opportunities to transition to more sustainable operations.

Mark Moffat, IFS CEO, said: “The strategic coalition between IFS and PwC is not just a technological advantage; it is a commitment to shaping a sustainable and transparent ecosystem. By equipping customers with the necessary tools and data, we are together enabling decisive sustainability action and ensuring we maintain the highest standards in sustainability disclosures.”

Carl Sizer, PwC UK management board member and ESG sponsor, said: “We’re thrilled to collaborate with IFS in developing the Sustainability Management module within IFS Cloud. Our expertise in ESG criteria and knowledge of the regulatory landscape will enable us to provide valuable guidance and support in designing a solution that empowers organizations to effectively manage their sustainability initiatives and navigate the evolving regulatory landscape.”

The first version of the Sustainability Management Module is set to launch in the IFS Cloud 24R2 release in November 2024. Alongside this, PwC UK will provide the required services for companies to be compliant with the first CSRD reporting cycle in 2025.