Carrying out non-financial or sustainability reporting with the INNOVA DIGITAL REPORTING application
A good quality and comprehensive non-financial, sustainability report or non-financial statement on a company’s sustainability objectives, targets and actions or CSR (Corporate Social Responsibility) involves collecting a large amount of information from departments and different representatives.
INNOVA DIGITAL REPORTING simplifies the reporting process by providing a common work platform for all people involved and a database of customized non-financial performance indicators.
The complex experience in providing sustainability consulting services has allowed our company to identify a need to transform the way this data is collected. INNOVA Project Consulting is the first company in Romania to develop an online platform dedicated to data collection processes in order to achieve non-financial and sustainability reporting.
Non-Financial or Sustainability Reporting
Whether a company needs to make a Non-Financial Statement or Report or wants to voluntarily publish a Sustainability Report, the company will have several benefits.
This reporting is a tool by which a company presents its concern about the real or potential impact, positive and negative, on people and the environment, which arises from its activities, products and business relationships.
Benefits:
- Cost reduction
- Improving the company’s transparency
- Increasing the company’s attractiveness and access to new financing opportunities
- Early identification of emerging issues arising in the field of sustainability
- Easier access to the network of the most important suppliers and traders
- Identifying and responding to stakeholder expectations
- Attracting and retaining talent
Legislative framework
- EU Directive 95/2014
- MFP Order 1938/2016
- NBR Order 7/2016
- ASF Norm 1/2017
- MFP Order 3456/2018
Starting with 2018, was introduced the obligation for large companies which are public-interest entities with more 500 employees to report non-financial information within their management report or in a separate report (non-financial or sustainability report).
In Romania EU Directive directive 95/2014 was transposed by the MPF Order 1938/2016, NBR Order 7/2016, ASF Norm 1/2017.
MFP Order 3456/2018 extended the scope of application of EU Directive 95/2014 in Romania to all companies regardless of size that have over 500 employees.
In 2021, the EC published a Directive proposal to revise the EU Directive 95/2014 – the Corporate Sustainability Reporting Directive – enlarging the scope to all large undertakings and listed SMEs. The Directive is expected to apply to financial years starting on or after 1 Jan 2023, depending on the date on which it will be adopted.
Benefits of using the INNOVA DIGITAL REPORTING application in the non-financial or sustainability reporting process
Achieving in a short time and on a tight budget
a non-financial statement or report or a sustainability report
KPI customization
INNOVA consultants select and customize for each company a list of non-financial performance indicators according to the needs of the companies.
Monitoring the progress of data collection
the project manager from the company creates users, assigns indicators, monitors progress in real time. INNOVA consultants can verify the information collected and provide real-time feedback.
Validation of collected data
the project manager / company management can validate the collected data
Integrated management
a large amount of information can be managed in one place on a clear and consistent data structure. The data entered is saved automatically, and a log of the changes made is available if necessary.
Automatic Report Generation
after entering the data, verifying and validating them, the client obtains the sustainability report both in full and in sections in an editable format.
Expert cosultancy
at the client's request, INNOVA consultants may provide feedback on the information entered or may improve the text of the report before finalizing it.
Generating the Report in an attractive graphic format
INNOVA consultants can offer a variant of the report generated based on the data entered by the company. The company can choose from a list of templates a graphic format for customizing the report.
INNOVA DIGITAL REPORTING – Our Services
A company that wants non-financial or sustainability reporting can benefit from the services below.
Developing the Report
The customer's use of the online platform dedicated to the data collection process and the generation of the Sustainability Report.
Consulting services
Verification and feedback on the information entered by the Client in the online platform dedicated to the data collection process and the generation of the Sustainability Report.
Sustainability Report Graphics Services
Creation by the Consultant of a graphic version of the Sustainability Report based on the information entered by the Client in the online platform dedicated to the data collection process.
Our packages
Consultant Activities:
- client and project manager configuration
- KPI customization
Client Activities:
- users configuration and allocation of collection rights
- data entry, verification and validation
- automatic report generation
Consultant Activities:
- client and project manager configuration
- KPI customization
- verification of collected data and providing feedback
Client Activities:
- users configuration and allocation of collection rights
- data entry, verification and validation
- automatic report generation
Consultant Activities:
- client and project manager configuration
- KPI customization
- verification of collected data and providing feedback
- creating the report by using a predefined graphic chosen by the Client from a series of options offered by the Consultant or creating a unique, personalized graphic concept, custom made
Client Activities:
- users configuration and allocation of collection rights
- data entry, verification and validation
- automatic report generation
About us
INNOVA Project Consulting is one of the few consulting companies in Romania with a concrete professional experience in sustainability, with a portfolio of important clients that includes some of the largest Romanian companies and a team of consultants with national and international experience.
We have a strong experience and a team of well-trained professionals who have the skills to support any organization in developing the Non-Financial and Sustainability Report.
INNOVA elaborated reports for companies from different business sectors, such as: Oil&Gas, ICT, Mining, Chemical, Banking, etc.
Among our achievements we mention:
- The best Sustainability Reports in Romania in 2020 and 2021 awarded to INNOVA clients during the ARIR Gala – Association for Investor Relations with the Romanian Stock Exchange – 1st & 2nd place
- Award for Promoting the Importance of Sustainability Reports in 2020 received by INNOVA Project Consulting at the Financial Intelligence Gala.
- The award for the best Sustainability Report in Romania in 2016 awarded to the INNOVA client, which operates in the ICT sector, within the 2016 Deloitte Green Frog Award competition;
- Completion in 2018 of the first Non-Financial Reports in the Chemical and Mining sector.
Some of our clients
Mihaela Croitoru
Mihaela is a consultant with a long experience in sustainability, who works with some of the most important companies in Romania in the oil and gas, aluminum, chemical, mining, IT&C, financial and other sectors. She has coordinated complex projects and participated in the preparation of various sustainability reports in accordance with GRI standards - Global Reporting Initiative and EU Directive no. 95/2014.
Gaetano Casale
Gaetano has extensive experience in developing consulting projects on the integration and reporting of sustainability issues in private organizations internationally, such as FCA Group (formerly FIAT Group), Leonardo Group, etc. In Romania, he works with top companies operating in the most dynamic economic sectors.