Corporate Responsibility Materiality
Understanding and prioritizing the corporate responsibility (CR) issues that matter most to our business and stakeholders enables us to focus on the right issues and report on them effectively and transparently.
The materiality assessment process provides us an opportunity to listen to and engage our many stakeholders, which helps us improve as an organization and provides insight into future trends, potential business risks and opportunities that influence our ability to create value.
Most recently, we have engaged with our Enterprise Risk Management (ERM) team to integrate our CR Materiality process through the ERM approach with the goal to further integrate corporate responsibility into the overall business strategy.
The materiality matrix shown below represents the environmental, social and governance (ESG) issues that internal and external stakeholders have identified as having significant financial, operational or reputational impact on the company and illustrates where our company can have a significant impact on society and the environment.
In response to external expectations for increased levels of transparency in our reporting, we leveraged Datamaran’s Materiality Analysis tool—a business intelligence tool that uses big data and artificial intelligence to conduct real-time materiality assessments.
This tool enabled us to identify and prioritize the ESG impacts, risks and opportunities most important to internal and external stakeholders by analyzing a range of sources such as corporate reports, competitive analysis, global regulations and initiatives, social media platforms and online news sources.
To supplement and validate the data-driven analysis, we engaged with a wide range of internal and external stakeholders through online surveys to validate and prioritize the list of issues.
The graphic below summarizes those sources and how they were used for the final output.
By using this innovative approach, we were able to expand the scope of our analysis and derive evidence-based results to strengthen our overall corporate responsibility materiality process.