Wolters Kluwer CP & ESG applauded for ESG software prowess; adds ESG standards to TeamMate

Wolters Kluwer, the Dutch technology giant with a strong presence in the financial technology space, has been named among the leading global providers of ESG Software in the inaugural and prestigious “Green Quadrant: ESG Reporting and Data Management Software 2023” report from Verdantix, an independent research firm. The company has also added ESG standards, tailored to support Internal Audit workflow and practices, to its award-winning, cloud-based TeamMate+ global audit expert solution portfolio.

By enabling access to ESG reporting standards and frameworks, such as the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), EU Taxonomy, and the Task Force on Climate-related Financial Disclosures (TCFD), within the TeamMate+ environment, “auditors are now able to accelerate ESG audits to lead assurance efforts for corporate ESG reporting,” a London-based spokesman said.

“Our nearly 30-year long relationship with internal audit professionals across industries and regions continues to help us identify the critical needs and capabilities required by our customers,” says Frans Klaassen, Senior Vice President and General Manager, Wolters Kluwer TeamMate. “As businesses invest increasing time and resources on ESG considerations, we can now provide ESG standards in an audit ready format to drive ESG assurance activities. This is where TeamMate+ ESG significantly enhances capabilities.”

The respected industry barometer from Verdantix, meanwhile, “provides a comprehensive, research-based comparison of the twenty most prominent Environmental, Social, and Governance (ESG) platform vendors in the world.” Performances are assessed using Verdantix’s proprietary Green Quadrant methodology. The rigorous assessment comprises a two-hour live demonstration, with platforms tackling pre-set ESG scenarios in addition to the completion of a comprehensive 115-point questionnaire made up of 15 capability and 11 market momentum categories.

“Detailed, data-driven performance analysis, derived from our customers, is an important yardstick by which we measure our performance, and I am grateful to Verdantix analysts for their work on this detailed report,” said Karen Abramson, CEO of Wolters Kluwer’s Corporate Performance & ESG (CP & ESG) division in a company statement. “This result indicates that we are uniquely positioned to empower change and deliver transformative data solutions which drive up standards of corporate responsibility. Our solutions improve workplace safety, enable global sustainability, fuel commerce, and ease regulatory compliance.”

In addition to finding that Wolters Kluwer has the strongest market momentum among all vendors featured in the Green Quadrant report, Verdantix also attributed high scores to Wolters Kluwer in a number of categories including ESG and sustainability performance management, voluntary reporting, regulated and mandated frameworks and financial resources.

“Corporates are facing an increasing amount of regulation and pressure from stakeholders. Reporting on ESG and sustainability metrics for environmental topics as well as social and governance issues is an absolute necessity,” according to Jessica Pranksy, ESG & Sustainability principal analyst, Verdantix. “Furthermore, ESG data management is more and more critical for corporates to make decisions on how they drive sustainability performances across their businesses and value chains. As a result, ESG reporting, and data management software has shifted from being ‘nice to have’ to ‘must have’ for many corporates.”

Wolters Kluwer CP & ESG, created in March 2023, harnesses four global, cloud-based software businesses whose combined reach provides industry-leading solutions. The division brings together CCH Tagetik, OneSumX, TeamMate, and Enablon, in a family of solutions which are driving up standards of corporate responsibility, workplace safety, global sustainability and regulatory compliance across multiple industry sectors, the company says. Wolters Kluwer’s CP & ESG’s award-winning Enablon EHS Software has also been frequently recognized as a world-leading solution, including featuring favorably in earlier Verdantix Green Quadrant research reports.

The launch of the division coincided with the company reporting annual revenues of almost €5.5 billion for 2022. The new division aims to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions. The move to create CP & ESG “uniquely positions the company to capitalize on the growing and evolving demand for software, data, and insights across corporate performance management and ESG,” according to a London-based company spokesperson, speaking at the time.  “ESG solutions are a core growth driver for Wolters Kluwer,” the spokesperson said, adding that the new division will be home to approximately 2,500 professionals.

Karen Abramson, previously CEO of Wolters Kluwer’s Tax & Accounting (TAA) division, became CEO of the CP & ESG Division. In 2019 Abramson was named CEO of the year by the SIIA (Software Information Industry of America) in recognition of her leadership in launching award-winning products and driving technology and innovation across Wolters Kluwer TAA. Additionally, she was recognized as Female Executive of the Year with the 2021 Silver Stevie® Award for Women in Business.

In October last year The Globee® Awards named Abramson a winner in its 2022 Women World Awards®, recognizing her achievements in leading the transformation of Wolters Kluwer TAA from a traditional, on-premise tax and publishing business into a knowledge and technology-based tax, audit and corporate performance management business.