Wolters Kluwer Enhances Enablon Platform, Adding CCH Tagetik ESG Reporting and Disclosure Capabilities

Wolters Kluwer Corporate Performance and ESG (CP & ESG) continues to deliver on its promise to integrate and extend its strong portfolio of financial and ESG solutions, this time by integrating ESG reporting and disclosure functionality from CCH Tagetik into its Enablon ESG Excellence solution. This new functionality now empowers companies of all sizes to meet Corporate Sustainability Reporting Directive (CSRD), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and other requirements to report and disclose integrated ESG data alongside financial data. “Sustainability leaders and CFOs can now collaborate to earn the trust of key stakeholders, by collecting, reporting, and disclosing verifiable ESG data – with the same rigor as financial data. This is a significant development for us and one that will benefit a wide variety of clients,” a London-based spokesman explained.

Companies of all sizes are now being asked to consistently report their progress toward ESG commitments through a myriad of regulatory frameworks. Most notably, 50,000+ EU-based companies will be mandated to participate in the European Union’s Corporate Sustainability Reporting Directive (CSRD) by 2026. U.S.-based and foreign companies with subsidiaries in the EU will also eventually be expected to comply with CRSD disclosure requirements.

At its core, the CSRD will require impacted companies to integrate their ESG and corporate financial reporting through additional disclosures – and these new ESG disclosures must be auditable, just like financial data. These pressures are creating an urgent demand among financial and sustainability leaders for transformational technology that can help them collect, report, analyze and assure the accuracy of their complex, often siloed ESG data – with the same rigor that key stakeholders have come to expect for financial data.

In response to these fast-evolving trends,  Wolters Kluwer CP & ESG says it has now added ESG reporting and disclosure capabilities to its Enablon ESG Excellence solution. “The new functionality combines environment, health and safety (EHS) and ESG data collection and analysis expertise from the company’s industry-leading Enablon ESG Excellence solution with the market-leading reporting and disclosure intelligence capabilities of its CCH Tagetik ESG & Sustainability Performance Management solution,” the company said in a statement. “In doing so, Enablon ESG Excellence now empowers sustainability and finance leaders to collect and connect operational and ESG data from various enterprise applications, from source to disclosure, in a single solution that supports all ESG-related functions across the enterprise.”

“CFOs and sustainability leaders are quickly recognizing that spreadsheets and a patchwork of software applications – long the go-to resources for collecting and analyzing ESG-related data – no longer suffice for larger organizations that are committed to ESG. Just like our cloud-based corporate performance management technologies have brought clarity to the complexity of financial reporting and analysis over the past decade, Wolters Kluwer is now bringing digital transformation to the world of ESG reporting,” commented Karen Abramson, CEO of Wolters Kluwer CP & ESG. “Our new Enablon ESG Excellence solution enhancements prove that Wolters Kluwer is a market leader when it comes to creating agile platforms that unify ESG data management from source to disclosure.”

New functionality now available through the Enablon ESG Excellence solution helps sustainability and finance leaders to collect, unify, and validate ESG data from more than 100 decentralized sources across the enterprise. It also allows them to map ESG data to frameworks and regulations – including CSRD, GRI, and SASB. The functionality also enables users to govern and monitor the ESG process from source to disclosure, with flexible, configurable workflow management. Other features include the ability to collaborate to track ESG performance and develop configurable ESG reports. Notably, users will be able to publish trusted, auditable ESG disclosures, based on traceable ESG data that aligns with regulatory requirements and meets the expectations of investors and stakeholders.

These continued enhancements to the Enablon ESG Excellence solution are the latest example of Wolters Kluwer’s leadership  in the ESG technology market. Just one month following the company’s March 2023 launch of its CP & ESG division, Wolters Kluwer introduced a new version of its Enablon Vision Platform for integrated risk management; and soon after added ESG standards to its award-winning, cloud-based TeamMate+ global audit expert solution portfolio. Wolters Kluwer has also recently earned recognition from independent research firm, Verdantix, as a leading, global provider of ESG software, and as the vendor with the most momentum among all participating firms in the Verdantix prestigious Green Quadrant report. Additionally, Wolters Kluwer was named a “Top Vendor” in the inaugural 2023 Environmental, Social, and Governance Reporting (ESG) Market Study, published by Dresner Advisory Services.

Earlier this month Wolters Kluwer released its scheduled 2023 nine-month trading update. Guidance for 2023 was reiterated and nine-month revenues were up 5% organically. Recurring revenues (82% of total revenues) were up 7% organically; digital & services revenues (94% of total) were up 6% organically and expert solutions revenues (58% of total) were up 7% organically.