IFS and PwC UK Partner to Launch Sustainability Management and Reporting Solution

Enterprise software company IFS and professional services provider PwC UK have announced a collaboration to launch a new Sustainability Management Solution on the IFS Cloud platform. This initiative aims to support companies in meeting sustainability disclosure requirements, including the EU’s new Corporate Sustainability Reporting Directive (CSRD), and to embed sustainable practices into their business operations.

Under the collaboration, IFS will develop a Sustainability Management module within IFS Cloud, with PwC contributing expertise in ESG criteria and the regulatory landscape. Additionally, IFS Cloud customers can enlist PwC’s services for guidance on sustainability reporting, including conducting double materiality assessments and preparing for CSRD readiness.

Carl Sizer, PwC UK Management Board Member and ESG Sponsor, expressed enthusiasm for the project: “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 new solution will assist customers in navigating CSRD requirements and other emerging global regulatory standards. Key features include out-of-the-box CSRD metrics, data mapping, approval workflows, target setting, and insights. It also offers a library of KPIs, including quantitative metrics with calculation logic, supported by PwC ESG experts. PwC UK will provide services to ensure companies are compliant for their first CSRD reporting cycle in 2025.

The first version of the new module is under development and is anticipated to be released in late November.

Mark Moffat, IFS CEO, highlighted the significance of the partnership: “This 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.”

This collaboration between IFS and PwC UK signifies a robust step towards empowering companies to manage their sustainability initiatives effectively and adhere to evolving regulatory standards, paving the way for a more sustainable and transparent business environment.