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DOUBLE MATERIALITY SOFTWARE
Simple and affordable materiality assessment software
Socialsuite brings you end-to-end materiality software with expert support to guide your progress, save money, and meet compliance requirements.
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What is materiality?
Materiality in sustainability reporting refers to the process of identifying and assessing the environmental, social, and governance (ESG) issues that are the most significant for an organization and its stakeholders.
These sustainability issues, often referred to as “material issues,” capture the organization’s most significant impacts on the economy, environment, and people; as well as the most significant risks and opportunities that have the potential to influence the organization’s financial stability and operational efficiency.
Impact
Materiality
Impact materiality relates to the organization’s impacts on the environment and society. This perspective on materiality takes an inside-out view to identify the sustainability matters that have material actual or potential, positive or negative impacts on people or the environment. Impacts include those caused by the company and its upstream and downstream value chain.
Financial
Materiality
Financial materiality relates to the organization's sustainability risks and opportunities. This perspective on materiality takes an outside-in view to identify the sustainability matters which may trigger material financial effects on the company. This is the case when they may generate risks or opportunities that are likely to have a material influence on the company's financial performance, such as cash flows or cost of capital.
Single
Materiality
Single materiality is a one-sided assessment. It involves focusing on only a single perspective. This means identifying the inside-out (impact) material sustainability matters OR identifying the outside-in (financial) material sustainability matters - but not both at the same time.
A single materiality assessment could refer to either of the materiality perspectives.
Double
Materiality
Double materiality refers to assessing both materiality perspectives simultaneously. There are important interplays between impact and financial materiality, this necessitates assessing both perspectives at the same time.
Keep in mind that combining two separate single materiality assessments does not make a double materiality assessment.
What is double materiality?
Double materiality considers a company’s outward impacts on the environment and society, as well as the financial effects of sustainability risks and opportunities on the company.
A double materiality assessment always requires conducting the impact and financial materiality assessments at the same time. This combined approach includes the assessment of impacts, risks, and opportunities (often referred to as IROs).
Our Materiality Process
Scope
Determine your materiality approach, requirements, and objectives.
Define
Define your list of potential material sustainability topics with the executive team and peer benchmarking.
Identify
Assess your value chain to identify, group, and select key stakeholders. Stakeholders include employees, customers, board members, etc.
Engage
Engage with stakeholders via surveys and interviews to gather quantitative and qualitative data and insights.
Analyze
Analyze the results, conduct internal validation, and select final material topics.
Why are materiality
assessments important?
Stakeholders provide a wide range of perspectives
Provides qualitative and quantitative data
Enables data-driven decision making
Creates a sustainability roadmap for executives
Builds trust and credibility
Alignment with regulations like CSRD & ESRS
Materiality Software Features
CSRD & ESRS Aligned
Double Materiality
Consider financial IROs and impact IROs with the use of the double materiality feature.
Expert Materiality Consulting
Leverage Socialsuite's advisory services to help run one-on-one interviews, workshops, and focus groups to further assess materiality.
Peer Benchmark Analysis
Analyze where your competitors and peers are on their sustainability and materiality journey so you don't fall behind the curve.
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Customized Stakeholder Management
Group, weigh, and track unlimited stakeholders. Engage stakeholders via our proprietary survey technology and/or conduct interviews/workshops.
Advanced Topic Selection
Pre-defined topic lists developed from peer, industry, and competitive data and standardized frameworks (SASB, GRI, CSRD). Include extra customized topics or open-ended questions for more insight.
Real-Time Automated Analysis
Analyze qualitative and quantitative data through aggregated standardized scoring. Visualize results for impact, risk, and opportunity in a scatter-plot matrix.
Secure Cloud Environment
Enterprise-level cloud security to safely collect and store your ESG data in one centralized platform.
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UN SDG Alignment
Material topics are automatically aligned with the relevant UN Sustainable Development Goals (SDGs). Prioritize the SDGs your organization impacts most.
Instant Materiality Report
Consolidated summary highlighting the methodology, materiality matrix, analysis, and UN Sustainable Development Goal alignment.
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Materiality Packages
All Packages Include
Materiality topic selection & validation
Stakeholder selection & survey execution
Materiality Matrix
Alignment to UN Sustainable Development Goals
Silver
Access to the materiality platform
Up to 10 users
1 hour of quarterly coaching
Auto-generated 3 page report
Gold
Access to the materiality platform
Up to 25 users
1 hour of bi-monthly coaching
Dedicated materiality consultant
Up to 5 stakeholder engagement interviews
1-hour materiality workshop
3 page custom analysis final report
Platinum
Access to the materiality platform
Unlimited users
1 hour of monthly coaching
Dedicated materiality consultant
Up to 10 stakeholder engagement interviews
2-hour materiality workshop
Fully customized 5-10 page final report
Latest resources
Stay up-to-date on the latest industry news, customer stories, and learn about how you can embed sustainability in your business.
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Sustainability Trends to Watch in 2024
Let’s take a look at what key thought-leaders, practitioners, and experts believe to be the main trends and focus areas for sustainability in 2024.
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SEC Climate Rule: Materiality - Great in Principle, Harder to Apply in Practice
The SEC just announced its proposed Climate Ruling. Read the blog post to hear the key components you need to understand.
ESG and Sustainability Single and Double Materiality Software
Learn the basics of what a materiality assessment is and why it's important. Then dive into the differences between single and double materiality.
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California Climate Accountability Package
California signed the Climate Accountability Package into law October of 2023. Are you prepared for mandatory climate disclosures? Learn more about SB-253 and SB-261 here.
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ESG for Private Companies
Did you know not only publicly listed companies are reporting their ESG metrics and sustainability performance? Private companies are increasingly seeing the value of making ESG reporting a priority.
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Start ESG with Materiality
Dr. Tim Siegenbeek van Heukelom discusses why ESG strategy, initiatives, and reporting all start with identifying your material sustainability topics.
Ready to streamline your materiality assessment?
Whether you're a public, private, or non-profit organization, Socialsuite has the right materiality solution for you.
Are you looking to accelerate your sustainability journey?
See how we can help.
See how we can help.