đDouble Materiality in Brightest
Note, materiality and double materiality are available for select subscription packages.
To enter double materiality data in Brightest navigate to the "Materiality Module".
The landing page of the Materiality Module is the double materiality assessment table. This assessment table includes all of the environmental, social and governance topics as well as sub-topics as identified in the European Sustainability Reporting Standards (ESRS) outlined by the European Financial Reporting Advisory Group (EFRAG).
In this table you can evaluate the individual topics and mark them as material or not material.
Table of contents:
How to evaluate a material topic
How to create a new material topic
How to evaluate a material topic
In the Materiality Module, you will see a list of all relevant topics and subtopics. You can filter your view to see all, topics that are material only, or see only environmental, social or governance topics.
To evaluate a topic, click on the gray "Evaluate" button in the Edit column.
If the topic is not material:
If the topic is not material, leave the "Material" option toggled off.
Provide an explanation as to why the topic is not material to your organzation in the field "Explanation". According to the CSRD (ESRS) reporting, an organization must state why the topic is determined to be "not material".
If the topic is material:
If the topic is material, switch the "Material" toggle on.
The form will prompt you to answer the following fields in relation to the material topic:
Scope: select the scope for which this topic affects your organization; how widespread is the impact. For example, does it affect your company at a regional scale, company-wide, or asset level etc.
Time Horizon: select the time horizon for which the topic's impact has been asset? Will the impact be short-term, medium-term, or long-term?
Risk Level: what level of risk does this material topic pose to the organization - is it low, medium, or high?
Risk Mitigation Potential: What is the ability of the organization to mitigate potential risks associated with this material topic?
Materiality Importance: On a scale of 1 to 10, rank this topic in terms of importance to your organization (1 the lowest, 10 the highest)
Materiality Stakeholder Importance: On a scale of 1 to 10, rank this topic in terms of importance to your organization's stakeholders (1 the lowest, 10 the highest)
Materiality Influence: On a scale of 1 to 10, rank this topic in terms the ability your organization has to positively influence this topic (1 the lowest, 10 the highest)
Financial Value: Enter a financial value associated with this material theme if it has been determined to have financial materiality. The definition of what this financial value represents can be defined by your organization. For example, it can represent a financial risk to the company or it could be a budget that your company has allocated to this material topic. In the next field, you can select a financial materiality category from the dropdown menu. *Be sure to enter a positive value.
Financial Materiality Category: Select the financial materiality category from the dropdown menu that best represents the definition of the financial value you allocated to this material topic.
Click "Create or Update" and your changes will be saved to Brightest.
How to create a new material topic
Brightest has an extensive list of environmental, social and governance material topics that are predefined and in alignment with the CSRD (ESRS) standard. However, you also have the option to create custom material topics.
To creat a material topic, click on the "Create topic" button in the top right menu bar.
Fill in the new material topic form:
Name: enter the name of the topic
Description: write a description of the topic
Theme: select a theme from the dropdown menu that best describes the topic - environmental, social or governance.
Select a sub topic
Click save for the topic to be added to your materiality list of topics.
To fill out an evaluation for your new material topic, find it in your list of materiality topics. Then click on the gray "Evaluate" button. The form will ask
If the topic is not material:
If the topic is not material, leave the "Material" option toggled off.
Provide an explanation as to why the topic is not material to your organzation in the field "Explanation". According to the CSRD (ESRS) reporting, an organization must state why the topic is determined to be "not material".
If the topic is material:
If the topic is material, switch the "Material" toggle on.
The form will prompt you to answer the following fields in relation to the material topic:
Scope: select the scope for which this topic affects your organization; how widespread is the impact. For example, does it affect your company at a regional scale, company-wide, or asset level etc.
Time Horizon: select the time horizon for which the topic's impact has been asset? Will the impact be short-term, medium-term, or long-term?
Risk Level: what level of risk does this material topic pose to the organization - is it low, medium, or high?
Risk Mitigation Potential: What is the ability of the organization to mitigate potential risks associated with this material topic?
Materiality Importance: On a scale of 1 to 10, rank this topic in terms of importance to your organization (1 the lowest, 10 the highest)
Materiality Stakeholder Importance: On a scale of 1 to 10, rank this topic in terms of importance to your organization's stakeholders (1 the lowest, 10 the highest)
Materiality Influence: On a scale of 1 to 10, rank this topic in terms the ability your organization has to positively influence this topic (1 the lowest, 10 the highest)
Financial Value: Enter a financial value associated with this material theme if it has been determined to have financial materiality. The definition of what this financial value represents can be defined by your organization. For example, it can represent a financial risk to the company or it could be a budget that your company has allocated to this material topic. In the next field, you can select a financial materiality category from the dropdown menu. *Be sure to enter a positive value.
Financial Materiality Category: Select the financial materiality category from the dropdown menu that best represents the definition of the financial value you allocated to this material topic.
Click "Create or Update" and your changes will be saved to Brightest.
If you would like to edit your custom topic, you can do so by clicking on the white pencil edit symbol in the "Edit" column. Currently it is not possible to delete custom material topics. If you would like to delete one, contact your Brightest account manager.
Materiality Matrix
To view your materiality topics in a matrix, click on the "Matrix" tab in the top left menu bar of your Materiality Module.
Once you've added materiality to a goal, you can view the Goal Materiality Matrix in the Materiality Module.
Navigate to the Materiality Module Click on the "Matrix" Select "Goal Materiality" next to the option "Generate matrix from".
This will show your organization's Goal Materiality matrix.
The importance to your stakeholders is on the y-axis and the importance to your organization is on the x-axis. The rating scale is from 1 to 10; 1 is least important and 10 is most important. The bubble size is in relation to your organization's ability to positively influence the material theme.
Double Materiality Matrix
To view your double materiality topics in a matrix, click on the "Matrix" tab in the top left menu bar of your Materiality Module.
Once you've added topic and financial evaluations to your material topics in the "Assessment" tab of the Material Module, you can view your Doublel Materiality Matrix.
Navigate to the Materiality Module Click on the "Matrix" Select "Double Materiality" next to the option "Generate matrix from".
This will show your organization's Double Materiality matrix.
The importance to your stakeholders is on the y-axis and the importance to your organization is on the x-axis. The rating scale is from 1 to 10; 1 is least important and 10 is most important. The bubble size is in relation to the financial value which has been normalized to scale.
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