Digitizing Sustainability Reporting for the Philippines’ Securities and Exchange Commission
Overview
As businesses and industries worldwide shift towards sustainability, the Philippines’ Securities and Exchange Commission (SEC) is now playing a critical role in driving this transformation. In line with global trends and the United Nations' mandate to achieve Sustainable Development Goals (SDGs), the SEC is committed to advancing transparency and accountability among publicly listed companies (PLCs) in their sustainability practices.
Recognizing the need for a more efficient and reliable system to collect, process and analyze sustainability reports, the SEC sought a digital solution to streamline these processes and enhance the quality of data submitted by companies.
The Challenge
While the SEC has long emphasized transparency in financial and non-financial reporting, including sustainability practices, the existing process relied heavily on spreadsheets for data collection and analysis, which was inefficient, error-prone, and time-consuming.
This manual approach posed significant challenges in accurately assessing companies' contributions to sustainability goals, making it difficult for the SEC to monitor progress and ensure alignment with responsible corporate governance and environmental stewardship principles.
To help the SEC streamline its sustainability reporting process, we digitized the SuRe (Sustainability Reporting) platform, which the SEC uses to assess companies' sustainability practices and initiatives.
Solutions
In developing the SuRe platform, we took a collaborative and tailored approach, working closely with the SEC to ensure the platform met all their specific needs. Our focus was on creating user-friendly experience for all stakeholders, making it easy to submit and evaluate sustainability reports effectively.
- In-depth workshops
We began with a series of discussions with the SEC stakeholders with the goal of gaining a comprehensive understanding of their requirements, challenges and the specific regulatory nuances of sustainability reporting in the Philippines.
- Current systems analysis
We conducted a comprehensive assessment of the SEC’s existing processes to identify areas for improvement and determine the best way to integrate the new platform. This analysis guided us in implementing key enhancements and ensuring smooth integration with existing operations.
- Tailored Climate Action platform
We prioritized creating an intuitive interface that simplifies the data submission process for companies while ensuring that the SEC could easily access, manage and analyze the submitted reports. The platform was built with robust data management capabilities to handle large volumes of information and provide real-time insights.
- Ensuring compliance and flexibility
We made sure that the platform was flexible enough to accommodate future changes in reporting requirements. We incorporated automated features that streamline compliance and validation, reducing the burden on both the SEC and the companies submitting reports.
- Testing and Iteration
We conducted extensive testing to ensure the SuRe platform’s functionality, accuracy and reliability. We worked closely with the SEC to test various scenarios and workflows, making adjustments as needed to fine-tune the platform’s performance and user experience.
Key Results
The ongoing deployment of the SuRe platform has already shown promising benefits for both the SEC and PLCs:
- Enhanced clarity and insight
Through the SuRe platform, the SEC has gained a deeper understanding of how PLCs manage climate change and their commitment to sustainability, helping them assess the effectiveness of climate strategies and driving improved practices across the board.
- Streamlined compliance
By simplifying the submission and review of sustainability reports, more companies will be encouraged to actively meet their reporting obligations.
- Improved regulatory efficiency
With intuitive interfaces and data management tools, the SuRe platform enhances the SEC's capability to oversee and evaluate sustainability reporting.
- Climate action
The platform helps companies implement more robust climate action strategies and align their practices with global sustainability objectives.
Through the successful implementation of the SuRe platform, we’re helping set a new standard in sustainability reporting in the Philippines, advancing the SEC’s goals and fostering a more transparent and accountable business environment.
