Thursday, April 26, 2012

GRI Reporting Tool is Good for Business

The Global Reporting Initiative (GRI) provides methods and metrics to help businesses with important new requirements.  Reporting is becoming a basic requirement in some markets and therefore it has become essential for businesses of all sizes. Most large companies already have supply chain standards that make stringent demands on their suppliers. 

Launched in 1997, GRI is a non-profit organization that is the world’s standard for measuring and reporting a company’s sustainability performance. The GRI approach is focused on long-term profitability, social justice and environmental responsibility.

Through use of the GRI Framework, companies can report their social, economic and environmental progress. However, these reports not only highlight an organization's accomplishments, they also reveal weaknesses.

The GRI Reporting Framework provides both financial and non financial information on a company’s operational, social and environmental activities. The Framework is an indication of how well the company can deal with the related risks and is a growing indicator of operational and management excellence.

“Business decisions are no longer solely based on financial decisions,” said Mike Wallace, director of GRI’s U.S. office. “Sustainability guidelines are being written into national regulations, implemented by state-owned companies, integrated into stock exchange listing rules and are increasingly woven into the procurement policies of large multi-nationals like Apple and Microsoft. This kind of supply chain management is going to be the biggest game-changing factor for sustainability,” he said.

GRI provides useful tools that help organizations cope with increasingly complex, rapidly evolving compliance demands. GRI helps organizations establish benchmarks, build transparency, and develop stakeholder trust. 

© 2012, Richard Matthews. All rights reserved.

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