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5 Ways to Ensure Data Quality for Sustainability Reporting

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5 Ways to Ensure Data Quality for Sustainability Reporting

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Sustainability reporting is only as impactful as the quality of the data being used. If the data driving your reports is incomplete or inaccurate, you could be compromising the nature of your assessments. In this webinar, Urjanet, Measurabl, and Shorenstein join forces to:

-Define data quality
-Outline best practices for collecting and assessing data
-Provide real world examples of why data quality matters

Learn more now!

Sustainability reporting is only as impactful as the quality of the data being used. If the data driving your reports is incomplete or inaccurate, you could be compromising the nature of your assessments. In this webinar, Urjanet, Measurabl, and Shorenstein join forces to:

-Define data quality
-Outline best practices for collecting and assessing data
-Provide real world examples of why data quality matters

Learn more now!

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5 Ways to Ensure Data Quality for Sustainability Reporting

  1. 1. SPEAKERS TIM PORTER Urjanet, Director OEM/Partner Sales MATT ELLIS Measurabl, CEO JAXON LOVE Shorenstein, Sustainability Program Manager
  2. 2. DEFINING DATA & QUALITY DEFINING DATA: • Sustainability data: all data related to the ESG performance of a building. Includes quantitative aspects like utility data and qualitative data like projects and certifications. DEFINING QUALITY: • How accurate and trustworthy is the data? • Taking measures to ensure quality • External validation of the data quality
  3. 3. 1: TAKE HUMANS OUT OF THE EQUATION DON’T LEAVE GATHERING DATA UP TO HUMANS Humans are prone to manual error. Instead, automate data collection and utilize automated data checks to ensure you’re using accurate data.
  4. 4. 2: HAVE AN AUDITING FRAMEWORK IN PLACE ONCE YOU HAVE THE DATA, YOU NEED TO AUDIT You’ll need to check for things like: • New meters • New tariffs • New charges • Spikes in consumption TO REMOVE THE GUESSWORK, UTILIZE AN AUTOMATED DATA QUALITY PROCESS
  5. 5. 3: UTILIZE DATA ANALYSIS TOOLS SUSTAINABILITY DATA MANAGEMENT SYSTEMS WILL CATCH ANOMALIES IN YOUR DATA SETS Automated data aggregation solutions can check the accuracy of data, but they may not catch anomalies in the data
  6. 6. 4: GATHER DATA MONTHLY RATHER THAN ANNUALLY INCREASE THE FREQUENCY OF DATA COLLECTION TO FIND AND FIX DISCREPANCIES Avoid waiting until you file reports to analyze the data Regular data analysis will ensure the most accurate data Like studying for an exam, it’s better to review information consistently over time rather than cramming last minute
  7. 7. 5: MAKE SURE YOUR DATA SET IS COMPLETE REDUCE GAPS Gaps and overlaps in your data will cost you in the long run LEVERAGE AUTOMATION Machine learning algorithms will automate your data check process
  8. 8. THE COST OF BAD DATA Reporting the full spectrum of data received is important for creating accurate results Leaving gaps in data, missing points, or reporting inaccurate data could create problems in both the short and long term You’re making decisions with this data; with bad data, you make bad decisions
  9. 9. EXAMPLE: RAN’S COMPLIANCE ERROR In 2016, the Rainforest Action Network (RAN) published a report claiming it found many Japanese companies were either “systematically misreporting compliance” under Japan’s Corporate Governance Code, or had a “fundamental lack of understanding as to what constitutes meaningful sustainability reporting and stakeholder engagement.” • In 2015, Japan introduced a Corporate Governance Code intended to increase transparency and oversight related to ESG performance. • To evaluate the implementation, RAN reviewed the Code reports of ten major Japanese companies with known links to tropical deforestation and associated risk through their supply chains -- only to find that none of the companies were sufficiently disclosing their risks • The full report exposed lack of progress in how companies are addressing ESG issues. While companies were reporting on ESG measures, the reports varied in quality
  10. 10. WHY ESG DATA QUALITY MATTERS ON SUSTAINABILITY REPORTS ACCURACY OF REPORTED DATA • You should have the same data quality on ESG reports as you do financial reports FULL DISCLOSURE OF HOW YOUR COMPANY OPERATES • Transparency is key in today’s world BETTER ANALYSIS OF PERFORMANCE • You can better analyze how your organization performs after benchmarking • How do you stack up to competitors? • How have you improved year-over-year?
  11. 11. L HOW TO USE ESG DATA DISCLOSE TO INVESTORS, CLIENTS, AND STAKEHOLDERS • More investors are asking for your ESG metrics, disclosures, and scores - You need to know these answers before they ask • Gain competitive advantage BENCHMARK YOUR COMPANY PERFORMANCE • Where are your competitors succeeding? • What are your areas for improvement? IMPROVE YOUR OPERATIONS • What have you done to improve year-over-year?
  12. 12. L SHORENSTEIN SUSTAINABILITY: SUSTAINABILITY PERFORMANCE DATA
  13. 13. L PERFORMANCE DATA & RESULTS “Shorenstein signed on to the Better Buildings Challenge… to reduce energy usage 20 percent by 2020.” December 2011
  14. 14. L PERFORMANCE DATA & RESULTS “We achieved our goals four years ahead of the original 2020 timeline.” June 2017 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % 25.0 % 2009 2010 2011 2012 2013 2014 2015 2016 Cumulative Energy & Greenhouse Gas Reduction Energy Greenhouse Gas
  15. 15. L BUILDING A
  16. 16. BUILDING B
  17. 17. DATA QUALITY PRIORITIES ASSURANCE READINESS • Internal Audit • GRESB “Third Party Review” Guidelines CONTROLS • Control Framework • GAP Analysis • Inventory Data Gathering
  18. 18. INTERNAL AUDIT INTERNAL AUDIT • Goal: Confirm accuracy of utility account information and entry of monthly energy and water data to ENERGY STAR® - Audited 20 buildings - Findings: 19 discrepancies, no material affect on ENERGY STAR data
  19. 19. GRESB REPORTING – THIRD PARTY REVIEW GRESB PEERS WHO HAVE HAD “INDEPENDENT 3RD PARTY REVIEW OF SUSTAINABILITY PERFORMANCE DISCLOSURES”: • 2014:  30% • 2015:  26% • 2016:  46% • 2017:  47%
  20. 20. CONTROLS CONTROL FRAMEWORK • Process flowchart GAP ANALYSIS • Inventory data gathering • Compare against leading practices • Create recommendations
  21. 21. L QUESTIONS? TIM PORTER Urjanet, Director OEM/Partner Sales MATT ELLIS Measurabl, CEO JAXON LOVE Shorenstein, Sustainability Program Manager
  22. 22. THANK YOU! urjanet.commeasurabl.com shorenstein.com

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