IFS and professional services firm PwC* have announced a collaboration to bring to market a Sustainability Management Solution that will include vital technology and services to support compliance with sustainability disclosure requirements and embedding sustainable practices into business operations, including for multi-national organisations.
The initiative will see IFS develop a Sustainability Management module within IFS Cloud. PwC will contribute its expertise in Environmental, Social, and Governance (ESG) criteria and the ever-evolving regulatory landscape to assist in the design and build.
Once completed, the solution will help IFS customers navigate the new requirements of the Corporate Sustainability Reporting Directive (CSRD) and other emerging mainstream global regulatory standards that our customers are facing.
To ensure a seamless journey from start to finish, customers using IFS Cloud can enlist the services of PwC to guide on the wide range of issues facing our customers in relation to this critical aspect of governance, along with mandatory strategic ESG tasks like conducting a double materiality assessment and offering guidance for CSRD readiness.
The module will boast key features such as out-of-the-box CSRD metrics, select IFS Cloud data mapping, approval workflows, target setting, and insights. It will deliver a library of KPIs, including quantitative metrics with calculation logic, all supported by PwC’s ESG experts to ensure credibility. The tool is designed to support customers as they navigate the sustainability disclosure landscape, while helping them remain focused on delivering real business value through identifying opportunities to transition to more sustainable and productive ways of operating.
Mark Moffat, IFS CEO commented: “This strategic coalition between IFS and PwC is not just a technological advantage; it is a commitment to shaping a sustainable and transparent ecosystem. By equipping customers with the necessary tools and data, we are together enabling decisive sustainability action and ensuring we maintain the highest standards in sustainability disclosures.”
Carl Sizer, PwC UK Management Board Member and ESG Sponsor, commented: “We’re thrilled to collaborate with IFS in developing the Sustainability Management module within IFS Cloud. Our expertise in ESG criteria and knowledge of the regulatory landscape will enable us to provide valuable guidance and support in designing a solution that empowers organisations to effectively manage their sustainability initiatives and navigate the evolving regulatory landscape.”
The first version of the Sustainability Management Module is set to launch in the IFS Cloud 24R2 release at the end of November; it is currently under development and will be a cornerstone of this partnership. Alongside the IFS Cloud Sustainability Management module, PwC UK will provide the required services for companies to be compliant for their first CSRD reporting cycle in 2025.
*Where “PwC” is referenced in this press release it relates specifically to the collaboration with IFS and PwC UK, the UK member firm, part of the PwC network. Each member firm is a separate legal entity.
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