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IFS partners with PwC to develop sustainability service

IFS partners with PwC to develop sustainability service

Business software vendor IFS and global consulting firm PwC are bringing to market a sustainability management solution that will support compliance with sustainability disclosure requirements.

It will also help embed sustainable practices into business operations.

The initiative will see IFS develop the 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 customers are facing.

Customers using IFS Cloud can enlist the services of PwC to guide them on the wide range of issues 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.

Mark Moffat, IFS CEO, said: “This strategic coalition between us 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, added: “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 this November.