Published: 07 October 2024
Organizations must respond to expanding global disclosure requirements and stronger quality standards for nonfinancial reporting. To protect from legal and reputational risk, general counsel should create efficient, reliable and repeatable disclosure processes with strong data governance practices.
High coordination costs, low-quality data and ill-defined governance are signs of ineffective disclosure processes.
Effective disclosure processes are characterized by efficiency (the legal team primarily validates rather than hunts for data), reliability (data is accurate with justified and transparent estimation methods) and repeatability (with documented and updated data locations, owners and calculation methods).
Creating an efficient, reliable and repeatable disclosure process requires strong data governance practices. To improve governance practices for nonfinancial disclosures, general counsel (GC) should focus on defining key workflows and evaluating their data management strategy.
Elevate nonfinancial data governance and management practices to a more reportablestandard by
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