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18th Jan 2022
Prabir Mishra, TRST01
India is a rapidly growing economy, with many businesses operating within its borders. As the country continues to develop, companies must consider their responsibilities to society and the environment. One way for businesses to do this is through Business Responsibility and Sustainability Reporting (BRSR).
BRSR is a process by which businesses report on their social, environmental, and economic impacts. This includes information on the company’s governance, human rights, labour practices, environmental performance, and community engagement. BRSR aims to provide stakeholders with a comprehensive understanding of a company’s performance in these areas and to encourage companies to improve their practices.
India has introduced new environment, social, and governance (ESG) reporting requirements for the top 1,000 listed companies by market capitalization. The Securities and Exchange Board of India (SEBI) stipulates that the disclosure must be made through a new format, namely the Business Responsibility and Sustainability Report (BRSR). BRSR reporting has been voluntary for FY 2021-22 but will be mandatory from FY 2022-23.
In India, the concept of BRSR is relatively new. However, there has been a growing awareness of the need for businesses to consider their social and environmental responsibilities. This has been driven by several factors, including increased government regulations and growing consumer demand for more sustainable products and services.
One of India’s main drivers of BRSR is the Companies Act of 2013. This act requires companies to include a section on corporate social responsibility in their annual reports, including the company’s CSR policies, activities, and spending. This requirement has prompted many companies in India to start thinking about their social and environmental responsibilities and to start reporting on them.
Another critical driver of BRSR in India is the growing awareness of the importance of sustainability. Several factors have driven this, including climate change, resource depletion, and increasing population. As a result, consumers and investors are increasingly looking for sustainable products and services and demanding that companies consider their social and environmental impacts.
There are several benefits of BRSR for businesses in India. Firstly, it can help companies to identify and mitigate risks associated with their social and environmental impacts. For example, a company may determine that its operations are causing pollution and then take steps to reduce it. This can help to reduce the company’s environmental risks and improve its reputation.
Secondly, BRSR can help companies improve their social and environmental performance. For example, a company may identify as not providing adequate health and safety protections for its employees and may take steps to improve these protections. This can help to reduce the company’s labour risks and enhance its reputation.
Thirdly, BRSR can help companies to gain a competitive advantage. For example, a company that is seen as a socially responsible and sustainable business may attract more customers and investors. This can help the company to grow and to achieve tremendous success in the long term.
However, there are also challenges associated with BRSR in India. One of the critical challenges facing businesses in India regarding BRSR is the need for a consistent and standardized reporting framework. Currently, there are several different reporting frameworks that companies can use, such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB). This can make it difficult for businesses to choose the proper framework for their needs and for stakeholders to compare and understand the information provided in different reports.
One of the main benefits of BRSR automation is that it allows businesses to collect and analyze data on their sustainability and social responsibility efforts in an efficient and standardized manner. This makes it easier for companies to identify areas where they are performing well and where they need to improve. Additionally, automation allows businesses to generate accurate and timely reports that can be shared with stakeholders, such as investors, customers, and regulators.
Another challenge facing businesses in India regarding BRSR is the need for more expertise and resources to collect and analyze data and generate reports. Many businesses in India are small or medium-sized enterprises (SMEs) that may need more help or expertise to implement BRSR automation. To address this challenge, BRSR reporting tools Such as FootPrint by TRST01 are handy, and these services include data collection, analysis, and report generation.
FootPrint by TRST01 assists businesses in developing the digitized Business Responsibility and Sustainability Report (BRSR). FootPrint by TRST01 follows 2021 GRI, SASB, TCFD, and CDP with linkage to the 17 UNSDGs to monitor, measure, and disclose performance in environmental, social, and governance areas (ESG).
FootPrint by TRST01 focuses on
TRST01’s blockchain technology in Sustainability Reporting aims to allow digital information to be recorded and kept in a distributed ledger, making it immutable and traceable.
In conclusion, BRSR automation is becoming increasingly crucial for businesses operating in India, allowing them to be transparent and accountable for their social and environmental impacts. Companies in India should take advantage of BRSR Automation to ensure their operations are sustainable and responsibly managed and to demonstrate their efforts to their stakeholders.
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Sailaja is a successful entrepreneur who believes in her passion and dedication. She has a master in business management from Herriot Watt University. She worked as a CEO for a Pharma chain in Hyderabad, and years later, she pursued her dream for pastry and got a degree in pastry from Le Cordon Bleu College, London. She started and established her patisserie in Hyderabad, getting the tastes from Global travel, infused her finesse to products taking her brand a notch higher.
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Inder’s growing understanding of the expanding role of technology in healthcare caught the attention of the bureacracy and was invited to work on the Patient Privacy and Electronic Records Committee for the State of Massachusetts and later on at the State of Georgia Department of Health and Human Services. These were in the years immediately preceding the development and roll-out of Health Insurance Portability and Accountability Act (HIPAA).
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