Sustainability risk management tech company Socialsuite announced the launch of a new software platform aimed at helping companies manage double materiality assessments required under new sustainability reporting regulations.

“Double materiality” is one of the hallmark new approaches introduced by the EU’s Corporate Sustainability Reporting Directive (CSRD), requiring reporting both on the risks and impact of sustainability issues on an enterprise, as well as on the enterprises’ impacts on environment and society, including disclosing on how material impacts, risks, and opportunities (IROs) change over time.

Founded in 2015, Socialsuite provides solutions for social impact and ESG reporting. According to the company, the new solution supports the double materiality reporting process by combining stakeholder engagement data capabilities with AI-powered benchmarking enabling compliance alignment with the CSRD’s European Sustainability Reporting Standards (ESRS) and the ISSB standards.

Key features of the new solution include centralized stakeholder engagement, materiality data, and documentation, intelligent benchmarking to identify industry trends, assess impacts, risks, and opportunities, and guide strategic decision-making, and alignment with CSRD and IFRS standards, according to Socialsuite.

Seth Forman, CEO of Socialsuite, said:

“As organizations face increasing regulatory pressure, they need a solution that not only ensures compliance but also streamlines and enhances their materiality risk assessments. Our new platform combines cutting-edge AI with collaborative project management tools, helping companies reduce the time and cost of conducting a double materiality assessment by up to 80%.”