这是用户在 2024-6-3 11:20 为 https://app.immersivetranslate.com/pdf-pro/7ea3466c-4edf-49cb-ae92-1a4159e2f897 保存的双语快照页面，由 沉浸式翻译 提供双语支持。了解如何保存？
2024_06_03_f1837d46e24e1182a56eg

Deloitte.

A practical approach to assess financial materiality
评估财务重要性的实用方法
Working paper on double materiality
关于双重物质性的工作文件

Financial materiality About this working paper
财务重要性 关于本工作文件

During a double materiality assessment, organizations need to assess both impact and financial materiality of sustainability matters. Whereas our previous working paper discussed the concept of double materiality, in this working paper we will focus on financial materiality. The aim of this working paper is to provide practical guidance for the financial materiality assessment of Environmental, Social and Governance (hereinafter: ESG) aspects, based on our project expertise, client experience and the draft guidelines of the European Sustainability Reporting Standard (hereinafter: ESRSs).
在双重实质性评估过程中，组织需要同时评估可持续发展事项的影响和财务实质性。上一份工作文件讨论了双重实质性的概念，而在本工作文件中，我们将重点讨论财务实质性。本工作文件旨在根据我们的项目专长、客户经验和欧洲可持续发展报告标准（以下简称：ESRS）指南草案，为环境、社会和治理（以下简称：ESG）方面的财务实质性评估提供实用指导。

About this working paper
关于本工作文件

  1. We present our interpretation of the ESRSs, acknowledging the evolving nature of ESG risks and opportunities (hereinafter: R&Os) during financial materiality assessments and the need for sector specific and businessspecific considerations.
    我们对《环境、社会和公司治理报告准则》进行了解读，承认在财务重要性评估过程中，环境、社会和公司治理风险与机遇（以下简称 "风险与机遇"）的性质在不断变化，需要考虑具体行业和具体业务。
  2. We discuss the practical implications of financial materiality, offering a perspective based on current leading practices.
    我们讨论了财务重要性的实际影响，提出了基于当前领先实践的观点。
  3. We propose various methodological approaches and options for R&O based financial materiality assessments.
    我们为基于 R&O 的财务重要性评估提出了各种方法和方案。
  4. We discuss best practices for engaging with stakeholders during financial materiality assessments.
    我们讨论了在财务重要性评估过程中与利益相关方接触的最佳实践。
  5. We provide guidance on turning ESG R&Os into actions and connecting the results of financial materiality assessments with broader enterprise risk management, strategy, budgeting and motivation processes.
    我们指导如何将环境、社会和治理方面的 R&O 转化为行动，并将财务重要性评估结果与更广泛的企业风险管理、战略、预算编制和激励流程联系起来。
Previous working paper | Balancing your materiality assessment
上一篇工作文件｜平衡重要性评估
In this paper, we acknowledge the new nature of conducting materiality analyses and the many choices organizations need to make, both sector specific and business specific. This 'working paper' (intentionally called so) shows our current interpretation of the 2022 draft standards.
在本文件中，我们承认进行实质性分析的新性质，以及组织需要做出的许多选择，包括特定行业和特定业务。这份 "工作文件"（有意如此称呼）展示了我们目前对 2022 标准草案的解释。

CSRD Series | Double materiality explained
CSRD 系列 | 双重相对重要性解释

Double materiality
Diving into financial materiality assessment
双重重要性跳水进入财务重要性评估

Why is it important to assess financial materiality of ESG R&Os?
为什么必须评估 ESG R&O 的财务重要性？

ESG R&Os can have a range of positive or negative effects on a company's brand, reputation, operations, business continuity, financial outlook and long-term enterprise value.
ESG R&O 对公司的品牌、声誉、运营、业务连续性、财务前景和长期企业价值都会产生一系列积极或消极的影响。
Understanding the financial materiality of sustainability matters is key to prioritizing and effectively addressing the associated R&Os. When these matters are managed effectively, they can be transformed into powerful opportunities for stakeholders, driving long-term strategic value.
了解可持续发展事项在财务方面的重要性是确定优先次序和有效解决相关 R&Os 的关键。如果这些事项得到有效管理，它们就能转化为利益相关者的强大机遇，推动长期战略价值的实现。
The ESRSs require a robust process to identify R&Os related to sustainability matters in a rigorous and transparent manner that can withstand the scrutiny of auditors and external stakeholders.
环境与社会责任报告》要求有一个健全的程序，以严格和透明的方式确定与可持续发展事项有关的研发和运营，经得起审计师和外部利益相关者的审查。
Double materiality includes significant impacts that the organization has on the economy, environment and society (impact perspective), and the financial effects that these matters have on the organization itself (financial perspective).
双重实质性包括组织对经济、环境和社会的重大影响（影响角度），以及这些事项对组织本身的财务影响（财务角度）。
These topics may overlap and, due to their potential impact on the firm's longer-term performance, are all important to consider when setting strategic objectives.
这些主题可能相互重叠，而且由于其对公司长期绩效的潜在影响，在制定战略目标时都必须加以考虑。
The ESRSs are transparent regarding the presentation format of financial assessment outcomes (an example can be seen on the right). In this document, we outline a range of methods for processing these findings.
ESRS 在财务评估结果的表述格式方面是透明的（右侧有一个示例）。在本文件中，我们概述了处理这些结果的一系列方法。

Defining financial materiality
确定财务重要性

According to ESRS 1* on General Requirements: "A sustainability matter is material from a financial perspective if it triggers [...] material financial effects on the undertaking. This is the case when a sustainability matter generates [...] risks or opportunities that have a material influence [...], on the undertaking's development, financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium- or long-term. Risks and opportunities may derive from past events or future events. The financial materiality of a sustainability matter is not constrained to matters that are within the control of the undertaking but includes information on material risks and opportunities attributable to business relationships with other undertakings or stakeholders beyond the scope of consolidation used in the preparation of financial statements."
根据关于一般要求的 ESRS 1*："从财务角度看，可持续发展事项如果对企业产生[......]重大财务影响，就是重大的。当可持续发展事项产生[......]风险或机遇，对企业的短期、中期或长期发展、财务状况、财务业绩、现金流、融资渠道或资本成本产生[......]重大影响时，就属于这种情况。风险和机遇可能来自过去的事件或未来的事件。可持续性事项的财务重要性并不局限于企业控制范围内的事项，还包括与编制财务报表时使用的合并范围之外的其他企业或利益攸关方的业务关系所产生的重大风险和机遇的信息"。

- 0000000

Financial materiality assessment Our approach
财务重要性评估 我们的方法

In order to assess the financial materiality of ESG R&Os, we have established a step-by-step approach aligned with ESRS' requirements. Considering the differences in companies' corporate structures, business models, enterprise risk management, and sustainability maturity, this guidance provides several methodologies and approaches for each step. Companies can choose or combine the methods that are most applicable to them. It is important to understand that the process below should be monitored and updated on an ongoing basis. Each step of the process will be comprehensively discussed in the remainder of this working paper.
为了评估 ESG R&O 的财务重要性，我们制定了与 ESRS 要求一致的逐步方法。考虑到各公司在公司结构、业务模式、企业风险管理和可持续发展成熟度方面的差异，本指南为每个步骤提供了多种方法和途径。公司可以选择或组合最适合自己的方法。重要的是要明白，应持续监控和更新以下流程。本工作文件的其余部分将全面讨论该流程的每个步骤。

Throughout the process, the involvement of internal and (in some cases) external stakeholders is critical in the financial materiality assessment. In our previous working paper, we indicated the importance of selecting appropriate stakeholders to engage with when starting the double materiality assessment. During the financial materiality assessment, the stakeholders that are relevant to engage with are slightly different from those relevant to the impact materiality assessment. For financial materiality, it is essential to include stakeholders who:
在整个过程中，内部利益相关者和（某些情况下）外部利益相关者的参与对财务重要性评估至关重要。在上一份工作文件中，我们指出了在开始双重实质性评估时选择适当的利益相关者参与的重要性。在财务重要性评估过程中，与影响重要性评估相关的利益相关者略有不同。对于财务重要性而言，必须包括以下利益相关者：
  • Are directly or indirectly involved in the company's risks and opportunities;
    直接或间接参与公司的风险和机遇；
  • Have insights into the business implications of ESG matters;
    对环境、社会和公司治理问题的业务影响有深入的了解；
  • Have insights into the financial matters related to the company and offer unique perspectives.
    对与公司相关的财务问题有独到见解，并能提出独特观点。
These types of stakeholders often have key insights needed to assess R&Os and can include external parties too. Incorporating these stakeholders creates a multi-dimensional assessment of financially material matters.
这些类型的利益相关者往往具有评估 R&O 所需的关键见解，也可以包括外部各方。将这些利益相关者纳入其中，可以对财务重大事项进行多维度评估。
  • Strategy: By engaging the strategy team, material issues are identified and assessed based on their alignment with the organization's strategic direction. This enhances the organization's ability to prioritize and address financially material issues.
    战略：通过战略团队的参与，根据重大问题与组织战略方向的一致性对其进行识别和评估。这将提高组织优先处理重大财务问题的能力。
  • Finance: By involving the finance team, materiality is assessed in terms of potential financial risks, costs, and benefits. This financial lens adds depth to the assessment, facilitating informed decision-making.
    财务：让财务团队参与进来，从潜在的财务风险、成本和效益的角度评估重要性。这种财务视角增加了评估的深度，有助于做出明智的决策。
  • Sustainability: Involving the sustainability team helps to identify issues that resonate with the organization's sustainability commitments.
    可持续性：可持续发展团队的参与有助于确定与组织的可持续发展承诺相一致的问题。
  • Enterprise risk management: By incorporating ERM, a risk-centric perspective is incorporated into the assessment. This perspective ensures that material issues are evaluated not only for their opportunities but also for potential risks. This improves the organization's resilience and sustainability in the face of uncertainties.
    企业风险管理：通过纳入企业风险管理，在评估中纳入了以风险为中心的视角。这种视角确保对重大问题的评估不仅针对其机遇，也针对潜在风险。这就提高了组织面对不确定因素的应变能力和可持续性。
  • Internal audit: The audit team can provide comprehensive insights into the organization's sustainability-related processes.
    内部审计：审计团队可以全面深入地了解组织的可持续发展相关流程。
We suggest having one representative from each business function to form a small project team. "Other relevant stakeholders" and company leadership can be involved as challengers or validators.
我们建议每个业务职能部门派一名代表组成一个小型项目小组。"其他利益相关者 "和公司领导层可作为挑战者或验证者参与其中。

Other relevant stakeholders to consider
"Consulted when needed" stakeholder groups
需要考虑的其他相关利益攸关方 "必要时咨询 "利益攸关方群体

Engaging these stakeholders is necessary when specific insights into sustainability matters from their perspective cannot be covered by key driving stakeholders.
当主要利益相关者无法从他们的角度对可持续发展问题提出具体见解时，就有必要让这些利益相关者参与进来。
Stakeholders such as the Crisis team are relevant in assessing financially material issues for their potential to escalate into crises. Budgeting is aligned with sustainability goals and risk management priorities. By including Legal teams, the assessment gains insights into the legal implications of sustainability matters, contributing to an understanding of potential legal risks. Stakeholders from business management and other functions can address business process risks and discuss the controls in place during the assessment.
危机小组等利益相关者参与评估财务方面的重大问题，以确定这些问题是否有可能升级为危机。预算编制与可持续发展目标和风险管理优先事项保持一致。通过纳入法律团队，评估可深入了解可持续发展事项的法律影响，有助于了解潜在的法律风险。来自业务管理和其他职能部门的利益相关者可以在评估过程中处理业务流程风险并讨论现有的控制措施。

Furthermore, the inclusion of external stakeholders
此外，纳入外部利益攸关方

(i.e., financiers, insurers) could provide outside, unforeseen perspectives on the R&Os of sustainability matters, that internal stakeholders may not provide.
(内部利益相关者（即金融家、保险商）可以就可持续发展事项的 R&O 提供外部的、不可预见的视角，而内部利益相关者可能无法提供这些视角。
After developing the long list of sustainability matters as the first step of DM (see our previous working paper), the R&Os for each sustainability matter should be identified and their materiality ('significance') should be understood. In order to do this, the company should understand the ESRS requirements and consider industry specifics, business operations, and its enterprise risk management (ERM) process.
作为 DM 的第一步，在制定了一长串可持续发展事项之后（参见我们之前的工作文件），应确定每个可持续发展事项的 R&Os 并了解其重要性（"意义"）。为此，公司应了解 ESRS 要求，并考虑行业特性、业务运营及其企业风险管理 (ERM) 流程。

What are risks and opportunities?
什么是风险和机遇？

Within ESRSs the term "risks and opportunities" refers to the undertaking's sustainability-related financial risks and opportunities, including those deriving from dependencies on natural, human and social resources, as identified through a financial materiality assessment.
在 ESRS 中，"风险和机遇 "一词是指企业与可持续性相关的财务风险和机遇，包括通过财务重要性评估确定的对自然、人力和社会资源的依赖所产生的风险和机遇。

How can organizations identify risks and opportunities
组织如何识别风险和机遇

  1. Value chain analysis: Analyze the company's business model, value chain and business operations to identify potential R&Os. See example below. 2. Past performance insights: Conduct retrospective analyses of previously identified R&Os for a comprehensive understanding.
    价值链分析：分析公司的业务模式、价值链和业务运营，以确定潜在的 R&O。见下文示例。2.过去业绩洞察：对以前确定的 R&O 进行回顾性分析，以全面了解情况。
  2. Stakeholder engagement: Connect with stakeholders and business process owners to identify critical financial issues related to each sustainability matter. 4. ERM review: Deep dive into triggers to the corporate R&Os, as ERM considerations may also inform sustainability-related R&Os.
    利益相关者参与：与利益相关者和业务流程所有者联系，确定与每个可持续发展事项相关的关键财务问题。4.企业风险管理审查：深入研究企业 R&Os 的触发因素，因为企业风险管理考虑因素也可能为可持续发展相关的 R&Os 提供信息。
  3. Sustainability matter breakdown: After identifying relevant sustainability issues, delve further into more detailed sustainability matters as potential R&O areas.
    可持续性事项细分：在确定相关的可持续发展问题后，进一步深入研究更详细的可持续发展事项，将其作为潜在的研发和运营领域。

1. Peer comparison: 1.同行比较：

Investigate the R&Os identified by competitors during benchmarking exercises. 2. Trend and regulatory watch: Keep an eye on industry trends, regulatory shifts, political changes, and evolving social concerns to detect potential R&Os on the horizon.
调查竞争对手在基准测试过程中确定的研发和运营目标。2.趋势和监管观察：密切关注行业趋势、监管变化、政治变革和不断发展的社会问题，以发现潜在的 R&O 前景。

Example of value chain identification (simplified)*
价值链 识别示例（简化）*

Depending on the maturity of the company's risk management, sustainability management, resources and the objectives of double materiality, the company can assess the financial materiality of sustainability matters at either a detailed (individual R&Os) or an aggregated level. Below we further discuss the two approaches that we primarily use.
根据公司在风险管理、可持续发展管理、资源和双重重要性目标方面的成熟度，公司可以在详细（单个 R&Os ）或综合层面上评估可持续发展事项的财务重要性。下面我们将进一步讨论我们主要使用的两种方法。

Relevant risks and opportunities are discussed
讨论相关风险和机遇

but not assessed on an individual level. Instead, the assessment is performed for risks (as one group), and also for the opportunities (as one group), related to a sustainability matter. Then, the sustainability matter is evaluated based on the R&O assessment results.
但不是在单个层面进行评估。取而代之的是，对与可持续发展事项相关的风险（作为一组）和机遇（作为一组）进行评估。然后，根据 R&O 评估结果对可持续性事项进行评估。
The discussion during the assessment is focused on topics, and corresponding groups of R&Os.
评估期间的讨论主要围绕主题和相应的研究与观测指标组进行。
When to use: Less complex approach for assessment, can be used when conducting a materiality assessment for the first time, risk assessment techniques are not yet well developed.
何时使用：不太复杂的评估方法，可在首次进行重要性评估、风险评估技术尚未完善时使用。
Risks and opportunities which are related to a sustainability matter, are identified and assessed individually. Then, the sustainability matter is evaluated based on the individual R&O assessment results.
与可持续发展事项相关的风险和机遇将被逐一识别和评估。然后，根据单个 R&O 评估结果对可持续性事项进行评估。
Each R&O is individually discussed during the assessment. After that, sustainability matters are discussed based on the results from these individual R&O assessments.
在评估过程中，每项 R&O 都要单独讨论。然后，根据这些单个 R&O 评估的结果讨论可持续发展事项。
When to use: More in-depth assessment of the financial materiality, to be used when updating the existing materiality assessment and/or when the significant risks are already identified, and assessment techniques are utilized.
何时使用：对财务重要性进行更深入的评估，用于更新现有的重要性评估和/或已确定重大风险并使用评估技术时。

Practical example: 实例

Before the R&O assessment, ensure that all stakeholders share a consistent understanding throughout the assessment process. Here are four key considerations stakeholders should take into account:
在进行 R&O 评估之前，确保所有利益相关者在整个评估过程中达成一致的理解。以下是利益相关方应考虑的四个关键因素：
  1. What is meant by R&Os:
    什么是 R&O？
  • The potential losses/benefits of one risk event; or
    一个风险事件的潜在损失/收益；或
  • The potential annual losses /benefits; or
    潜在的年度损失/收益；或
  • Summarized losses/benefits for the whole time horizon.
    整个时间范围内的损失/收益汇总。

4) What risk level is assessed:
4) 评估的风险等级：

Determine if the assessment is for inherent (without any controls) or residual (with applied controls) R&Os or both. Consider that (a) current/planned actions don't guarantee risk elimination, and (b) material matters should be disclosed irrespective of the measures implemented. However, the R&O materiality
确定评估是针对固有风险（无任何控制措施）还是残余风险（已实施控制措施），抑或两者兼而有之。考虑到：(a) 当前/计划中的行动并不能保证 风险消除，(b) 无论采取何种措施，都应披露重大事项。然而，R&O 的重要性

2) What type of losses/benefits are assessed:
2) 评估哪类损失/效益：

  • Expected losses/benefits; or
    预期损失/收益；或
  • Unexpected losses/benefits; or
    意外损失/收益；或
  • Stress losses/benefits. 压力损失/效益。
Incidental losses/benefits are often the starting point, as they are not budgeted and are more likely than stress ones. assessment should not be purely theoretical; it should reflect the existing business context.
意外损失/效益往往是起点，因为它们没有预算，而且比压力损失/效益更有可能发生。评估不应是纯理论的；它应反映现有的业务环境。

3) What parameters are used:
3) 使用哪些参数：

Define the assessment scales, criteria, and thresholds for material sustainability matters.
确定重大可持续性事项的评估尺度、标准和阈值。

Expected losses/benefits
预期损失/收益

Periodic losses/benefits from R&Os, considered "normal" and are often budgeted.
R&O 的定期损失/收益被认为是 "正常 "的，通常被编入预算。
Example: Due to regular seasonal storms, the company would have to budget EUR 400,000 for annual maintenance.
举例说明：由于经常发生季节性风暴，公司每年的维护预算为 400 000 欧元。

Unexpected Iosses/benefits
意外收获/好处

Incidental and unforeseen
意外和不可预见
losses/benefits that occur beyond the expected ones.
超出预期的损失/收益。
Example: In the event of a superstorm,
举例说明：如果发生超级风暴、
the company might incur an additional EUR 4 million in reconstruction.
公司可能需要额外 400 万欧元的重建费用。

Stress losses/benefits 压力损失/效益

Stress losses/benefits refer to events that could occur under extreme but plausible adverse conditions. Example: In the case of rare flooding, the company's assets could be completely disrupted.
压力损失/效益是指在极端但可信的不利条件下可能发生的事件。例如：在罕见的洪水泛滥情况下，公司的资产可能会完全中断。
Financial effect of losses/benefits
损失/收益的财务影响
Example of scales for qualitative assessment of risks and opportunities
风险与机遇定性评估量表示例
The probability/financial effect scale is the most used tool for R&O assessment.
概率/财务影响表是 R&O 评估中最常用的工具。
The scales and axes can vary among different organizations. Using this scale, the user should assess the probability of an event based on the extent of financial effect.
不同组织的标度和坐标轴可能有所不同。使用此标度时，用户应根据财务影响的程度来评估事件发生的概率。
The qualitative (expert ranking) approach proves to be cost-effective, demanding less time and fewer resources. Additionally, it is simple and easy to understand, as this approach does not involve complex calculations. However, there are also some disadvantages: this approach involves relying on subjective judgment, utilizing expert insights and assumptions without statistical data and modelling. When defining scales, companies should ensure that the scales align with the ERM approach.
事实证明，定性（专家排序）方法具有成本效益，所需的时间和资源较少。此外，由于这种方法不涉及复杂的计算，因此简单易懂。不过，这种方法也有一些缺点：这种方法依赖于主观判断，利用专家的见解和假设，没有统计数据和模型。在界定标度时，公司应确保标度与机构风险管理方法相一致。
Definition 定义 Ranking 排名 Criteria (example) 标准（示例）

对于已确定的研究与观测项目，应从损失/效益的角度评估其财务后果。所有非财务损失/益处最终都可以评估为财务损失/益处。
For R&Os
identified,
the financial
consequences
should be
assessed in terms
of losses/benefits.
All non-financial
losses/benefits
can ultimately
be assessed as
financial ones.

1.不显著 可忽略 中度 广泛 显著 不显著 可忽略 中度 显著
1. Insignificant
Negligible
Moderate
Extensive
Significant
Insignificant
Negligible
Moderate
Significant

风险可能性是指风险事件/概率收益在一定（确定）时间范围内发生的几率或概率。
Risk likelihood
is the chance or
probability of a risk
event/probability
benefit occurring
during a certain
(defined) time
horizon.

(1) 非常低 (2) 低 (3) 中等 (4) 高 (5) 非常高
(1) Very low
(2) Low
(3) Medium
(4) High
(5) Very High

在类似情况下可能发生的事件 在类似情况下偶尔发生的事件 在类似情况下有时发生的事件 在类似情况下经常发生的事件 在类似情况下频繁发生的事件
Event may occur under similar circumstances
Event occasionally occurs under similar circumstances
Event sometimes occurs under similar circumstances
Event often occurs under similar circumstances
Event frequently occurs under similar circumstances
The financial materiality assessment of R&Os can also be achieved through quantitative modelling. This method allows for results to be evaluated quantitatively in terms of effect on Net profit, EBITDA, etc. However, the process of quantification and modelling is proven to be complex and time-consuming, requiring a significant amount of statistical and business data.
还可以通过定量建模来评估研发和生产的财务重要性。这种方法可以根据对净利润、息税折旧摊销前利润（EBITDA）等的影响对结果进行量化评估。然而，事实证明，量化和建模过程既复杂又耗时，需要大量的统计数据和业务数据。

Abstract 摘要

As companies enhance their ESG R&Os modelling capabilities, the quantitative modelling approach becomes more useful.
随着公司增强其 ESG R&Os 建模能力，定量建模方法变得更加有用。

While certain sustainability matters like climate risk take precedence in quantification, other key sustainability concerns - from nature to water - can be integrated over time.
虽然某些可持续发展问题（如气候风险）在量化中占据优先地位，但其他关键的可持续发展问题（从自然到水）也可以随着时间的推移而整合起来。
Three-stage approach for quantitative financial materiality assessment
财务重要性量化评估的三阶段方法
Analyze the business consequences from ESG R&Os and how they relate to financial parameters
分析 ESG R&O 的业务后果及其与财务参数的关系
Collect statistical data and expert assumptions of R&Os parameters
收集有关 R&Os 参数的统计数据和专家假设
Model the influence of R&Os on financial results
模拟 R&O 对财务结果的影响

Practical example (simplified)
实例（简化）

...that can have both direct and indirect consequences... ...that influence financial results, cash flows and enterprise value
......可能产生直接和间接后果......影响财务结果、现金流和企业价值
(I)
Please find our article about risk scenario assessment for physical climate risks
请参阅我们关于实际气候风险情景评估的文章

Step 步骤

5
Discussion of trends 趋势讨论
Assessment for each time horizon
各时间段的评估
R&Os should be assessed for three time horizons. Current best practice is to assess the financial materiality for each time horizon. Some organizations may assess the financial materiality for one time horizon and discuss the trend of financial materiality for others.
应在三个时间跨度内对 R&O 进行评估。目前的最佳做法是评估每个时间跨度的财务重要性。有些组织可能会评估一个时间跨度的财务重要性，并讨论其他时间跨度的财务重要性趋势。
Assess the financial effect of R&Os for one specific time horizon (e.g., short- or medium-term). Then, analyze the trends for two other time horizons: evaluate the relevance of the R&Os and how its assessment results might change.
在一个特定的时间范围内（如短期或中期）评估 R&O 的财务影响。然后，分析另外两个时间跨度的趋势：评估研究与发展目标的相关性及其评估结果可能发生的变化。

Application 应用

Use this approach when conducting a materiality assessment for the first time, or when the risk assessment approach is less mature. During trend analyses, collaborating with the strategy team can be valuable to gain insights into the company's future plans from a strategic perspective.
在首次进行重要性评估或风险评估方法不太成熟时，可以使用这种方法。在趋势分析过程中，与战略团队合作可以从战略角度深入了解公司的未来计划。
Assess the financial effect of R&Os for each time horizon, ensuring that the financial materiality of each sustainability matter is evaluated across all horizons.
评估每个时间跨度内 R&O 的财务影响，确保在所有时间跨度内评估每个可持续发展事项的财务重要性。

Application 应用

Use this approach if your organization has already applied a more mature risk assessment or has already utilized all three time horizons for other assessments.
如果贵组织已经采用了更成熟的风险评估方法，或已经在其他评估中使用了所有三个时间范围，则使用这种方法。
THREE TIME HORIZONS FOR ASSESSMENT (provided by ESRSs)
评估的三个时间范围（由 ESRS 提供）
() The definition of time horizons
() 时间跨度的定义
According to ESRS 1* on General Requirements, "When preparing its sustainability statement, the undertaking shall adopt the following time intervals as of the end of the reporting period: (a) for the short-term time horizon: the period adopted by the undertaking as the reporting period in its financial statements; (b) for the medium-term time horizon: from the end of the short-term reporting period defined in (a) up to 5 years; and (c) for the long-term time horizon: more than 5 years." ESRSs allow to use other time horizons that align with the company's specific circumstances, for example, strategy or budget planning.
根据《欧洲社会责任准则》第 1 条*"一般要求"，"在编制可持续发展报告时，企业应在报告期结束时采用以下时间间隔：(a) 短期时间范围：企业在其财务报表中采用的报告期；(b) 中期时间范围：从(a)中定义的短期报告期结束时起至 5 年；(c) 长期时间范围：5 年以上"。财务报告准则》允许使用符合公司具体情况的其他时间范围，例如战略或预算规划。

0

Step 步骤

6 .
Choose applicable methods of stakeholder engagement
选择适用的利益相关者参与方法
Individual assessment 个人评估
Group assessment 小组评估
Due to the diverse and varying set of stakeholders a company interacts with on a regular basis, there is not a singular, universal approach to stakeholder engagement during R&O assessments. Below we introduce some recommended methods for engaging stakeholders.
由于公司经常与不同的利益相关者打交道，因此在进行研发和运营评估时，没有一种单一的、通用的利益相关者参与方法。下面我们将介绍一些建议的利益相关者参与方法。

Individual assessment 个人评估

- Questionnaire/self-assessment
- 问卷调查/自我评估

A questionnaire is sent out to stakeholders to evaluate R&Os from a financial materiality perspective. A briefing meeting prior to sending the questionnaire would be of benefit, supplemented by pre-read materials to ensure a common understanding and alignment on expectations.
向利益攸关方发出调查问卷，从财务重要性的角度评估研究与发展组织。在发送调查问卷之前，最好召开一次情况通报会，并辅以预读材料，以确保对期望达成共识和一致。

- Stakeholder interview - 利益相关者访谈

During interview sessions, stakeholders are directly asked to assess each sustainability matter from a financial materiality perspective. This can be used to discuss risk consequences, assumptions for risk ranking/modelling, and collection of financial inputs.
在访谈过程中，直接要求利益相关者从财务重要性的角度评估每个可持续发展事项。这可用于讨论风险后果、风险评级/建模的假设以及财务投入的收集。

Application 应用

The approach is of value in situations in which in-depth information is needed on stakeholder views, and from those stakeholders who have sufficient knowledge of the company's financials and can assess financial effects.
在需要深入了解利益相关者观点的情况下，以及在利益相关者充分了解公司财务情况并能评估财务影响的情况下，该方法具有重要价值。

Group assessment
小组评估

Stakeholder workshop 利益攸关方研讨会

These sessions allow the development of a structured discussion. As ideas are being built on each other, new perspectives can unfold.
通过这些会议，可以开展有条理的讨论。随着各种观点的相互促进，新的视角也会随之展开。
Step 1 Deep dive into the list of sustainability matters, including the R&Os associated with each matter.
第 1 步 深入研究可持续发展事项清单，包括与每个事项相关的 R&O。
Step (2) Utilize voting tools or other approaches to assess the financial materiality perspective of each stakeholder.
步骤 (2) 利用投票工具或其他方法评估每个利益相关者的财务重要性观点。
Step 3 Discuss the summarized outcomes and validate obtained assessment results.
步骤 3 讨论总结的结果并验证获得的评估结果。

Application 应用

The approach enables a diverse set of stakeholders to jointly brainstorm and promptly validate outcomes.
这种方法使不同的利益相关者能够共同集思广益，并迅速验证成果。
Disadvantages 缺点
May gravitate towards conformity
可能倾向于墨守成规
Advantages 优势
Can lead to new perspectives on financial consequences
可导致对财务后果的新看法

Combination 组合

We suggest to combine individual assessments with group discussions if this is feasible. Depending on the company's size and the number of topics and stakeholders, priorities can be set for individual or small group discussions.
如果可行，我们建议将个人评估与小组讨论结合起来。可根据公司规模、主题和利益相关者的数量，为个人或小组讨论设定优先顺序。
In some cases, it can be beneficial to discuss R&Os alongside effects, especially when dealing with the same stakeholders. This approach can add extra value and streamline the process, saving time.
在某些情况下，在讨论效果的同时讨论 R&O，特别是在与相同的利益相关者打交道时，可能会有所裨益。这种方法可以增加额外价值，简化流程，节省时间。
Interacting with stakeholders in-person is favorable, because it enables deeper communication, the ability to go deeper into a person's perspectives and substantiation thereof.
与利益相关者当面交流是有利的，因为这可以加深交流，深入了解对方的观点并加以证实。
Once the assessment of financial materiality is complete and the findings have been validated, your organization should determine the material sustainability matters and select the optimal method for showcasing the outcomes. The results of the R&O financial materiality assessments can be presented by utilizing various graphical approaches.
一旦完成财务重要性评估并验证了评估结果，贵组织就应确定重要的可持续发展事项，并选择最佳方法来展示评估结果。R&O 财务重要性评估的结果可以通过各种图表方法来展示。

(.)

Presentation of results of financial materiality assessment in different time horizons
不同时间跨度的财务重要性评估结果列报

The examples below offer several methods for visualizing the results of assessments and making decisions (defining the threshold) about material topics based on financial materiality. Companies should choose a threshold for materiality and determine the criteria for deeming a topic material (in line with company's ERM framework). For instance, a topic is already considered material if it falls under the threshold for at least one of the time horizons.
下面的例子提供了几种方法，用于可视化 评估结果，并根据财务重要性就重大议题作出决定（确定阈值）。公司应选择一个重要性阈值，并确定将某个议题视为实质性议题的标准（与公司的机构风险管理框架一致）。例如，如果一个议题在至少一个时间范围内低于阈值，就已被视为重大议题。

Example of sustainability matters, for which R&Os have been assessed:
已对 R&O 进行评估的可持续性事项示例：

1
Climate resilience 2 Water pollution Biodiversity
气候复原力 2 水污染 生物多样性
Materiality threshold Short-term Medium-term Long-term
重要性阈值 短期 中期 长期
The heatmap and significance levels (low, medium, high, and very high) should be in line with company's ERM framework.
热图和重要程度（低、中、高和非常高）应符合公司的机构风险管理框架。
Arrows indicate the trend of the matter across different time horizons based on the assessment.
箭头表示根据评估结果，该物质在不同时间范围内的变化趋势。
Visualization example 2 可视化示例 2
Significance level 显著性水平
Another option for visualizing the assessment results of each sustainability matter is to focus on the changes in overall significance level across different time horizons. This approach does not include details of the likelihood and financial effect scales.
另一种可视化各可持续性事项评估结果的方法是关注不同时间跨度内总体显著性水平的变化。这种方法不包括可能性和财务效应标度的细节。
The significance level is determined by combining the likelihood and financial effect.
显著性水平由可能性和财务效应共同决定。
For example, for Topic 1, 'Climate Resilience', the significance level can be determined by adding the likelihood score to the financial effect score: 3 (likelihood) +4 (financial effect) .
例如，对于主题 1 "气候适应能力"，可通过将可能性得分与财务效应得分相加来确定显著性水平：3（可能性）+4（财务效应） 。
The final part of the financial materiality assessment is to streamline its conclusions into the daily decision-making process of the organization, its business planning, budgeting, management, remuneration and the overall enterprise risk management (ERM) process. When done right, it unlocks powerful opportunities for the organization, generating value. We introduce a framework below which helps this integration through seven functional areas.
财务重要性评估的最后一部分是将评估结论纳入组织的日常决策过程、业务规划、预算编制、管理、薪酬和整个企业风险管理（ERM）过程。如果方法得当，就能为组织带来强大的机遇，创造价值。我们在下文介绍一个框架，通过七个职能领域帮助实现这种整合。

Key components to successfully integrate ESG R&Os into ERM
将 ESG R&O 成功纳入机构风险管理的关键要素

Abstract 摘要

The integration should take a comprehensive approach, which cuts across different roles, functions and material topics in the organization. Following the components of the pyramid should facilitate the holistic evaluation of significant risks and identification of new market opportunities.
整合应采取一种全面的方法，跨越组织中的不同角色、职能和重要主题。按照金字塔的各个组成部分，应有助于全面评估重大风险和识别新的市场机遇。

Governance and policy 治理和政策

Relevant risk owners should be mapped to efficiently cascade the ESG strategy through the organization. Clear roles and responsibilities, ESG risk taxonomy, escalation protocols, reporting and change management should be defined to manage ESG R&Os.
应绘制相关风险负责人图，以便在整个组织内有效实施 ESG 战略。应界定明确的角色和职责、ESG 风险分类、升级协议、报告和变更管理，以管理 ESG R&O。

Risk strategy and appetite
风险战略和承受能力

ESG R&Os considerations should be embedded in the company's strategy (including its product offerings and business model, insurance strategy etc.). The current and future financial and non-financial effects from sustainability matters should be integrated in the company's risk appetite.
应将 ESG R&Os 考虑因素纳入公司战略（包括产品供应和业务模式、保险战略等）。可持续发展事项当前和未来的财务和非财务影响应纳入公司的风险偏好。
Risk assessment, measurement and analytics
风险评估、衡量和分析
A quantitative and qualitative approach should be established to identify, assess and prioritize ESG R&Os (e.g., climate scenario analysis). Capabilities and infrastructure should be available to conduct robust risk assessments, which should be aligned with the wider sustainability strategy.
应制定定量和定性方法，以确定、评估 ESG R&Os 并确定其优先次序（如气候情景分析）。应具备进行稳健风险评估的能力和基础设施，这些能力和基础设施应与更广泛的可持续发展战略保持一致。
Integration into the decision-making processes
纳入决策过程
The ESG R&Os assessment should provide a base to develop risk mitigation and adaptation actions, which includes an implementation plan for the most vulnerable assets. These measures should be an integral part of budgeting considerations.
ESG R&Os 评估应为制定风险缓解和适应行动提供基础，其中包括最脆弱资产的实施计划。这些措施应成为预算编制考虑因素的组成部分。

Monitoring and reporting
监测和报告

Tools and metrics are necessary to monitor the company's exposure to financial ESG R&Os and eventually disclose those that are material both publicly and to regulators. Implementing processes and controls across three lines of defense addresses ESG regulatory commitments for managing ESG risks and enables the reporting of nonfinancial information.
要监控公司在财务 ESG R&O 方面的风险敞口，并最终向公众和监管机构披露重大 ESG R&O 风险，就必须使用工具和衡量标准。在三道防线上实施流程和控制措施，可履行 ESG 监管承诺，管理 ESG 风险，报告非财务信息。
Risk operating model, people and culture
风险运作模式、人员和文化
Align the risk operating model with the sustainability strategy for lines of businesses, control environment, accountability, taxonomy and enterprise-wide tolerance levels. Consider establishing an ESG Advisory Committee to address ESG R&Os, and dedicated training programs and protocols for incentives and disciplinary actions.
使风险运营模式与业务线、控制环境、问责制、分类法和全企业容忍度的可持续发展战略保持一致。考虑成立 ESG 咨询委员会，以解决 ESG R&O 问题，并制定专门的培训计划和激励与纪律处分协议。

Risk data and systems
风险数据和系统

Implement ESG data architecture and systems to track internal and external sources of ESG R&Os and integrate systems and data from applications operating across the enterprise for effective risk management.
实施 ESG 数据架构和系统，以跟踪 ESG R&Os 的内部和外部来源，并整合来自整个企业的应用程序的系统和数据，以进行有效的风险管理。

Ivan Kukhnin Partner Ivan Kukhnin 合伙人
Sustainability 可持续性
Sustainability 可持续性

Wim Bartels 维姆-巴特尔斯

Partner 合作伙伴
Sustainability 可持续性

Priti Hoffmann 普里蒂-霍夫曼

Partner 合作伙伴

Sustainability 可持续性

Tatiana Budishevskaia Director
塔蒂亚娜-布迪舍夫斯卡娅 主任

Sustainability 可持续性
Han Hindriks 汉-欣德里克斯
Joep Rinkel Director 主任
Sustainability 可持续性
Elizaveta Ustilovskaya Senior Manager
Elizaveta Ustilovskaya 高级经理
Sustainability 可持续性
Pip de Fonblanque Senior Manager
Pip de Fonblanque 高级经理
Sustainability 可持续性

Deloitte. 德勤

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
德勤是指 Deloitte Touche Tohmatsu Limited（"DTTL"）、其全球成员所网络及其相关实体（统称 "德勤组织"）中的一家或多家。DTTL（又称 "德勤全球"）及其各成员所和相关实体在法律上是独立分开的实体，不能就第三方承担义务或对对方具有约束力。DTTL 和每个 DTTL 成员公司及相关实体仅对其自身的行为和疏忽负责，而不对彼此的行为和疏忽负责。DTTL 不向客户提供服务。欲了解更多信息，请参阅 www.deloitte.com/about。
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the "Deloitte organization") serves four out of five Fortune Global 500® companies. Learn how Deloitte's approximately 312,000 people make an impact that matters at www.deloitte.com.
德勤是全球领先的审计与鉴证、咨询、财务咨询、风险咨询、税务及相关服务提供商。我们的全球网络由遍布 150 多个国家和地区的成员所和相关实体组成（统称为 "德勤组织"），为《财富》全球 500 强®企业中五分之四的公司提供服务。了解德勤约 312,000 名员工如何发挥重要影响，请访问 www.deloitte.com。
This communication and any attachment to it is for internal distribution among personnel of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms and their related entities (collectively, the "Deloitte organization"). It may contain confidential information and is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient, please notify us immediately by replying to this email and then please delete this communication and all copies of it on your system. Please do not use this communication in any way.
本函件及其任何附件仅供德勤有限公司（"德勤"）、其全球成员所网络及其相关实体（统称 "德勤组织"）的人员内部分发。它可能包含机密信息，仅供收件人个人或实体使用。如果您不是预定收件人，请立即回复此电子邮件通知我们，然后请删除此邮件及其在您系统中的所有副本。请勿以任何方式使用此邮件。
None of DTTL, its member firms, related entities, employees or agents shall be responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
DTTL、其成员公司、相关实体、雇员或代理人均不对任何人因依赖本通信而直接或间接造成的任何损失或损害负责。DTTL 及其各成员公司及其相关实体均为法律上独立的实体。