HOW TO GET READY FOR ASRS - AUSTRALIA

STEP 3 IDENTIFY AND BRIDGE THE GAPS

The next step is to run a gap analysis to review your state of readiness and pinpoint the areas that need an uplift.

First, you must understand where your data is and how to get it. You’ll need to look at what you are currently collecting and what is required under ASRS. This will highlight what additional data you need and opportunities to work towards best practice data collection and management.

STAGE ONE focuses on your current data and reporting practices. The following questions can help guide you: 1. Do I already gather and report data? If yes, does it align with ASRS requirements? If no, you are likely starting at a lower baseline and need more time to prepare. 2. Do I have scope 1, 2 and 3 emissions sources identified? With multiple data sources, you can select those that need to be reviewed and that require regular consolidation. 3. Are my data sources disclosure ready? This is a litmus test to see whether you could categorise and report your disclosures in line with other international standards organised around the four pillars (governance, strategy, risk management, targets and metrics). 4. Is my data auditable? Though the details are pending, ASRS will require reporting assurance – either via third-party testing of the completeness and accuracy of your data and systems or through robust internal processes. Historically, many organisations have voluntarily audited their data, though many have not. 5. Have I excluded certain data types that are now required? Scope 3 emissions data is a common gap for many organisations. It is also worth reviewing organisational boundaries such as joint ventures and partnerships to confirm data coverage.

It’s important to remember that data collection and quantification is an iterative process rather than an annual activity.